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‘Demonetisation is not the way to target black money’
New Delhi : Demonetisation of 500 and 1,000 rupee notes may turn out to be a “futile exercise” to target black money and counterfeit currency, says Bank Employees Federation of India (BEFI) General Secretary Pradip Biswas.
“The proportion of counterfeit notes is only 0.028 per cent of the total currency in circulation according to Indian Statistical Institute. And the proportion of black money in liquid cash is less than 10 per cent,” Biswas told IANS in a telephone conversation.
“This (demonetisation) is not the way to target black money and counterfeit currency,” he added.
Biswas said since over 86 per cent of the total physical currency in the country is covered by Rs 500 and Rs 1,000 notes, taking them out of circulation without sufficient measures to quickly replace them will severely affect the economy.
“How can we manage with just 13 per cent of cash, which is in 10, 20, 50 and 100 rupee notes, to replace 86 per cent of the currency which has been demonetised?”
Biswas had earlier said that it would take at least four to five months to print sufficient currency to replace around 22 billion demonetised notes even if all currency printing presses operate at their maximum capacity.
He added that things may get worse in the first week of December when people in formal as well as informal sectors have to draw their salaries.
“Even now, they cannot withdraw more than Rs 24,000 in a week. And banks are not able to satisfy you even with that limitation. They tell you to take Rs 4,000-5,000 because the supply of currency is not there.
“This will be a tremendous factor in the coming weeks,” he said.
Offering a word of caution against the temptation of going abroad for printing of notes to beat the crisis, Biswas said it will open avenues for pilferage of currency printing technology.
“There are opinions coming up in public debate that we should get the currency printed abroad. Given the circumstances one may think this is the need of the hour. But it will open up avenues for further printing of counterfeit notes,” he said.
“To print it somewhere else, you will have to pass on ink, dice and currency paper. What is the guarantee that the technology to print notes will not be transferred and compromised?”
“It will be time consuming as well. So I doubt it will have significant effect on the timeline anyway,” he added.
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.