DNA ( June
27,2011 ) reports :
Ø No of Rs 500 + Rs 1000 notes in
circulation in India
> 17.1 % by volume
> 76.5 % by value
And, most
likely no more than 1 % by frequency of circulation !
Ø
Highest
denomination bank notes in
USA .. 100
Dollar ( 100 times smallest note )
UK
. 50 Pound ( 50 times smallest note )
India . 1000
Rupees ( 1000 times smallest note )
USA / UK have avoided higher denomination
notes, only because they facilitate corruption , money laundering etc.
Monetary
authorities in USA / UK have found a
link between high value bank notes and clandestine dealings.
No wonder
our politicians are reluctant to de-monetize ! 1000 rupee notes are so easy to
carry / store / give / receive – even brandish bundles in parliament !
De-monetization
is certainly not the only answer to the problem of black money in India, but it
could well be a part of the solution.
With
regards
hemen parekh
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