1/27/2014 2005 currency cutoff: RBI move may check black money but its panic time http://www.in.com/news/current-affairs/2005-currency-cutoff-rbi-move-may-check-black-money-but-its-panic-time-52256517-in-1.html 1/5 NEWS | CURRENT AFFAIRS Login or Sign up | You are Here New s Current Affairs 2005 Currency Cutoff: Rbi Move May Check Black Money But Its Panic Time by firstpost last updated on January 24, 2014 at 9:08 am 0 0 Tweet 1 2 2005 CURRENCY CUTOFF: RBI MOVE MAY CHECK BLACK MONEY BUT ITS PANIC TIME FEATURED PHOTO GALLERY 1. Sonakshi Sinha 2. Rani Mukerji 3. Vidya Balan 6. Katrina Kaif 7. Saif Ali Khan 8. Ajay Devgn TOP SEARCHES Comedy nights with Kapil, Full Episode -47, Jan 25th, 2014 Type your search Articles The latest announcement made by the RBI assuring the public not to panic on the withdrawal of currency notes issued prior to 2005, is bound to create panic. The reason is that once we are told that certain currency notes would soon be phased out, there would be a self-fulfilling panic where no one will accept such notes between today and April 1st thus leading to more pandemonium.What could be the thinking behind this move? One reason could be that such notes are old and look different from the ones that came after 2005. If this be the case, this process can be kept open for a longer period of time.Another one could be that there are too many such fake notes. But this is no solution as even the bank teller may not be able to distinguish these notes now and may not accept them to play safe. Also there could just as well be fake notes printed after 2005.Third, this is a useful way to check black money. The last sounds plausible but then it is being assumed that all black money or most of it was generated prior to 2005. In fact, more likely such money would have gone to non-black money generators and unfortunate holders through circulation.Further, the black money holders can still get it converted at bank branches and working through agents could escape identification. Therefore, there does not seem to be a very convincing reason for this move given that we can start exchanging such notes freely from April 1st and complete such transactions before July 1st after which if we go to a bank where we do not have an account, we need to provide our credentials.This last move would be extremely odious for people who do not have an identity card Ads by Google Activists whose causes cost them their lives News Movies Celebs Videos TV Games Downloads Astro Burrp Specials Colors MTV Mail CURRENT AFFAIRS ENTERTAINMENT SPORTS LOL WILD N WACKY TV LATEST SEE MORE
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1/27/2014 2005 currency cutoff: RBI move may check black money but its panic time