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Black money threat, widespread fake currency behind cancellation of Rs 2,000 notes | Banking Central

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Title: The Cancellation of Rs 2,000 Notes: Unveiling the Threats of Black Money and Fake Currency

Introduction

The decision to cancel the Rs 2,000 notes by the central banking authority has stirred significant debate and speculation. Behind this move lie two key concerns: the persistent menace of black money and the proliferation of counterfeit currency. In this blog, we will delve into the reasons behind the cancellation of these high-denomination notes and explore the potential impacts on curbing illegal activities and promoting a more transparent financial system.

Black Money: A Grave Threat to the Economy

Black money, often referred to as undisclosed or unaccounted wealth, poses a significant threat to the economy of any nation. It fuels corruption, undermines fiscal policies, and distorts market dynamics. The cancellation of Rs 2,000 notes aims to tackle the circulation of unaccounted wealth and illicit activities that thrive on cash transactions.

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By withdrawing the higher denomination notes, the central banking authority aims to curb the ease of hoarding and illicit transactions, as these notes facilitate the storage and movement of large sums of black money. The move acts as a deterrent and disrupts the cash-intensive parallel economy, encouraging individuals and businesses to opt for legitimate and transparent financial practices.

Combating Counterfeit Currency

The cancellation of the Rs 2,000 notes also seeks to address the widespread circulation of counterfeit currency. Counterfeit notes not only erode public trust in the monetary system but also have adverse economic consequences. They devalue the currency, increase inflationary pressures, and undermine the integrity of financial transactions.

High-denomination notes are particularly vulnerable to counterfeiting due to the greater incentive for criminals to replicate them. By canceling the Rs 2,000 notes, the central banking authority aims to disrupt the counterfeit currency networks that have flourished in recent times. The move serves as a preemptive measure to impede the production, circulation, and acceptance of fake currency, thereby safeguarding the integrity of the financial system.

Transitioning Towards a Digital Economy

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The cancellation of high-denomination notes can also be seen as a catalyst for the transition towards a digital economy. By reducing the availability of cash, the central banking authority encourages individuals and businesses to adopt digital payment methods, such as mobile wallets, online transactions, and electronic banking.

Embracing digital financial services promotes financial inclusion, enhances transparency, and reduces the reliance on cash transactions. It not only mitigates the risks associated with black money and counterfeit currency but also streamlines financial processes, reduces costs, and enhances the efficiency of the overall economy.

Challenges and Considerations

While the cancellation of Rs 2,000 notes is a significant step towards combating black money and counterfeit currency, it is essential to address the challenges and considerations associated with this decision. The smooth replacement of the canceled notes with lower denomination currency, robust public awareness campaigns, and the effective implementation of anti-counterfeiting measures are crucial for the success of this endeavor.

Conclusion

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The cancellation of Rs 2,000 notes by the central banking authority represents a proactive measure to combat the threats of black money and counterfeit currency. This decision aims to promote a more transparent and accountable financial system, discourage illicit activities, and facilitate the transition towards a digital economy. While challenges exist, the potential long-term benefits of this move are immense, promising a stronger and more secure financial framework that fosters sustainable economic growth and upholds the integrity of the nation’s currency.

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Amit Shah will preside over a high-level Manipur meeting.

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Monday night’s meeting to assess the security situation in Manipur will be facilitated by Union Home Minister Amit Shah. This is the first high-level gathering of its kind held by the central government since Prime Minister Narendra Modi’s National Democratic Alliance (NDA) was re-elected earlier this month.

Senior representatives from the federal government, state governments, including chief minister N Biren Singh, the army, and other security agencies are anticipated to attend the meeting at 4 p.m., according to people with knowledge of the development.

Manipur has seen fighting between the Kukis and Meiteis communities since May 3 of last year. The fighting has resulted in at least 225 deaths to far and the displacement of almost 50,000 people, the majority of whom are still living in relief shelters.

The previous few weeks have seen new acts of violence in the northeastern state, including the burning of a school facility close to Moreh and the discovery of the beheaded body of a missing individual.

In the Kangpokpi district last week, armed terrorists assaulted the vehicle of Manipur Chief Minister N Biren Singh’s enhanced security team, injuring a security officer and a civilian driver.

Dr. Mohan Bhagwat, the chief of the Rashtriya Swayamsevak Sangh (RSS), stated on June 10 that Manipur has been waiting for peace for a year and that this problem has to be given priority.

Bhagwat emphasised the importance of putting aside political hyperbole and concentrating on the issues confronting the country.

Dattatreya Hosabale, the general secretary of the RSS, called the current violence in Manipur “painful” and “worrisome.”

The Sangh, according to a statement, feels that the only way to solve any issue is “through mutual dialogue and expression of brotherhood in a peaceful atmosphere.”

In an attempt to mediate peace, Shah had earlier travelled to Manipur last month and convened nine talks with leaders of the Kuki and Meitei groups. Despite this, the violence has not decreased.

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Uttar Pradesh: PM Modi’s visit to the Kashi Vishwanath temple in Varanasi is well underway.

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On Tuesday, Prime Minister Narendra Modi will travel to Varanasi, his home district in the Lok Sabha. This will be his first trip to the sacred city since taking office as the nation’s third prime minister.

At the historic Kashi Vishwanath temple, PM Modi is expected to engage with farmers and take part in Ganga Aarti.

What is currently known regarding Prime Minister Narendra Modi’s visit to Varanasi is as follows:
For 4.5 hours, Prime Minister Modi will be in Varanasi. At roughly 4 p.m., he will touch down at Babatpur’s Lal Bahadur Shastri International Airport.

Prior to releasing the 17th installment of the Samman Nidhi, which is intended to benefit 2,76,665 farmers in Kashi, PM Modi will attend a “Kisan Samelan.”

In order to commemorate the farmers in the area, PM Modi will meet with 21 of them at the Kisan Samelan and evaluate their products. BJP party officials are preparing for the visit.

The visit of Prime Minister Modi is a source of pride for the people of Varanasi, according to BJP president Dilip Patel. “We are all proud that Prime Minister Narendra Modi has taken the oath of office three times—once as the nation’s prime minister and once as a member of the Varanasi assembly.”

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Following his meeting with the farmers, Prime Minister Modi is scheduled to attend the Ganga Aarti at Dashashwamedh Ghat at the Kashi Vishwanath temple.

Vishwa Bhushan Mishra, the CEO of the Kashi Vishwanath temple, stated in an interview  that they have a process for the Prime Minister’s visit. PM Modi is anticipated to spend about twenty-five minutes inside the temple.

Ajay Rai, Modi’s previous opponent for the Varanasi seat, criticised him, claiming that Modi was displacing natives with Gujaratis by handing all employment to them. Regarding the purported dearth of factories and development in the city, he questioned Modi.

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Sunita Kejriwal is requested by the Delhi High Court to remove Arvind Kejriwal’s court footage from social media.

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The wife of chief minister Arvind Kejriwal, Sunita Kejriwal, has been ordered by the Delhi High Court to remove a video of her husband speaking to a Delhi court from her social media accounts. The social media companies have also been ordered by the court to remove posts that contain links to the video.

In addition, the high court has sent notices to all parties involved in the PIL, which was filed by lawyer Vaibhav Singh, alleging that Kejriwal’s appearance before Delhi’s Rouse Avenue Court on March 28 violated the court’s regulations regarding video conferencing.

Among the five people requested to remove the social media posts is Sunita Kejriwal.

The court has set July 9 for the hearing.

On March 28, Arvind Kejriwal personally addressed Special Judge (PC Act) Kaveri Baweja after being brought before the court a second time after being arrested by the Enforcement Directorate in connection with the Delhi liquor policy case.

Sunita Kejriwal reposted the images after the audio and video recordings of the speech went viral on social media.

When films with comparable content are brought to their attention, the Delhi High Court ordered X, YouTube, Facebook, and Instagram to remove them.

The notice on the PIL filed by the Delhi-based attorney Vaibhav Singh was issued by a division bench made up of Justices Neena Bansal Krishna and Amit Sharma.

After he disregarded nine summonses from the Enforcement Directorate, Arvind Kejriwal was taken into custody on March 21 in relation to the excise policy fraud. Subsequently, the Delhi High Court affirmed the agency’s decision.

Later, Arvind Kejriwal petitioned the Supreme Court to overturn his arrest.

In order to enable Kejriwal to campaign for his Aam Aadmi Party during the Lok Sabha elections, the Supreme Court granted him temporary release in May for a period of 21 days.

On June 2, he turned himself in to the Tihar Jail officials per the Supreme Court’s directive.

The former bureaucrat Sunita Kejriwal had spent a great deal of time campaigning for the AAP during the Lok Sabha elections. But the party was unable to secure a single seat in the nation’s capital.

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