India and Singapore will link their respective fast payment systems -- Unified Payments Interface (UPI) and PayNow -- to enable users to make instant, low-cost fund transfers on a reciprocal basis, the Reserve Bank said on Tuesday.

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced the project to link the fast payment systems. The linkage is targeted for operationalisation by July 2022, the RBI said in a statement.

"The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system," it said.

RBI said the UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20''s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments.

The linkage builds upon the earlier efforts of NPCI International Private Limited (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes, between India and Singapore.

It will further anchor trade, travel and remittance flows between the two countries.

This initiative is also in line with RBI''s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21.

It is to be mentioned here that UPI is a mobile-based fast payment system that facilitates customers to make round the clock payments instantly using a Virtual Payment Address (VPA) created by the customer.

This eliminates the risk of sharing bank account details by the remitter. UPI supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments and enables a user to send or receive money.

PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore.

It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore NRIC/FIN, or VPA.

India and Singapore will link their respective fast payment systems -- Unified Payments Interface (UPI) and PayNow -- to enable users to make instant, low-cost fund transfers on a reciprocal basis, the Reserve Bank said on Tuesday.

India and Singapore will link their respective fast payment systems -- Unified Payments Interface (UPI) and PayNow -- to enable users to make instant, low-cost fund transfers on a reciprocal basis, the Reserve Bank said on Tuesday. The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced the project to link the fast payment systems. The linkage is targeted for operationalisation by July 2022, the RBI said in a statement. "The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system," it said. RBI said the UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20''s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments. The linkage builds upon the earlier efforts of NPCI International Private Limited (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes, between India and Singapore. It will further anchor trade, travel and remittance flows between the two countries. This initiative is also in line with RBI''s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21. It is to be mentioned here that UPI is a mobile-based fast payment system that facilitates customers to make round the clock payments instantly using a Virtual Payment Address (VPA) created by the customer. This eliminates the risk of sharing bank account details by the remitter. UPI supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments and enables a user to send or receive money. PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore. It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore NRIC/FIN, or VPA.

India, Singapore launch project to link payment systems for instant fund transfers

In pics| Kabul residents protest against closure of banks

The federal reserve should begin experimenting with a virtual currency.

When was the last time you made a payment with dollar bills?

Some people still prefer to use cash, perhaps because they like the tactile nature of physical currency or because it provides confidentiality in transactions. But digital payments, made with the swipe of a card or a few taps on a cellphone, are fast&nbsp;becoming the norm.

To keep their money relevant, many central banks are experimenting with digital versions of their currencies. These currencies are virtual, like Bitcoin; but unlike Bitcoin, which is a private enterprise, they are issued by the state and function much like traditional currencies. The idea is for central banks to introduce these digital currencies in limited circulation — to exist alongside cash as just another monetary option — and then to broaden their circulation over time, as they gain in popularity and cash fades away.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/the-race-for-national-digital-currency-is-gaining-momentum-is-india-lagging-behind-299893">The race for national digital currency is gaining momentum, is India lagging behind?</a>

China,&nbsp;Japan&nbsp;and&nbsp;Sweden&nbsp;have begun trials of central bank digital currency. The&nbsp;Bank of England&nbsp;and the&nbsp;European Central Bank&nbsp;are preparing their own trials.&nbsp;The Bahamas&nbsp;has already rolled out the world’s first official digital currency.

The US&nbsp;Federal Reserve, by contrast, has largely stayed on the sidelines. This could be a lost opportunity. The United States should develop a digital dollar, not because of what other countries are doing, but because the benefits of a digital currency far outweigh the costs.

One benefit is security. Cash is vulnerable to loss and theft, a problem for both individuals and businesses, whereas digital currencies are relatively secure. Electronic hacking does pose a risk, but one that can be managed with new technologies. (As it happens, offshoots of Bitcoin’s technology&nbsp;could prove helpful&nbsp;in increasing security.)

Also read |&nbsp;<a href="https://www.wionews.com/world/crypto-mining-how-does-digital-currency-manufacturing-affect-environment-393162">Crypto mining: How does digital currency manufacturing affect environment?</a>

Digital currencies also benefit the poor and “unbanked.” It is hard to get a credit card if you don’t have much money, and banks charge fees for low-balance accounts that can make them prohibitively expensive. But a digital dollar would give everyone, including the poor, access to a digital payment system and a portal for basic banking services. Each individual or household could have a fee-free, noninterest-bearing account with the Federal Reserve, linked to a cellphone app for making payments. (About 97 percent of American adults&nbsp;have a cellphone or smartphone.)

To see how this might help, consider the payments that the US&nbsp;government made to households as part of the coronavirus stimulus packages. Millions of low-income households without bank accounts or direct deposit information on file with the Internal Revenue Service&nbsp;experienced complications or delays&nbsp;in getting those payments. Checks and debit cards mailed to many of them were delayed or lost, and&nbsp;scammers&nbsp;found ways to intercept payments. Central-bank accounts could have reduced fraud and made administering stimulus payments easier, faster and more secure.

A central-bank digital currency can also be a useful policy tool. Typically, if the Federal Reserve wants to stimulate consumption and investment, it can cut interest rates and make cheap credit available. But if the economy is cratering and the Fed has already cut the short-term interest rate it controls to near zero, its options are limited. If cash were replaced with a digital dollar, however, the Fed could impose a negative interest rate by gradually shrinking the electronic balances in everyone’s digital currency accounts, creating an incentive for consumers to spend and for companies to invest.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-banks-promoting-digital-currency-posing-threat-to-alipay-wechat-duopoly-380452">Chinese banks promoting digital currency, posing threat to Alipay, WeChat duopoly</a>

A digital dollar would also hinder illegal activities that rely on anonymous cash transactions, such as drug dealing, money laundering and terrorism financing. It would bring “off the books” economic activity out of the shadows and into the formal economy, increasing tax revenues. Small businesses would benefit from lower transaction costs, since people would use credit cards less often, and they would avoid the hassles of handling cash.

To be sure, there are potential risks to central-bank digital currencies, and any responsible plan should prepare for them. For example, a digital dollar would pose a danger to the banking system. What if households were to move their money out of regular bank accounts and into central-bank accounts, perceiving them as safer, even if they pay no interest? The central bank could find itself in the undesirable position of having to allocate credit, deciding which sectors and businesses deserve loans.

But this risk can be managed. Commercial banks could vet customers and maintain the central-bank digital currency accounts along with their own interest-bearing deposit accounts. The digital currency accounts might not directly help banks earn profits, but they would attract customers who could then be offered savings or loan products. (To help protect commercial banks, limits can also be placed on the amount of money stored in central-bank accounts,&nbsp;as the Bahamas has done.) A central bank digital currency could be designed for use across different payment platforms, promoting private-sector competition and encouraging innovations that make electronic payments cheaper, quicker and more secure.

Also read |&nbsp;<a href="https://www.wionews.com/science-tech/digital-currency-bitcoin-hits-record-high-now-valued-over-1700-15423">Digital currency Bitcoin hits record high; now valued over $1700</a>

Another concern is the&nbsp;loss of privacy&nbsp;that central-bank digital currencies entail. Even with protections in place to ensure confidentiality, no central bank would forgo the ability to audit and trace transactions. A digital dollar could threaten what remains of anonymity and privacy in commercial transactions — a reminder that adopting a digital dollar is not just an economic but also a social decision.

The end of cash is on the horizon, and it will have far-reaching effects on the economy, finance and society more broadly. With proper preparation and open discussion, we should embrace the advent of a digital dollar.

The federal reserve should begin experimenting with a virtual currency. When was the last time you made a payment with dollar bills? Some people still prefer to use cash, perhaps because they like the tactile nature of physical currency or because it provides confidentiality in transactions.

The federal reserve should begin experimenting with a virtual currency. When was the last time you made a payment with dollar bills? Some people still prefer to use cash, perhaps because they like the tactile nature of physical currency or because it provides confidentiality in transactions. But digital payments, made with the swipe of a card or a few taps on a cellphone, are fast becoming the norm. To keep their money relevant, many central banks are experimenting with digital versions of their currencies. These currencies are virtual, like Bitcoin; but unlike Bitcoin, which is a private enterprise, they are issued by the state and function much like traditional currencies. The idea is for central banks to introduce these digital currencies in limited circulation — to exist alongside cash as just another monetary option — and then to broaden their circulation over time, as they gain in popularity and cash fades away. Also read | The race for national digital currency is gaining momentum, is India lagging behind? China, Japan and Sweden have begun trials of central bank digital currency. The Bank of England and the European Central Bank are preparing their own trials. The Bahamas has already rolled out the world’s first official digital currency. The US Federal Reserve, by contrast, has largely stayed on the sidelines. This could be a lost opportunity. The United States should develop a digital dollar, not because of what other countries are doing, but because the benefits of a digital currency far outweigh the costs. One benefit is security. Cash is vulnerable to loss and theft, a problem for both individuals and businesses, whereas digital currencies are relatively secure. Electronic hacking does pose a risk, but one that can be managed with new technologies. (As it happens, offshoots of Bitcoin’s technology could prove helpful in increasing security.) Also read | Crypto mining: How does digital currency manufacturing affect environment? Digital currencies also benefit the poor and “unbanked.” It is hard to get a credit card if you don’t have much money, and banks charge fees for low-balance accounts that can make them prohibitively expensive. But a digital dollar would give everyone, including the poor, access to a digital payment system and a portal for basic banking services. Each individual or household could have a fee-free, noninterest-bearing account with the Federal Reserve, linked to a cellphone app for making payments. (About 97 percent of American adults have a cellphone or smartphone.) To see how this might help, consider the payments that the US government made to households as part of the coronavirus stimulus packages. Millions of low-income households without bank accounts or direct deposit information on file with the Internal Revenue Service experienced complications or delays in getting those payments. Checks and debit cards mailed to many of them were delayed or lost, and scammers found ways to intercept payments. Central-bank accounts could have reduced fraud and made administering stimulus payments easier, faster and more secure. A central-bank digital currency can also be a useful policy tool. Typically, if the Federal Reserve wants to stimulate consumption and investment, it can cut interest rates and make cheap credit available. But if the economy is cratering and the Fed has already cut the short-term interest rate it controls to near zero, its options are limited. If cash were replaced with a digital dollar, however, the Fed could impose a negative interest rate by gradually shrinking the electronic balances in everyone’s digital currency accounts, creating an incentive for consumers to spend and for companies to invest. Also read | Chinese banks promoting digital currency, posing threat to Alipay, WeChat duopoly A digital dollar would also hinder illegal activities that rely on anonymous cash transactions, such as drug dealing, money laundering and terrorism financing. It would bring “off the books” economic activity out of the shadows and into the formal economy, increasing tax revenues. Small businesses would benefit from lower transaction costs, since people would use credit cards less often, and they would avoid the hassles of handling cash. To be sure, there are potential risks to central-bank digital currencies, and any responsible plan should prepare for them. For example, a digital dollar would pose a danger to the banking system. What if households were to move their money out of regular bank accounts and into central-bank accounts, perceiving them as safer, even if they pay no interest? The central bank could find itself in the undesirable position of having to allocate credit, deciding which sectors and businesses deserve loans. But this risk can be managed. Commercial banks could vet customers and maintain the central-bank digital currency accounts along with their own interest-bearing deposit accounts. The digital currency accounts might not directly help banks earn profits, but they would attract customers who could then be offered savings or loan products. (To help protect commercial banks, limits can also be placed on the amount of money stored in central-bank accounts, as the Bahamas has done.) A central bank digital currency could be designed for use across different payment platforms, promoting private-sector competition and encouraging innovations that make electronic payments cheaper, quicker and more secure. Also read | Digital currency Bitcoin hits record high; now valued over $1700 Another concern is the loss of privacy that central-bank digital currencies entail. Even with protections in place to ensure confidentiality, no central bank would forgo the ability to audit and trace transactions. A digital dollar could threaten what remains of anonymity and privacy in commercial transactions — a reminder that adopting a digital dollar is not just an economic but also a social decision. The end of cash is on the horizon, and it will have far-reaching effects on the economy, finance and society more broadly. With proper preparation and open discussion, we should embrace the advent of a digital dollar.

Cash will soon be obsolete. Will America be ready?

Syrian mother Umm Saeed was so desperate to find her two jailed sons she even sold the family furniture to pay "fixers", but a decade of deceit has left her no closer to the truth.

"Had they asked for my heart, I would have handed it over," the 63-year-old mother told AFP by phone from central Syria, using a pseudonym for fear of reprisal.

But "they lied to me".

In war-torn Syria, where tens of thousands of people have disappeared into a murky web of regime jails infamous for torture, a booming trade has emerged for "fixers" offering to help families locate or save their loved ones.

Policemen, lawyers, businessmen and even lawmakers, with security&nbsp;and judicial contacts, demand steep fees to dig up information about a disappeared son or brother, allow a visit, reduce their sentence, or obtain their release.

Some efforts are successful, while more often scammers pocket the money and stop answering phone calls.

It's normal families who seek out the so-called fixers, but sometimes they receive cold calls persuading them to pay up for a photo or voice recording, only to vanish with the money.

AFP spoke to members of eight such families, most of whom asked that their real names not be used.

Umm Saeed said her two sons were detained in 2012.

"Whenever someone told me about a potential middleman, I would go to them," said the mother, who suffers from heart problems.

She paid a lawyer who asked for the equivalent of more than $3,000 but "did not provide the slightest bit of information".

Another man claiming to be a policeman was paid with a mobile phone after saying he could get her permission to visit Sednaya, a notorious prison in Damascus.

But when she showed up at the jail which Amnesty International calls a "slaughterhouse", she was told the pass was fake and sent away.

"I sold my home furniture and my daughters' gold. I have nothing left," she said.

'Black market'

Diana Semaan, a researcher at Amnesty,&nbsp;said the government's policy of silence on the fate of detainees had created a "black market" for information.

"Families, desperate for information, end up paying huge amounts of money, sometimes their entire life savings, to intermediaries and 'middlemen' close to the Syrian government," she explained.

Suaad, 45, said her family in northern Syria had paid 20 million pounds to various brokers over the years to try to find her brother since he disappeared in 2013.

In April, someone contacted the family asking for payment to release him.

But after they raised the cash, "he told us my brother had died three days earlier", Suaad said.

Two weeks later, another person rang, offering a phone call with her brother.

When the call came, there was no audible voice on the other end of the line; all they got for their money was static.

The Syrian Observatory for Human Rights says around half a million people have entered regime jails since the 2011 start of Syria's conflict, of whom 60,000 have died of poor detention conditions or torture.

Another mother, 56-year-old Umm Yahya, said she had managed to visit her son just once, six months after he was detained in Idlib, northwest Syria, in 2012.

"I barely recognised him. His weight had dropped from 110 (240 pounds) to less than 50 kilos," she said.

She has heard nothing since.

Her family has over the years poured a small fortune into the pockets of possible intermediaries, selling two plots of land and a house in Idlib to cover the costs,&nbsp;but to no avail.

Her husband has grown increasingly reluctant to squander the family's savings. Two years ago, a lawyer asked for $10,000, but her husband refused.

"If a hundred more people turned up, even if there was just a one per cent chance of success, I would do it again," said Umm Yahya.

Estimated $900 million in bribes

The Association of Detainees and Missing Persons at Sednaya prison accused the regime in a report earlier this year of using detention as a means to extort money and "increase the influence of security services, their leaders, influential people in its government, some judges and lawyers."

It carried out hundreds of interviews showing that families had paid a total of more than $2.7 million over the years in return for the promise of information, a visit or a release from jail.

Based on that figure, the association estimates that the Syrian regime has made almost $900 million through "extortion" of families over the past decade.

Noura Ghazi, director of Nophotozone, an association that helps detainees' relatives, said many lawyers "invested" in state security courts.

Most of them deceive the families, "but some pay bribes to judges and to the security apparatuses, while taking a percentage or just their fees, and succeed in getting a person released", she said.

<a href="https://www.wionews.com/world/countries-relying-on-chinese-vaccines-reporting-covid-19-surge-report-393242">Also Read |&nbsp;Countries relying on Chinese vaccines reporting COVID-19 surge: Report</a>

Though most efforts fail, three people told AFP they had managed to transfer their relative to a better jail or even to have them freed.

Tamer said his family spent the past two years trying to save his brother Nizar from death in detention.

Nizar was arrested in 2018 in southern Syria despite having signed a so-called "reconciliation deal" with the regime.

The family learned he had been taken to Sednaya and was to appear before a military court infamous for handing out death sentences.

An MP asked for a payment of $40,000, but the family did not trust him.

They agreed instead to pay the same amount to a lawyer but only after his sentence was reduced and he was transferred. Within a month, he delivered and they paid.

Then a presidential pardon reduced his sentence further and Nizar was set free, returning home after having shed 30 kilos.

Tamer said that had they known about the upcoming pardon, they would have done it all anyway.&nbsp;

"All we wanted was to get him out of there as soon as possible."

Syrian mother Umm Saeed was so desperate to find her two jailed sons she even sold the family furniture to pay "fixers", but a decade of deceit has left her no closer to the truth.

Syrian mother Umm Saeed was so desperate to find her two jailed sons she even sold the family furniture to pay "fixers", but a decade of deceit has left her no closer to the truth. "Had they asked for my heart, I would have handed it over," the 63-year-old mother told AFP by phone from central Syria, using a pseudonym for fear of reprisal. But "they lied to me". In war-torn Syria, where tens of thousands of people have disappeared into a murky web of regime jails infamous for torture, a booming trade has emerged for "fixers" offering to help families locate or save their loved ones. Policemen, lawyers, businessmen and even lawmakers, with security and judicial contacts, demand steep fees to dig up information about a disappeared son or brother, allow a visit, reduce their sentence, or obtain their release. Some efforts are successful, while more often scammers pocket the money and stop answering phone calls. It's normal families who seek out the so-called fixers, but sometimes they receive cold calls persuading them to pay up for a photo or voice recording, only to vanish with the money. AFP spoke to members of eight such families, most of whom asked that their real names not be used. Umm Saeed said her two sons were detained in 2012. "Whenever someone told me about a potential middleman, I would go to them," said the mother, who suffers from heart problems. She paid a lawyer who asked for the equivalent of more than $3,000 but "did not provide the slightest bit of information". Another man claiming to be a policeman was paid with a mobile phone after saying he could get her permission to visit Sednaya, a notorious prison in Damascus. But when she showed up at the jail which Amnesty International calls a "slaughterhouse", she was told the pass was fake and sent away. "I sold my home furniture and my daughters' gold. I have nothing left," she said. 'Black market' Diana Semaan, a researcher at Amnesty, said the government's policy of silence on the fate of detainees had created a "black market" for information. "Families, desperate for information, end up paying huge amounts of money, sometimes their entire life savings, to intermediaries and 'middlemen' close to the Syrian government," she explained. Suaad, 45, said her family in northern Syria had paid 20 million pounds to various brokers over the years to try to find her brother since he disappeared in 2013. In April, someone contacted the family asking for payment to release him. But after they raised the cash, "he told us my brother had died three days earlier", Suaad said. Two weeks later, another person rang, offering a phone call with her brother. When the call came, there was no audible voice on the other end of the line; all they got for their money was static. The Syrian Observatory for Human Rights says around half a million people have entered regime jails since the 2011 start of Syria's conflict, of whom 60,000 have died of poor detention conditions or torture. Another mother, 56-year-old Umm Yahya, said she had managed to visit her son just once, six months after he was detained in Idlib, northwest Syria, in 2012. "I barely recognised him. His weight had dropped from 110 (240 pounds) to less than 50 kilos," she said. She has heard nothing since. Her family has over the years poured a small fortune into the pockets of possible intermediaries, selling two plots of land and a house in Idlib to cover the costs, but to no avail. Her husband has grown increasingly reluctant to squander the family's savings. Two years ago, a lawyer asked for $10,000, but her husband refused. "If a hundred more people turned up, even if there was just a one per cent chance of success, I would do it again," said Umm Yahya. Estimated $900 million in bribes The Association of Detainees and Missing Persons at Sednaya prison accused the regime in a report earlier this year of using detention as a means to extort money and "increase the influence of security services, their leaders, influential people in its government, some judges and lawyers." It carried out hundreds of interviews showing that families had paid a total of more than $2.7 million over the years in return for the promise of information, a visit or a release from jail. Based on that figure, the association estimates that the Syrian regime has made almost $900 million through "extortion" of families over the past decade. Noura Ghazi, director of Nophotozone, an association that helps detainees' relatives, said many lawyers "invested" in state security courts. Most of them deceive the families, "but some pay bribes to judges and to the security apparatuses, while taking a percentage or just their fees, and succeed in getting a person released", she said. Also Read | Countries relying on Chinese vaccines reporting COVID-19 surge: Report Though most efforts fail, three people told AFP they had managed to transfer their relative to a better jail or even to have them freed. Tamer said his family spent the past two years trying to save his brother Nizar from death in detention. Nizar was arrested in 2018 in southern Syria despite having signed a so-called "reconciliation deal" with the regime. The family learned he had been taken to Sednaya and was to appear before a military court infamous for handing out death sentences. An MP asked for a payment of $40,000, but the family did not trust him. They agreed instead to pay the same amount to a lawyer but only after his sentence was reduced and he was transferred. Within a month, he delivered and they paid. Then a presidential pardon reduced his sentence further and Nizar was set free, returning home after having shed 30 kilos. Tamer said that had they known about the upcoming pardon, they would have done it all anyway. "All we wanted was to get him out of there as soon as possible."

Syria 'fixers' cash in on despair of prisoners' families

Iraq President Barham Saleh on Sunday (March 23) said that USD 150 billion from oil had been smuggled out of Iraq since Saddam Hussein was ousted in 2003. President Saleh presented a draft law to parliament to fight corruption

He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation".

Transparency International ranks the country 21st from bottom in its Corruption Perceptions Index.

"Of the close to a trillion dollars made from oil since 2003, an estimated $150 billion of stolen money has been smuggled out of Iraq," Saleh added, calling for cooperation with other governments and international bodies to recover the funds.

Endemic corruption was one of the drivers of protests that shook Iraq from October 2019 to June 2020.

"Corruption is an impediment to any nation's economic and social development," the Iraqi head of state said, whose powers are limited under the constitution.

"It deprives citizens of opportunities and livelihoods, and robs them of essential services and infrastructure," he added.

Saleh said violence and terrorism, which have plagued Iraq for years, "are deeply intertwined with the phenomenon of corruption".

The draft law targets those who have held positions of director general and above in government and public companies in the new regime since 2004.

Under this law, transactions over USD 500,000 would be scrutinised as well as bank accounts, particularly those that held over $1 million, and contracts or investments obtained through corruption would be cancelled.

But security and politics expert Fadel Abo Ragheef was sceptical the law would be passed.&nbsp;

"It's certainly one of the best pieces of legislation proposed by the executive branch since 2003. But will it be adopted? I doubt it," he told AFP.&nbsp;

"The political parties the lawmakers belong to will act to sabotage it, so it doesn't pass," he said.

"In public they will support it, but behind the scenes, they will do everything to prevent its adoption, because many of the politicians are involved in this racket".

An Iraqi banking source said politicians have smuggled $60 billion out of the country.

However, much of that was via Lebanon, a move now likely to their detriment, as the country is mired in a severe economic crisis, and it is almost impossible to get money out of its banks.

(With inputs from agencies)

Iraq President Barham Saleh on Sunday (March 23) said that USD 150 billion from oil had been smuggled out of Iraq since Saddam Hussein was ousted in 2003. President Saleh presented a draft law to parliament to fight corruption He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation".

Iraq President Barham Saleh on Sunday (March 23) said that USD 150 billion from oil had been smuggled out of Iraq since Saddam Hussein was ousted in 2003. President Saleh presented a draft law to parliament to fight corruption He called "on parliament to adopt this crucial piece of legislation, in order to curb this pervasive practice that has plagued our great nation". Transparency International ranks the country 21st from bottom in its Corruption Perceptions Index. "Of the close to a trillion dollars made from oil since 2003, an estimated $150 billion of stolen money has been smuggled out of Iraq," Saleh added, calling for cooperation with other governments and international bodies to recover the funds. Endemic corruption was one of the drivers of protests that shook Iraq from October 2019 to June 2020. "Corruption is an impediment to any nation's economic and social development," the Iraqi head of state said, whose powers are limited under the constitution. "It deprives citizens of opportunities and livelihoods, and robs them of essential services and infrastructure," he added. Saleh said violence and terrorism, which have plagued Iraq for years, "are deeply intertwined with the phenomenon of corruption". The draft law targets those who have held positions of director general and above in government and public companies in the new regime since 2004. Under this law, transactions over USD 500,000 would be scrutinised as well as bank accounts, particularly those that held over $1 million, and contracts or investments obtained through corruption would be cancelled. But security and politics expert Fadel Abo Ragheef was sceptical the law would be passed. "It's certainly one of the best pieces of legislation proposed by the executive branch since 2003. But will it be adopted? I doubt it," he told AFP. "The political parties the lawmakers belong to will act to sabotage it, so it doesn't pass," he said. "In public they will support it, but behind the scenes, they will do everything to prevent its adoption, because many of the politicians are involved in this racket". An Iraqi banking source said politicians have smuggled $60 billion out of the country. However, much of that was via Lebanon, a move now likely to their detriment, as the country is mired in a severe economic crisis, and it is almost impossible to get money out of its banks. (With inputs from agencies)

Iraq: USD 150 billion worth stolen oil cash smuggled out since 2003

The coronavirus pandemic has prompted retailers to ask customers to wear masks, maintain physical distancing and avoid the use of cash when possible. Despite scientific evidence indicating that currency doesn’t transmit COVID-19, there continues to be an unprecedented weariness around the use of cash altogether.

At the peak of the global pandemic, banks in China and South Korea began disinfecting and quarantining bank notes to slow the spread of the novel coronavirus. Other central banks have refused to adopt such measures, communicating that risks posed by handling cash are low compared to other objects that are frequently touched, such as PIN pads.

The Bank of Canada, for example, encouraged retailers to stop refusing cash because it could disproportionately affect those who are dependent on cash as a form of payment.

Despite such assurances, fear of transmitting the virus could accelerate the trend of digital payment apps and reduce the use of cash in society.

Although digital payment systems such as Apple Pay, Venmo and Google Pay have become much more widespread in recent years, these payment apps were not meant to replace existing currency. These apps also haven’t substantially reduced the amount of cash in circulation.

Cashless in a crisis 
 
The Bank for International Settlements, which advises central banks around the world, released a bulletin in April that said the pandemic could speed up the shift toward digital payments around the world, including central bank digital currencies. That’s not a surprise. A global crisis can often act as a catalyst for structural change.

For instance, the 2009 Västberga heist led to a cashless society in Sweden. As a string of robberies occurred in shops, banks and even buses, Sweden moved to reduce cash circulation as a way to protect workers. Cash use in Sweden has since been on the decline, from 39 per cent in 2010 to 13 per cent in 2018. Currently about 20 per cent of retailers in the country no longer accept cash.

Sweden’s central bank, the Riksbank, announced in 2017 that it would initiate a pilot program exploring the viability of a national digital currency called the e-krona. The Riksbank recently launched a joint project with Accenture to determine the technical aspects of the e-krona. The only details released so far indicate the digital currency will use blockchain technology. However, previous reports from the pilot concluded the e-krona would be centrally managed, ensuring the central bank would have firm control over money supply.

China’s digital currency trials 
 
China recently launched a pilot program of its digital yuan in four major cities, but details of the national digital currency are scarce.

The digital yuan is backed by China’s central bank, the People’s Bank of China, and pegged to the national currency. This sovereign digital currency is unlikely to resemble traditional cryptocurrencies such as Bitcoin, which support decentralization and are not issued or managed by a central authority. The Chinese digital currency allegedly uses asymmetric cryptography (public/private keys) and smart contracts, which allows for controllable anonymity and the prevention of counterfeiting.

The centralized design of the digital yuan would provide the Chinese government with unmatched oversight over money flows and transactions. Moreover, the People’s Bank of China has filed over 50 patents related to the digital yuan and plans to distribute the digital currency through commercial banks. The bank is also exploring a tracking system that would trace the digital currency’s movement.

The timing of the digital yuan launching comes when the rest of the world is cutting interest rates and dealing with the global pandemic, providing China with an unusual opportunity. The objective of the digital yuan is to increase its circulation, with the end goal of becoming a global currency much like the U.S. dollar.

China also aims to beat private competitors, such as Facebook’s Libra, by maintaining control over the country’s financial security. China believes digital currencies that are not issued by governments or central banks are a threat to sovereignty.

Digital currency coming to Canada? 
 
The Bank of Canada appears to have a strong interest in rethinking the nature of cash and reinventing the role of central banking. A recent job posting at the central bank indicated it would be “embarking on a program of major social significance” by designing and presumably deploying its own central bank digital currency system.

The proposed digital currency would protect user privacy, but it would not provide the same anonymity as cash transactions. It’s intended to be accessible, indicating the digital currency could be used by all Canadians, even those who don’t have a bank account or a mobile phone.

Many countries have been experimenting with digital currencies since the growing interest in blockchain and cryptocurrency emerged. As central banks attempt to enter the race of developing digital currencies, governments must first examine whether such a move will actually help the economy. Citizens must also think critically before jumping on board because national digital currencies have serious privacy implications.

There seems to be some leeway with introducing change during a crisis, as the experiments in China and Sweden display. But the introduction of a digital currency during a crisis could provide governments with frightening new powers. The role of the state could drastically change as nations shift towards a cashless society, which encourages central banks to adapt in order to maintain firm control over money supply.

(Anwar Mohammed is PhD Student, Political Science, McMaster University)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

(This article was originally published on The Conversation. Read the <a href="https://theconversation.com/cash-and-the-coronavirus-covid-19-is-changing-our-relationship-with-money-138774">original article</a>) &nbsp;

The coronavirus pandemic has prompted retailers to ask customers to wear masks, maintain physical distancing and avoid the use of cash when possible. Despite scientific evidence indicating that currency doesn’t transmit COVID-19, there continues to be an unprecedented weariness around the use of cash altogether.

The coronavirus pandemic has prompted retailers to ask customers to wear masks, maintain physical distancing and avoid the use of cash when possible. Despite scientific evidence indicating that currency doesn’t transmit COVID-19, there continues to be an unprecedented weariness around the use of cash altogether. At the peak of the global pandemic, banks in China and South Korea began disinfecting and quarantining bank notes to slow the spread of the novel coronavirus. Other central banks have refused to adopt such measures, communicating that risks posed by handling cash are low compared to other objects that are frequently touched, such as PIN pads. The Bank of Canada, for example, encouraged retailers to stop refusing cash because it could disproportionately affect those who are dependent on cash as a form of payment. Despite such assurances, fear of transmitting the virus could accelerate the trend of digital payment apps and reduce the use of cash in society. Although digital payment systems such as Apple Pay, Venmo and Google Pay have become much more widespread in recent years, these payment apps were not meant to replace existing currency. These apps also haven’t substantially reduced the amount of cash in circulation. Cashless in a crisis The Bank for International Settlements, which advises central banks around the world, released a bulletin in April that said the pandemic could speed up the shift toward digital payments around the world, including central bank digital currencies. That’s not a surprise. A global crisis can often act as a catalyst for structural change. For instance, the 2009 Västberga heist led to a cashless society in Sweden. As a string of robberies occurred in shops, banks and even buses, Sweden moved to reduce cash circulation as a way to protect workers. Cash use in Sweden has since been on the decline, from 39 per cent in 2010 to 13 per cent in 2018. Currently about 20 per cent of retailers in the country no longer accept cash. Sweden’s central bank, the Riksbank, announced in 2017 that it would initiate a pilot program exploring the viability of a national digital currency called the e-krona. The Riksbank recently launched a joint project with Accenture to determine the technical aspects of the e-krona. The only details released so far indicate the digital currency will use blockchain technology. However, previous reports from the pilot concluded the e-krona would be centrally managed, ensuring the central bank would have firm control over money supply. China’s digital currency trials China recently launched a pilot program of its digital yuan in four major cities, but details of the national digital currency are scarce. The digital yuan is backed by China’s central bank, the People’s Bank of China, and pegged to the national currency. This sovereign digital currency is unlikely to resemble traditional cryptocurrencies such as Bitcoin, which support decentralization and are not issued or managed by a central authority. The Chinese digital currency allegedly uses asymmetric cryptography (public/private keys) and smart contracts, which allows for controllable anonymity and the prevention of counterfeiting. The centralized design of the digital yuan would provide the Chinese government with unmatched oversight over money flows and transactions. Moreover, the People’s Bank of China has filed over 50 patents related to the digital yuan and plans to distribute the digital currency through commercial banks. The bank is also exploring a tracking system that would trace the digital currency’s movement. The timing of the digital yuan launching comes when the rest of the world is cutting interest rates and dealing with the global pandemic, providing China with an unusual opportunity. The objective of the digital yuan is to increase its circulation, with the end goal of becoming a global currency much like the U.S. dollar. China also aims to beat private competitors, such as Facebook’s Libra, by maintaining control over the country’s financial security. China believes digital currencies that are not issued by governments or central banks are a threat to sovereignty. Digital currency coming to Canada? The Bank of Canada appears to have a strong interest in rethinking the nature of cash and reinventing the role of central banking. A recent job posting at the central bank indicated it would be “embarking on a program of major social significance” by designing and presumably deploying its own central bank digital currency system. The proposed digital currency would protect user privacy, but it would not provide the same anonymity as cash transactions. It’s intended to be accessible, indicating the digital currency could be used by all Canadians, even those who don’t have a bank account or a mobile phone. Many countries have been experimenting with digital currencies since the growing interest in blockchain and cryptocurrency emerged. As central banks attempt to enter the race of developing digital currencies, governments must first examine whether such a move will actually help the economy. Citizens must also think critically before jumping on board because national digital currencies have serious privacy implications. There seems to be some leeway with introducing change during a crisis, as the experiments in China and Sweden display. But the introduction of a digital currency during a crisis could provide governments with frightening new powers. The role of the state could drastically change as nations shift towards a cashless society, which encourages central banks to adapt in order to maintain firm control over money supply. (Anwar Mohammed is PhD Student, Political Science, McMaster University) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) (This article was originally published on The Conversation. Read the original article)

Cash and the coronavirus: COVID-19 is changing our relationship with money

A family from USA's Virginia has a grand rush of luck when it stumbled upon almost $1 million in cash.

The family was on a weekend drive when it picked up two bags it thought contained waste.

David and Emily Schantz were driving near their Caroline County address on Saturday when their pickup truck ran-over two bags. They decided to pull over and collect what they presumed was waste.

The Schantz family then discovered the two bags contained around $1 million in cash.

They then contacted Caroline County police, who were dispatched to the address to investigate.

"To have someone so honest give that million dollars back was exceptional on their part," said sheriff's major Scott Moser to WTVR.

Police continue to investigate how the money bags were left on the road in Goochland County, but suspect the bags belonged to the US Postal Service, and were en route to a bank.

A family from USA's Virginia has a grand rush of luck when it stumbled upon almost $1 million in cash. The family was on a weekend drive when it picked up two bags it thought contained waste.

A family from USA's Virginia has a grand rush of luck when it stumbled upon almost $1 million in cash. The family was on a weekend drive when it picked up two bags it thought contained waste. David and Emily Schantz were driving near their Caroline County address on Saturday when their pickup truck ran-over two bags. They decided to pull over and collect what they presumed was waste. The Schantz family then discovered the two bags contained around $1 million in cash. They then contacted Caroline County police, who were dispatched to the address to investigate. "To have someone so honest give that million dollars back was exceptional on their part," said sheriff's major Scott Moser to WTVR. Police continue to investigate how the money bags were left on the road in Goochland County, but suspect the bags belonged to the US Postal Service, and were en route to a bank.

Family in US stumbles upon $1 million in cash on a weekend drive

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in <a href="https://www.wionews.com/business-economy/saudi-regulator-approves-aramco-share-offering-259594">Aramco</a> stocks after the oil giant announced its blockbuster market debut even as it offered few listing details.

After years of delay and false starts, the state-owned company said on Sunday it plans to sell an unspecified number of shares on the Riyadh stock exchange, but no date was set and the firm's valuation remains shrouded in mystery.

But retail investors in Saudi Arabia still appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel, amid calls to make the initial public offering (IPO) a success.

"Some (Saudis) have started to sell other stocks in preparation to buy Aramco (shares)," said Ibrahim Ahmed, a Saudi energy industry analyst who is also considering investing his savings.

"People look at it as a sound investment. (But) I'm aware that it is a long-term investment that is good to have in a portfolio and not some kind of lottery ticket."

The IPO, billed by the company as a "historic milestone", forms the lynchpin of Crown Prince Mohammed bin Salman's ambitious plan to transform the petro-state by generating much-needed cash to fund mega projects and non-oil industries.

The government has reportedly pressed wealthy Saudi business families and institutions to invest in the IPO, and many nationalists have labelled it a patriotic duty.

Fahad Hashemi, portfolio manager at the Riyadh-based Middle East Financial Investment Co, told AFP his firm had a "strong intention" to participate despite the lack of listing information.

Saudi Arabia has sought to ease lending restrictions for ordinary citizens to buy a stake in the company, a strategy deemed risky by observers.&nbsp;

Eid al-Shamri, chief executive of investment bank Ithraa Capital, said some Saudis were considering selling their homes or borrowing money to purchase shares.

"This is definitely a serious event that will be recorded in the history of Saudi Arabia," Shamri told Bloomberg News.

"A lot of people are talking about it. But what is the extent of people's participation? We are tightening our belts."

'Unique investment'

<a href="https://www.wionews.com/business-economy/saudi-aramco-to-keep-46-million-barrels-of-oil-in-indian-storage-report-258774">Aramco</a> said its final offer price and the number of shares to be sold "will be determined at the end of the book-building period".

In a 21-page document released by the company, the company called the IPO&nbsp; a "unique investment proposition".

Aramco chief executive Amin Nasser said the company was committed to offer shareholders "long-term value creation".

To promote participation by all sections of Saudi society, divorced women or widows with minors will be eligible to receive bonus shares, local media reported.

But amid scant information about the listing, it is difficult to determine the payoff.

It is unclear whether Aramco will get the $2 trillion valuations Prince Mohammed had hoped for, with investment research firm Bernstein estimating that a "fair value range" for the company is between $1.2 and $1.5 trillion.

There are also reports the firm is struggling to get institutional investors on board amid a bearish outlook for the energy sector and questions over the company's transparency and governance.

Norway's sovereign wealth fund, the largest in the world, has said it does not plan to invest in Aramco, a Norwegian official told AFP.

Investors are also concerned about geopolitical risks weighing on the stock.

The news of the listing comes just weeks after crippling attacks on the heart of Aramco's facilities briefly halved its output amid a spike in tensions with Iran.

But the company, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, holds enormous appeal for local retail investors.

"I do think there is significant local demand among retail investors, though large family businesses might be more sceptical," said Steffen Hertog, an associate professor at the London School of Economics.

"Aramco will be a blue-chip company producing fairly reliable dividends."

Its 2018 net profit of $111.1 billion is higher than the combined profits of Apple, Google and Exxon Mobil.

"We are excited and fascinated by the IPO," said analyst Ahmed.&nbsp;

"We always looked at the company as a semi-national company. To see it float on the stock exchange is a new era for us."

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details.

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details. After years of delay and false starts, the state-owned company said on Sunday it plans to sell an unspecified number of shares on the Riyadh stock exchange, but no date was set and the firm's valuation remains shrouded in mystery. But retail investors in Saudi Arabia still appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel, amid calls to make the initial public offering (IPO) a success. "Some (Saudis) have started to sell other stocks in preparation to buy Aramco (shares)," said Ibrahim Ahmed, a Saudi energy industry analyst who is also considering investing his savings. "People look at it as a sound investment. (But) I'm aware that it is a long-term investment that is good to have in a portfolio and not some kind of lottery ticket." The IPO, billed by the company as a "historic milestone", forms the lynchpin of Crown Prince Mohammed bin Salman's ambitious plan to transform the petro-state by generating much-needed cash to fund mega projects and non-oil industries. The government has reportedly pressed wealthy Saudi business families and institutions to invest in the IPO, and many nationalists have labelled it a patriotic duty. Fahad Hashemi, portfolio manager at the Riyadh-based Middle East Financial Investment Co, told AFP his firm had a "strong intention" to participate despite the lack of listing information. Saudi Arabia has sought to ease lending restrictions for ordinary citizens to buy a stake in the company, a strategy deemed risky by observers. Eid al-Shamri, chief executive of investment bank Ithraa Capital, said some Saudis were considering selling their homes or borrowing money to purchase shares. "This is definitely a serious event that will be recorded in the history of Saudi Arabia," Shamri told Bloomberg News. "A lot of people are talking about it. But what is the extent of people's participation? We are tightening our belts." 'Unique investment' Aramco said its final offer price and the number of shares to be sold "will be determined at the end of the book-building period". In a 21-page document released by the company, the company called the IPO a "unique investment proposition". Aramco chief executive Amin Nasser said the company was committed to offer shareholders "long-term value creation". To promote participation by all sections of Saudi society, divorced women or widows with minors will be eligible to receive bonus shares, local media reported. But amid scant information about the listing, it is difficult to determine the payoff. It is unclear whether Aramco will get the $2 trillion valuations Prince Mohammed had hoped for, with investment research firm Bernstein estimating that a "fair value range" for the company is between $1.2 and $1.5 trillion. There are also reports the firm is struggling to get institutional investors on board amid a bearish outlook for the energy sector and questions over the company's transparency and governance. Norway's sovereign wealth fund, the largest in the world, has said it does not plan to invest in Aramco, a Norwegian official told AFP. Investors are also concerned about geopolitical risks weighing on the stock. The news of the listing comes just weeks after crippling attacks on the heart of Aramco's facilities briefly halved its output amid a spike in tensions with Iran. But the company, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, holds enormous appeal for local retail investors. "I do think there is significant local demand among retail investors, though large family businesses might be more sceptical," said Steffen Hertog, an associate professor at the London School of Economics. "Aramco will be a blue-chip company producing fairly reliable dividends." Its 2018 net profit of $111.1 billion is higher than the combined profits of Apple, Google and Exxon Mobil. "We are excited and fascinated by the IPO," said analyst Ahmed. "We always looked at the company as a semi-national company. To see it float on the stock exchange is a new era for us."

Saudis scramble to raise cash for Aramco share sale

The Pashupatinath Temple in Kathmandu owns 9.276 kg of gold and 1.3 billion rupees in cash, a report has revealed.

The data was made public on Wednesday, for the first time in history, by a committee formed by the government to investigate the assets owned by the shrine.

The committee had carried out a study and survey on the basis of prevailing data over a period of 10 months.

After analysing the record from Pashupati Area Development Trusts` (PADT) Financial Department, the committee found out that a total of 1.3 billion rupees has been deposited in banks.

Built in the 5th century, the shrine is one of the four most important religious sites in Asia for devotees of Shiva.&nbsp;

The lands, rest houses and sattals of the temple fall under the unmovable properties of the temple. Currently, 994.14 hectares land is covered by three offices which fall under the PADT.

Apart from it, the record of utensils in "Bombe Treasury" owned by temple and property of various Guthis which falls under the temple is yet to be surveyed.&nbsp;

However, the committee did not count the gold, silvers, currencies, ornaments and other pieces of jewellery offered to the temple that is kept in the main treasury of the temple.

The Supreme Court of Nepal had passed an order to keep the treasury closed.&nbsp;

The Pashupatinath Temple in Kathmandu owns 9.276 kg of gold and 1.3 billion rupees in cash, a report has revealed. The data was made public on Wednesday, for the first time in history, by a committee formed by the government to investigate the assets owned by the shrine.

The Pashupatinath Temple in Kathmandu owns 9.276 kg of gold and 1.3 billion rupees in cash, a report has revealed. The data was made public on Wednesday, for the first time in history, by a committee formed by the government to investigate the assets owned by the shrine. The committee had carried out a study and survey on the basis of prevailing data over a period of 10 months. After analysing the record from Pashupati Area Development Trusts` (PADT) Financial Department, the committee found out that a total of 1.3 billion rupees has been deposited in banks. Built in the 5th century, the shrine is one of the four most important religious sites in Asia for devotees of Shiva. The lands, rest houses and sattals of the temple fall under the unmovable properties of the temple. Currently, 994.14 hectares land is covered by three offices which fall under the PADT. Apart from it, the record of utensils in "Bombe Treasury" owned by temple and property of various Guthis which falls under the temple is yet to be surveyed. However, the committee did not count the gold, silvers, currencies, ornaments and other pieces of jewellery offered to the temple that is kept in the main treasury of the temple. The Supreme Court of Nepal had passed an order to keep the treasury closed.

Nepal: Pashupatinath temple owns over 9kg gold, 1.3 billion rupees cash

The Election Commission said it has seized unaccounted money, illicit liquor, drugs and other inducements worth a total of Rs 3,274 crore in the fourth phase of the ongoing Lok Sabha elections on Monday.

"Total cash seizure is Rs 785.26 crore, liquor (Rs 249.038 crore), narcotics (Rs 1214.46 crore), Gold and precious materials (Rs 972.253 crore) and other freebies (Rs 53.167 crore), which makes the grand total of Rs 3274.18 crore," said an official statement issued by the EC.

The poll watchdog said it appointed 97 expenditure observers in 72 parliamentary constituencies and 42 assembly constituencies across the country that went to polls on Monday. It was appointed to implement its instructions regarding election expenditure of candidates and for the seizure of unaccounted money, illicit liquor, drugs, and other inducements.

In order to curb the abuse of money power during elections, the commission decided that each expenditure sensitive constituency would have two expenditure observers. States with geographically difficult terrain have also been allotted a slightly larger number of expenditure observers so that there is better visibility and accessibility.

As per the instructions of the EC, the states deployed adequate resources in terms of Flying Squads (FS), Static Surveillance Teams (SST) and Video Surveillance Teams (VSTs) in all the parliamentary constituencies and assembly constituencies, the EC said.

The number of expenditure observers was 97, assistant expenditure observers (492), FS (1761), SSTs (1757), VSTs (1080), video viewing team (618) and accounting team (543).

Voting was held on Monday for 72 seats across nine states including five seats in Bihar, one in Jammu and Kashmir, three in Jharkhand, six each in Madhya Pradesh and Odisha, 13 each in Rajasthan and Uttar Pradesh, eight in West Bengal and 17 in Maharashtra.

An overall voter turnout of 64.05 per cent was registered in the fourth phase of polling.

Seven-phase elections will end on May 19, and results will be declared on&nbsp;May 23.

The Election Commission said it has seized unaccounted money, illicit liquor, drugs and other inducements worth a total of Rs 3,274 crore in the fourth phase of the ongoing Lok Sabha elections on Monday.

The Election Commission said it has seized unaccounted money, illicit liquor, drugs and other inducements worth a total of Rs 3,274 crore in the fourth phase of the ongoing Lok Sabha elections on Monday. "Total cash seizure is Rs 785.26 crore, liquor (Rs 249.038 crore), narcotics (Rs 1214.46 crore), Gold and precious materials (Rs 972.253 crore) and other freebies (Rs 53.167 crore), which makes the grand total of Rs 3274.18 crore," said an official statement issued by the EC. The poll watchdog said it appointed 97 expenditure observers in 72 parliamentary constituencies and 42 assembly constituencies across the country that went to polls on Monday. It was appointed to implement its instructions regarding election expenditure of candidates and for the seizure of unaccounted money, illicit liquor, drugs, and other inducements. In order to curb the abuse of money power during elections, the commission decided that each expenditure sensitive constituency would have two expenditure observers. States with geographically difficult terrain have also been allotted a slightly larger number of expenditure observers so that there is better visibility and accessibility. As per the instructions of the EC, the states deployed adequate resources in terms of Flying Squads (FS), Static Surveillance Teams (SST) and Video Surveillance Teams (VSTs) in all the parliamentary constituencies and assembly constituencies, the EC said. The number of expenditure observers was 97, assistant expenditure observers (492), FS (1761), SSTs (1757), VSTs (1080), video viewing team (618) and accounting team (543). Voting was held on Monday for 72 seats across nine states including five seats in Bihar, one in Jammu and Kashmir, three in Jharkhand, six each in Madhya Pradesh and Odisha, 13 each in Rajasthan and Uttar Pradesh, eight in West Bengal and 17 in Maharashtra. An overall voter turnout of 64.05 per cent was registered in the fourth phase of polling. Seven-phase elections will end on May 19, and results will be declared on May 23.

Lok Sabha polls 2019: Election Commission seizes cash, liquor worth Rs 3,274 crore in fourth phase

Having speeded up printing presses to refill banks' empty ATMs in some parts of the country, the Reserve Bank of India released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending.

Typically, economists say, cash withdrawn from banks takes a few months to re-enter circulation as people spend. Because of these lags, the weekly reserve money figures don't tell exactly how much people have hoarded, but the data does give a strong sense of the trend.

The incremental increase in currency in circulation, a component of the data, shows how much people are withdrawing every week and the amount of new money the RBI is supplying to banks.

During the week to April 20, they took 163.4 billion rupees ($2.44 billion) out of the banks, bringing the total for the first three weeks of the month to 595.2 billion rupees, the RBI data showed. In the previous three weeks, withdrawals totalled 164.7 billion rupees.

Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 per cent more than in the same quarter of 2016.

Overall, the currency in circulation stood at 18.9 trillion rupees as of April 20, 18.9 per cent up since the beginning of last October when withdrawals began to gather pace.

Alarm bells only rang this month when cash dispensers began running dry in several states, including Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar.

Neither the central bank nor commercial bankers appear to have a clear idea about this sudden pick up in withdrawals.

The RBI did not elaborate on Wednesday's reserve money data but in a circular last week it had said the shortage could be due to a delay in getting cash to the ATMs and that it has ramped up note printing.

But there is concern that Modi's audacious decision to take high-value banknotes out of circulation in late 2016 may be suffering a blowback, as Indians revert to old habits of keeping cash out of the banks, and out of sight of the taxman.

Rupa Rege Nitsure, a group chief economist at L&T Finance Holdings, suspected the spike in withdrawals could be a belated reaction after the government's so-called "demonetisation" move.

"Post demonetisation, there is a fear among people over the availability of cash and there could be a tendency of small businesses withdrawing money and hoarding cash given that bank credit is not easily available to them," she said.

Returning to normal

The government had wanted to push people toward making more transactions electronically, rather than rely on cash.

But the recent shortages of the new 2000 rupee bank notes has left analysts wondering if mattresses are being re-stuffed.

Analysts reckon a number of factors are behind the hoarding, including concerns over the health of Indian banks, avoidance of a new goods and services tax, preparations for campaign spending ahead of an election in the southern state Karnataka, and farmers withdrawing money during the harvest season of January to March.

Some analysts also say that, as economic growth managed to outpace the recovery in money supply after the 'demonetisation', there was always going to be a squeeze on demand for cash.

Afterall, it took until March for currency in circulation to rise above 17.98 trillion rupees level posted before the 2016 demonetisation.

"The currency supply by RBI has not kept pace with the growth in the economy and that is the reason the demand for cash has increased," said State Bank of India's chief economist Soumya Kanti Ghosh.

According to a note from SBI issued on April 18 the RBI still had to print an additional 700 billion rupees ($10.54 billion) to bridge the gap between demand and supply.

Neeraj Vyas, SBI's chief operating officer, told Reuters, that the downtime for ATMs out of money had reduced, but the situation should return to normal in "maybe another 5-7 days".

Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 percent more than in the same quarter of 2016

Having speeded up printing presses to refill banks' empty ATMs in some parts of the country, the Reserve Bank of India released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending. Typically, economists say, cash withdrawn from banks takes a few months to re-enter circulation as people spend. Because of these lags, the weekly reserve money figures don't tell exactly how much people have hoarded, but the data does give a strong sense of the trend. The incremental increase in currency in circulation, a component of the data, shows how much people are withdrawing every week and the amount of new money the RBI is supplying to banks. During the week to April 20, they took 163.4 billion rupees ($2.44 billion) out of the banks, bringing the total for the first three weeks of the month to 595.2 billion rupees, the RBI data showed. In the previous three weeks, withdrawals totalled 164.7 billion rupees. Currency withdrawals in the January-March quarter stood at 1.4 trillion rupees, about 27 per cent more than in the same quarter of 2016. Overall, the currency in circulation stood at 18.9 trillion rupees as of April 20, 18.9 per cent up since the beginning of last October when withdrawals began to gather pace. Alarm bells only rang this month when cash dispensers began running dry in several states, including Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar. Neither the central bank nor commercial bankers appear to have a clear idea about this sudden pick up in withdrawals. The RBI did not elaborate on Wednesday's reserve money data but in a circular last week it had said the shortage could be due to a delay in getting cash to the ATMs and that it has ramped up note printing. But there is concern that Modi's audacious decision to take high-value banknotes out of circulation in late 2016 may be suffering a blowback, as Indians revert to old habits of keeping cash out of the banks, and out of sight of the taxman. Rupa Rege Nitsure, a group chief economist at L&T Finance Holdings, suspected the spike in withdrawals could be a belated reaction after the government's so-called "demonetisation" move. "Post demonetisation, there is a fear among people over the availability of cash and there could be a tendency of small businesses withdrawing money and hoarding cash given that bank credit is not easily available to them," she said. Returning to normal The government had wanted to push people toward making more transactions electronically, rather than rely on cash. But the recent shortages of the new 2000 rupee bank notes has left analysts wondering if mattresses are being re-stuffed. Analysts reckon a number of factors are behind the hoarding, including concerns over the health of Indian banks, avoidance of a new goods and services tax, preparations for campaign spending ahead of an election in the southern state Karnataka, and farmers withdrawing money during the harvest season of January to March. Some analysts also say that, as economic growth managed to outpace the recovery in money supply after the 'demonetisation', there was always going to be a squeeze on demand for cash. Afterall, it took until March for currency in circulation to rise above 17.98 trillion rupees level posted before the 2016 demonetisation. "The currency supply by RBI has not kept pace with the growth in the economy and that is the reason the demand for cash has increased," said State Bank of India's chief economist Soumya Kanti Ghosh. According to a note from SBI issued on April 18 the RBI still had to print an additional 700 billion rupees ($10.54 billion) to bridge the gap between demand and supply. Neeraj Vyas, SBI's chief operating officer, told Reuters, that the downtime for ATMs out of money had reduced, but the situation should return to normal in "maybe another 5-7 days".

RBI data suggests Indians may have gone back to hoarding cash

The Secretary of the Department of Economic Affairs, SC Garg has ensured that in the next few days there will be a supply of about Rs 2500 crore of Rs 500 notes per day while in a month the supply would go up to 70,000- 75,000 crore.

His assurance has come after&nbsp;<a href="http://www.wionews.com/india-news/atms-in-several-states-run-of-cash-130963">ATMs in several cities ran out of cash on Tuesday</a>.

On Tuesday, people in the states of Telangana, Uttar Pradesh, Madhya Pradesh, Uttar Pradesh and Gujarat reported that they were unable to withdraw cash since several machines within their city had run out of money.&nbsp;

SC Garg also said that currently the Department prints about 500 crore of Rs 500 notes per day. He added that the department was taking steps to raise the production to five times.&nbsp;

Earlier, Finance minister Arun Jaitley had said that the temporary shortage in cash was&nbsp;caused by "sudden and unusual increase in some areas and is being tackled quickly".

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We print about 500 cr of Rs 500 notes per day. We have taken steps to raise this production 5 times. In next couple of days, we'll have supply of about 2500 cr of Rs 500 notes per day. In a month, supply would be about 70000-75000 cr: SC Garg, Secy, Dept of Economic Affairs <a href="https://t.co/bD84VjhKQJ">pic.twitter.com/bD84VjhKQJ</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/986168620886691840?ref_src=twsrc%5Etfw">April 17, 2018</a></blockquote>
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&nbsp;

The Secretary of the Department of Economic Affairs, SC Garg has ensured that in the next few days there will be a supply of about Rs 2500 crore of Rs 500 notes per day while in a month the supply would go up to 70,000-75,000 crore

The Secretary of the Department of Economic Affairs, SC Garg has ensured that in the next few days there will be a supply of about Rs 2500 crore of Rs 500 notes per day while in a month the supply would go up to 70,000- 75,000 crore. His assurance has come after ATMs in several cities ran out of cash on Tuesday. On Tuesday, people in the states of Telangana, Uttar Pradesh, Madhya Pradesh, Uttar Pradesh and Gujarat reported that they were unable to withdraw cash since several machines within their city had run out of money. SC Garg also said that currently the Department prints about 500 crore of Rs 500 notes per day. He added that the department was taking steps to raise the production to five times. Earlier, Finance minister Arun Jaitley had said that the temporary shortage in cash was caused by "sudden and unusual increase in some areas and is being tackled quickly". We print about 500 cr of Rs 500 notes per day. We have taken steps to raise this production 5 times. In next couple of days, we'll have supply of about 2500 cr of Rs 500 notes per day. In a month, supply would be about 70000-75000 cr: SC Garg, Secy, Dept of Economic Affairs pic.twitter.com/bD84VjhKQJ — ANI (@ANI) April 17, 2018 ×

Have taken steps to raise printing of cash: Secy, Dept of Economic Affairs

Governments are extremely worried about cryptocurrencies such as bitcoin. These virtual currencies mean you can make payments without involving the banks that most economies and government financial models are built on. People can transfer large amounts of money without the authorities knowing, potentially making it easier to evade tax or launder money.

So several countries&rsquo; central banks, including the Bank of England and the Bank of Israel, are reportedly planning to launch their own digital currencies. This could help lure people back into using an official system that combines some of the benefits of both traditional and crypto- currencies. But the risks involved may be too great for many typical cash users to bear.

One of the major drawbacks of existing cryptocurrencies is that their value tends to swing widely and it is often difficult to pinpoint how much they are really worth. National cryptocurrencies would be tied to the value of the country&rsquo;s official currency, making them less volatile and easier to actually use as a way of spending.

National cryptocurrencies would also make payments much faster because transactions would be recorded instantly and wouldn&rsquo;t have to be cleared by a bank (although some implementations require around eight minutes to be verified). The existing systems for electronic payments and transfers can often involve several banks and companies sending each other data and running security checks that add time and expense to transactions. Cryptocurrencies are able to bypass this clearing process altogether because they don&rsquo;t actually involve transfers from one entity to another.

Instead they use a technology known as a blockchain, which keeps a public but encrypted record of all transactions. Basically, as illustrated in the figure below, the payer (in this case, Bob) signs a transaction to agree to pay someone (Alice) a given amount. The transaction is then validated using Bob&rsquo;s personal encryption code known as his &ldquo;private key&rdquo;. If the transaction is valid, it is added onto the blockchain, recording how much money Alice and Bob now have.

<figure class="align-center "><img alt="" src="https://images.theconversation.com/files/200544/original/file-20180102-26160-12zl5wb.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" />
<figcaption>Outline of traditional transactions and blockchain based ones. Author supplied</figcaption>
</figure>

&nbsp;

Because all transactions would be recorded in this way, the government would have much greater oversight of who is paying whom and how much, helping to crack down on financial crime. Unfortunately, because transactions on blockchain ledger are typically kept as a public record, it might also be possible for other people to access this information and see how much you or anyone else is spending and what you&rsquo;re buying.

Your money might also be at greater risk if it&rsquo;s stored as a cryptocurrency. Currently banks guard your wealth and will always release it if you can prove your identity, while credit card companies insure you against fraud. If your bank account is hacked, there is a good chance you will get your money back. But cryptocurrencies store money in independent digital wallets that can be lost or broken into. If that happens there is no one who can help you.

Currency needs trust

For a typical shopper, there would be little difference between using a national cryptocurrency and something like Apple Pay, which makes payments at the click of a trusted application on a mobile device. I love using Apple Pay on my iPhone to purchase my coffee in the morning, as well as my bus tickets and even my parking. I now have little use of cash and only carry around my credit cards in a wallet as a backup in case my battery fails.

Having found out over Christmas that most supermarkets now do not have a limit on Apple Pay, I see it as one of the most trusted methods of payment, especially as I trust the fingerprint scanner on my phone. I also know that my bank is involved in the transaction. So I believe the days of paper money &ndash; and even carrying around cards &ndash; are rapidly fading. Our mobile phone and our trust in our apps provide us with more trusted ways of making transactions.

But Apple Pay is still backed up by trusted financial institutions. The step to cryptocurrency may be one step too far for most people. Few people would actually understand the risks of storing the cryptocurrency in a digital wallet and could leave themselves open to losing all their money.

I believe that most countries will deal with cryptocurrencies by regulating them and monitoring their use rather than co-opting them. But it will be interesting to see whether regulation or competition will win in the battle of crytocurrencies. While the encryption of crytocurrencies can create strong digital trust in the technology, human trust in the transactions themselves will likely be the key factor that determines whether citizens adopt government-backed cryptocurrencies.

&nbsp;

This article was originally published on <a href="http://theconversation.com">The Conversation</a>. Read the <a href="https://theconversation.com/the-bank-of-england-is-planning-a-bitcoin-style-virtual-currency-but-could-it-really-replace-cash-89585">original article</a>.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL).

&nbsp;

While the encryption of crytocurrencies can create strong digital trust in the technology, human trust in the transactions themselves will likely be the key factor that determines whether citizens adopt government-backed cryptocurrencies.

Governments are extremely worried about cryptocurrencies such as bitcoin. These virtual currencies mean you can make payments without involving the banks that most economies and government financial models are built on. People can transfer large amounts of money without the authorities knowing, potentially making it easier to evade tax or launder money. So several countries’ central banks, including the Bank of England and the Bank of Israel, are reportedly planning to launch their own digital currencies. This could help lure people back into using an official system that combines some of the benefits of both traditional and crypto- currencies. But the risks involved may be too great for many typical cash users to bear. One of the major drawbacks of existing cryptocurrencies is that their value tends to swing widely and it is often difficult to pinpoint how much they are really worth. National cryptocurrencies would be tied to the value of the country’s official currency, making them less volatile and easier to actually use as a way of spending. National cryptocurrencies would also make payments much faster because transactions would be recorded instantly and wouldn’t have to be cleared by a bank (although some implementations require around eight minutes to be verified). The existing systems for electronic payments and transfers can often involve several banks and companies sending each other data and running security checks that add time and expense to transactions. Cryptocurrencies are able to bypass this clearing process altogether because they don’t actually involve transfers from one entity to another. Instead they use a technology known as a blockchain, which keeps a public but encrypted record of all transactions. Basically, as illustrated in the figure below, the payer (in this case, Bob) signs a transaction to agree to pay someone (Alice) a given amount. The transaction is then validated using Bob’s personal encryption code known as his “private key”. If the transaction is valid, it is added onto the blockchain, recording how much money Alice and Bob now have. Outline of traditional transactions and blockchain based ones. Author supplied Because all transactions would be recorded in this way, the government would have much greater oversight of who is paying whom and how much, helping to crack down on financial crime. Unfortunately, because transactions on blockchain ledger are typically kept as a public record, it might also be possible for other people to access this information and see how much you or anyone else is spending and what you’re buying. Your money might also be at greater risk if it’s stored as a cryptocurrency. Currently banks guard your wealth and will always release it if you can prove your identity, while credit card companies insure you against fraud. If your bank account is hacked, there is a good chance you will get your money back. But cryptocurrencies store money in independent digital wallets that can be lost or broken into. If that happens there is no one who can help you. Currency needs trust For a typical shopper, there would be little difference between using a national cryptocurrency and something like Apple Pay, which makes payments at the click of a trusted application on a mobile device. I love using Apple Pay on my iPhone to purchase my coffee in the morning, as well as my bus tickets and even my parking. I now have little use of cash and only carry around my credit cards in a wallet as a backup in case my battery fails. Having found out over Christmas that most supermarkets now do not have a limit on Apple Pay, I see it as one of the most trusted methods of payment, especially as I trust the fingerprint scanner on my phone. I also know that my bank is involved in the transaction. So I believe the days of paper money – and even carrying around cards – are rapidly fading. Our mobile phone and our trust in our apps provide us with more trusted ways of making transactions. But Apple Pay is still backed up by trusted financial institutions. The step to cryptocurrency may be one step too far for most people. Few people would actually understand the risks of storing the cryptocurrency in a digital wallet and could leave themselves open to losing all their money. I believe that most countries will deal with cryptocurrencies by regulating them and monitoring their use rather than co-opting them. But it will be interesting to see whether regulation or competition will win in the battle of crytocurrencies. While the encryption of crytocurrencies can create strong digital trust in the technology, human trust in the transactions themselves will likely be the key factor that determines whether citizens adopt government-backed cryptocurrencies. This article was originally published on The Conversation. Read the original article. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL).

Opinion: Can Bitcoin like cryptocurrencies really replace cash?

Fat wads of bank notes move across counters in Old Delhi&#39;s gold and diamond district in one of many challenges to six months of Indian government efforts to suffocate the black market.

Cash has been king in the musty narrow streets of Chandni Chowk since the jewellery market was set up by Emperor Shah Jahan in the 17th century. The owners now largely shrug off &quot;demonetisation&quot; by modern day ruler Prime Minister Narendra Modi.

In a shock move on November 8 last year, Modi cancelled all 1,000 ($15) and 500 rupee notes in circulation, rendering about 86 percent of India&#39;s currency void.

Amid street protests, the decision triggered massive queues outside banks as the authorities struggled to print enough new notes.&nbsp;

Chandni Chowk is not alone in resisting the digital economy. At least 80 percent of business in India is estimated to be conducted in cash, much of it avoiding tax as well as fuelling corruption.&nbsp;

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<h5>&quot;Customers still want to pay in cash to save paying tax,&quot; said&nbsp;Ranjeev Panjali, whose family has been in the jewellery business for the past 60 years</h5>
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&quot;I&#39;m sticking to cash,&quot; one gold and diamond dealer, Kapil, who declined to give his last name, told AFP at his store in the backstreets.

&quot;There have been many raids on the shops here so I don&#39;t keep as much stock of ready jewellery as I used to, but I don&#39;t take any cheques or cards,&quot; he said. &quot;Only cash.&quot;

Most of the gold, silver and diamond dealers approached in Chandni Chowk told AFP that while a percentage of their transactions had switched to digital cards, cash still dominates.

Last year Kapil sold jewellery worth nearly 10 million rupees ($155,000) but declared sales of just 500,000 rupees ($7,770).

But it is not just the sellers who prefer the tax-friendly cash system.

&quot;Customers still want to pay in cash to save paying tax,&quot; said&nbsp;Ranjeev Panjali, whose family has been in the jewellery business for the past 60 years.

The government followed up the bank note action by banning all cash transactions above 200,000 rupees in March. It has promoted e-wallets and offered incentives for businesses that adopt digital payments.

The government said that the amount of tax collected in February was 10 percent higher than for the same month last year. It insists it is looking for long-term change.

Cash piles 
But the action so far has not deterred wily and wary Indians.

All sales witnessed by an AFP reporter during a visit to the gold market on a recent afternoon were in cash.

&quot;Demonetisation has had no impact at all,&quot; said the proprietor of a store who declined to give his name. &quot;You can never remove cash from our system.&quot;

Cash withdrawals from bank machines are rising. In March the figure stood at 2.2 billion rupees, up 0.6 percent from the same month last year.

And the government action hit the economy, at least temporarily. India&#39;s impressive growth fell to 7.0 percent in the final quarter of 2016 from 7.3 percent in the previous three months. That could yet be revised down as the full picture emerges.

Agriculture and real estate are as sensitive to the cash economy as Old Delhi gold dealers.

&quot;Property sales have slowed in Delhi, but not just because of demonetisation,&quot; said a real estate agent in the capital, who asked that his name not be revealed.

&quot;Cash is more difficult, but more often than not there are big piles of notes on the table,&quot; he added.

Ironically, jewellers made money in the initial days of the government cash ban as stunned consumers swapped suddenly worthless notes for gold, a traditional safe haven.

&quot;There is not a single shop in this entire market that didn&#39;t make money during demonetisation,&quot; one shop owner, who declined to be named, said with a laugh.&nbsp;

The owner said he doubled sales last year to 20 million rupees owing to the government action.

The government&#39;s &quot;longer-term success will depend on whether Indians return to cash in large numbers,&quot; the Stratfor consultancy said in a recent report.

It predicted that Modi will not give up attempts to &quot;steer India&#39;s economy away from cash.&quot;

(AFP)

People still want to pay in cash to save paying tax

Fat wads of bank notes move across counters in Old Delhi's gold and diamond district in one of many challenges to six months of Indian government efforts to suffocate the black market. Cash has been king in the musty narrow streets of Chandni Chowk since the jewellery market was set up by Emperor Shah Jahan in the 17th century. The owners now largely shrug off "demonetisation" by modern day ruler Prime Minister Narendra Modi. In a shock move on November 8 last year, Modi cancelled all 1,000 ($15) and 500 rupee notes in circulation, rendering about 86 percent of India's currency void. Amid street protests, the decision triggered massive queues outside banks as the authorities struggled to print enough new notes. Chandni Chowk is not alone in resisting the digital economy. At least 80 percent of business in India is estimated to be conducted in cash, much of it avoiding tax as well as fuelling corruption. "Customers still want to pay in cash to save paying tax," said Ranjeev Panjali, whose family has been in the jewellery business for the past 60 years × "I'm sticking to cash," one gold and diamond dealer, Kapil, who declined to give his last name, told AFP at his store in the backstreets. "There have been many raids on the shops here so I don't keep as much stock of ready jewellery as I used to, but I don't take any cheques or cards," he said. "Only cash." Most of the gold, silver and diamond dealers approached in Chandni Chowk told AFP that while a percentage of their transactions had switched to digital cards, cash still dominates. Last year Kapil sold jewellery worth nearly 10 million rupees ($155,000) but declared sales of just 500,000 rupees ($7,770). But it is not just the sellers who prefer the tax-friendly cash system. "Customers still want to pay in cash to save paying tax," said Ranjeev Panjali, whose family has been in the jewellery business for the past 60 years. The government followed up the bank note action by banning all cash transactions above 200,000 rupees in March. It has promoted e-wallets and offered incentives for businesses that adopt digital payments. The government said that the amount of tax collected in February was 10 percent higher than for the same month last year. It insists it is looking for long-term change. Cash piles But the action so far has not deterred wily and wary Indians. All sales witnessed by an AFP reporter during a visit to the gold market on a recent afternoon were in cash. "Demonetisation has had no impact at all," said the proprietor of a store who declined to give his name. "You can never remove cash from our system." Cash withdrawals from bank machines are rising. In March the figure stood at 2.2 billion rupees, up 0.6 percent from the same month last year. And the government action hit the economy, at least temporarily. India's impressive growth fell to 7.0 percent in the final quarter of 2016 from 7.3 percent in the previous three months. That could yet be revised down as the full picture emerges. Agriculture and real estate are as sensitive to the cash economy as Old Delhi gold dealers. "Property sales have slowed in Delhi, but not just because of demonetisation," said a real estate agent in the capital, who asked that his name not be revealed. "Cash is more difficult, but more often than not there are big piles of notes on the table," he added. Ironically, jewellers made money in the initial days of the government cash ban as stunned consumers swapped suddenly worthless notes for gold, a traditional safe haven. "There is not a single shop in this entire market that didn't make money during demonetisation," one shop owner, who declined to be named, said with a laugh. The owner said he doubled sales last year to 20 million rupees owing to the government action. The government's "longer-term success will depend on whether Indians return to cash in large numbers," the Stratfor consultancy said in a recent report. It predicted that Modi will not give up attempts to "steer India's economy away from cash." (AFP)

Six months after demonetisation, India gives up giving up cash

All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) have given a call for demonstration against the problems that various banks and their employees are facing due to demonetisation.

The agitational programmes that they plan to undertake include demonstrations on December 28, followed by the unions addressing a letter to Union Finance Minister Arun Jaitley on December 29, the two bank unions said. The union members also plan to demonstrate over the issue on January 2 and 3, 2017.

AIBEA general secretary C H Venkatchalam and his AIBOA counterpart S Nagrajan in a statement issued today said, &quot;As per the call of our organisations, already our units have undertaken the programme of demonstrations in all major centres and met the local executives of RBI to hand over our memorandum&quot;.

The unions have demanded to ensure supply of adequate cash to all banks and branches, restore all ATMs without further delay and ensure transparency in cash supply to banks.

&quot;If RBI is not able to supply adequate cash to banks, then decision should be taken to suspend cash transactions in the bank branches till sufficient cash is supplied to banks,&quot; the statement said.

They also demanded CBI inquiry into the cases of seizure of huge number of new currency notes with some big persons when the bank branches are cash starved. The unions also demanded compensation to the families of the persons and bank staff who lost their lives recently due to the demonetisation.

The statement asked RBI and state governments to ensure safety and protection of bank employees and officers by maintaining law and order in all branches to prevent harassment of the staff.

They also want proper compensation to employees and officers for their extra work/late sittings done since November 8. Both the unions claim to have over 5.50 lakh members out of the nearly 9 lakh bank employees in the country.

(PTI)

Bank unions have called for demonstrations against the problems that various banks and their employees are facing due to demonetisation.

All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) have given a call for demonstration against the problems that various banks and their employees are facing due to demonetisation. The agitational programmes that they plan to undertake include demonstrations on December 28, followed by the unions addressing a letter to Union Finance Minister Arun Jaitley on December 29, the two bank unions said. The union members also plan to demonstrate over the issue on January 2 and 3, 2017. AIBEA general secretary C H Venkatchalam and his AIBOA counterpart S Nagrajan in a statement issued today said, "As per the call of our organisations, already our units have undertaken the programme of demonstrations in all major centres and met the local executives of RBI to hand over our memorandum". The unions have demanded to ensure supply of adequate cash to all banks and branches, restore all ATMs without further delay and ensure transparency in cash supply to banks. "If RBI is not able to supply adequate cash to banks, then decision should be taken to suspend cash transactions in the bank branches till sufficient cash is supplied to banks," the statement said. They also demanded CBI inquiry into the cases of seizure of huge number of new currency notes with some big persons when the bank branches are cash starved. The unions also demanded compensation to the families of the persons and bank staff who lost their lives recently due to the demonetisation. The statement asked RBI and state governments to ensure safety and protection of bank employees and officers by maintaining law and order in all branches to prevent harassment of the staff. They also want proper compensation to employees and officers for their extra work/late sittings done since November 8. Both the unions claim to have over 5.50 lakh members out of the nearly 9 lakh bank employees in the country. (PTI)

Bank unions call for agitation over note ban-related issues

While Indian Prime Minister Narendra Modi&rsquo;s move to demonetise currency notes of Rs 500 and 1,000 has caused much chaos in the country, some have also called it a strong move to put an end to the circulation of black money.

Along with the farmers, the poor and the common man, one community which has been at the receiving end is the transgenders across the country. They were only&nbsp;recognised as a third gender last year following a ruling by the Supreme Court of India.

Most transgenders in India do not have bank accounts or even a formal identification card, owing to which most of the money they own is in cash. The source&nbsp;of income for most in the community is begging and dancing at weddings and other social gatherings. Some even take up sex work to make ends meet. All of these earnings are in cash.

The demonetisation move has thus hit them hard.

A few transgenders residing in south Delhi&#39;s Okhla tell&nbsp;WION that they have been staying at home all day for the past two weeks since no one pays them any cash now.

Surraiya, who makes a living by dancing at weddings, says, &quot;Weddings are either being rescheduled or the expenditure is being cut down. In the last 15 days, I have not been able to find any work. So I took to begging but there too, people are not giving us any money.&rdquo;

Another member of the community tells us that they follow a guru-chela (teacher-disciple) tradition. &ldquo;The savings are passed on from one generation to another in cash. We do not depend upon the banking sector as most of us have never had bank accounts until last year,&rdquo; says Laila, 36.

The ones into sex work too are seeing a sharp decline in the number of customers since most of the payment happened in the denomination of Rs 500 and 1,000.

Sweety (name changed) waits on a south Delhi road but to her dismay, she has hardly had two customers in the last couple&nbsp;of weeks. She would otherwise have two customers every night on an average and would return home with around Rs 1,500 to Rs 2,000 &nbsp;every morning.

&ldquo;Our trade has collapsed completely. Nobody is willing to spend money on us. We are running out of options to sustain ourselves,&rdquo; says Sweety.

Those of us who have visited banks to get the notes exchanged&nbsp;were discriminated against.

&ldquo;The women do not let us stand in their queue&nbsp;while the men pass lewd remarks. There is no separate line for us,&rdquo; says Sweety&#39;s friend.

Activist&nbsp;Laxmi Narayan Tripathi, chairperson of Astitva, an organisation working for the cause of transgenders, has written to the Prime Minister seeking help for the community.

In a letter addressed to the Prime Minister, Laxmi writes, &ldquo;Most of the community is uneducated and has never been part of the mainstream society. They have been living lives seeking alms and blessings by singing and dancing at weddings, child births and other auspicious occasions. All transactions made are in cash and we never had any bank account.

&quot;The decision by the government is welcome and we appreciate&nbsp;the efforts of Honourable Prime Minister Narendra Modi jee. But the Hijra&ndash;Kinnar community is extremely affected by this and we ask for the government&#39;s help.&rdquo;

Meanwhile, most from the community are queuing up to cash exchangers who give them Rs 350 in exchange for an old Rs 500 note.

(WION)

Without an official identity card and no bank accounts, most of the money the community owns is in cash

While Indian Prime Minister Narendra Modi’s move to demonetise currency notes of Rs 500 and 1,000 has caused much chaos in the country, some have also called it a strong move to put an end to the circulation of black money. Along with the farmers, the poor and the common man, one community which has been at the receiving end is the transgenders across the country. They were only recognised as a third gender last year following a ruling by the Supreme Court of India. Most transgenders in India do not have bank accounts or even a formal identification card, owing to which most of the money they own is in cash. The source of income for most in the community is begging and dancing at weddings and other social gatherings. Some even take up sex work to make ends meet. All of these earnings are in cash. The demonetisation move has thus hit them hard. A few transgenders residing in south Delhi's Okhla tell WION that they have been staying at home all day for the past two weeks since no one pays them any cash now. Surraiya, who makes a living by dancing at weddings, says, "Weddings are either being rescheduled or the expenditure is being cut down. In the last 15 days, I have not been able to find any work. So I took to begging but there too, people are not giving us any money.” Another member of the community tells us that they follow a guru-chela (teacher-disciple) tradition. “The savings are passed on from one generation to another in cash. We do not depend upon the banking sector as most of us have never had bank accounts until last year,” says Laila, 36. The ones into sex work too are seeing a sharp decline in the number of customers since most of the payment happened in the denomination of Rs 500 and 1,000. Sweety (name changed) waits on a south Delhi road but to her dismay, she has hardly had two customers in the last couple of weeks. She would otherwise have two customers every night on an average and would return home with around Rs 1,500 to Rs 2,000 every morning. “Our trade has collapsed completely. Nobody is willing to spend money on us. We are running out of options to sustain ourselves,” says Sweety. Those of us who have visited banks to get the notes exchanged were discriminated against. “The women do not let us stand in their queue while the men pass lewd remarks. There is no separate line for us,” says Sweety's friend. Activist Laxmi Narayan Tripathi, chairperson of Astitva, an organisation working for the cause of transgenders, has written to the Prime Minister seeking help for the community. In a letter addressed to the Prime Minister, Laxmi writes, “Most of the community is uneducated and has never been part of the mainstream society. They have been living lives seeking alms and blessings by singing and dancing at weddings, child births and other auspicious occasions. All transactions made are in cash and we never had any bank account. "The decision by the government is welcome and we appreciate the efforts of Honourable Prime Minister Narendra Modi jee. But the Hijra–Kinnar community is extremely affected by this and we ask for the government's help.” Meanwhile, most from the community are queuing up to cash exchangers who give them Rs 350 in exchange for an old Rs 500 note. (WION)

India:Transgenders hit hard by demonetisation move

Indian banks will use indelible ink to ensure that people change old notes for new only once under Indian Prime Minister Narendra Modi&#39;s scheme to fight &quot;black money&quot;, resorting to a tactic used to prevent multiple voting in elections.

A top finance ministry official said the move would prevent &quot;unscrupulous persons&quot; from sending large numbers of people from branch to branch to change old 500 and 1,000 rupee notes to get around the crackdown.

&quot;You find the same people coming back again and again,&quot; economic affairs secretary Shaktikanta Das told a news briefing on Tuesday.

Under the demonetisation scheme, people are allowed to exchange up to 4,500 rupees once only. A shortage of new 500 and 2,000 rupee banknotes has caused a massive cash crunch in Asia&#39;s third-largest economy.

(Reuters)

Under the demonetisation scheme, people are allowed to exchange up to 4,500 rupees once only

Indian banks will use indelible ink to ensure that people change old notes for new only once under Indian Prime Minister Narendra Modi's scheme to fight "black money", resorting to a tactic used to prevent multiple voting in elections. A top finance ministry official said the move would prevent "unscrupulous persons" from sending large numbers of people from branch to branch to change old 500 and 1,000 rupee notes to get around the crackdown. "You find the same people coming back again and again," economic affairs secretary Shaktikanta Das told a news briefing on Tuesday. Under the demonetisation scheme, people are allowed to exchange up to 4,500 rupees once only. A shortage of new 500 and 2,000 rupee banknotes has caused a massive cash crunch in Asia's third-largest economy. (Reuters)

Indian banks to use indelible ink to ensure people change cash only once

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