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Friday, November 18, 2016

Struggle for currency & corruption in India aftermath demonetisation

After the announcement of demonetisation of indian currency by PM Modi on 8th November 2016, people are struggling for currency exchange, currency deposit, currency withdrawal to standing infront of bank or post office.
People are getting limited currency from bank, the govt have fixed the withdrawal limit so that maximum people can get currency for daily needs. Even people are not getting currency after standing whole day in long queue.

But how some people are getting huge notes of Rs.2000 notes and misusing it in increasing corruption. A Dubai based NRI have posted bundle of Rs.2000 notes, its value of Rs.1,6000/-, saying I have got it from different friend in New Delhi, Mumbai and some parts of Kerala.

Many people have invested black money in Gold after the sudden demonetisation announcement on the 8th November, the jewellery shop have opened approx whole night and are selling Gold on double of its normal rates.

Some people also have converted black money into white through investment into real state.


As the country struggles with the aftermath of the ban on high denomination currency a initiative aimed to curb black money, root out corruption two port trust officials of Gujarat have been arrested for accepting a bribe of Rs. 2.5 lakh. Another Rs. 40,000 was recovered from the home of one of them.

Here what has stunned the officials is that the whole amount of Rs. 2.9 lakh was in new Rs. 2,000 notes, which had been launched on November 11. The govt has limited the withdrawls of Rs.24,000 by an individual from single bank account, then how these money have been withdrawals from bank.

According to Gujarat's Anti-Corruption Bureau's officials the superintending engineer P Srivivasu and sub divisional officer K Komtekar of the Kandla Port Trust had sought a bribe Rs.4.4 lakh for the clearance of private electric firm pending bills.

On 15th November, a middleman of the two officials, Rudreshar, had accepted part of the amount, which was Rs. 2.5 lakh, from the firm.

A trap was laid by the agency and middle man have been arrested, the electric firm owners have complained to the police about bribe being sought by KPT officials to clear their pending bills.

Later, another Rs. 40,000 was recovered from the home of Srinivasu. Officials said he had confessed that he received the money earlier, which was the balance of the deal. The ACB officials are now investigating how the currency notes had been obtained.

Despite the common mens are facing inconveniences, the currency ban has been largely praised as an initiative to flush out hoarded black money and end terror funding through counterfeit notes. The newly launched Rs. 2000 notes have been fitted with multiple safety features which are expected to deter forgers.

At a time when the new Rs 2,000 currency notes are insufficient in circulation and there is a strict cap on the dispensation of money over the bank counters, anti-corruption officials have been left baffled after they arrested two Gujarat port trust officials for accepting bribe.

It is not yet clear how someone managed to get such a huge amount of currency in this short span of time, when there is a daily withdrawal limit of Rs 2,500 through the ATMs and Rs 4,500 over the bank counters.

On Tuesday, three officials of the Madhya Pradesh state education board were arrested in Bhopal for allegedly taking bribe of Rs 25,000, including five Rs 2,000 notes, from a clerk.

While the corruption & bribes are not new in India, the above incidents have been reported within days after the government announced the demonetisation of Rs.500 and Rs.1000 notes, claiming that it will help end corruption, curb black money, naxal funding, terror funding, but it seems peoples are bothering about demonetisation. 

- analysis by Dirtypolitics

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