Cash, Corruption and Economic Development

ISBN-13: 9781032096889 / Angielski / Miękka / 2021 / 142 str.

Vikram Vashisht

Opis

This book examines the causes of corruption and crime and highlights the cause of comfort to all those who accept bribes and kickbacks. The comfort is paper currency because it does not leave a signature of its movement from one entity to the other. Today, with the technology available, we can make the transition to a paper c

Spis treści

List of illustrations

Preface

 

1 We the people

Impact of corruption on development

Impact of movement of dirty money on development

Factors impacting the level of corruption

An honest bottom cannot have a corrupt top

Trade brings economic development

Development has to be sustainable

2 Corruption no more

Impact of transition on corruption

Impact of transition on economic development

How are payments made after transition to a paper currency- free economy?

Transfer of money

The use of fake currency

Our fight against crime

Our right to privacy of information

The sellers of contraband

Collection of tax revenue

Solutions for the visually impaired, elderly and those who may lack literacy

The threat of digital fraud

The threat of digital fraud – cont’d

The transition does not need smartphones or computers

You can travel alone

An active step

3 The technicalities

Partial or complete transition

The cost of transition

Factors influencing transition

Ability to open a bank account with a fake identity

The speed of processing

Development of alternative currencies

The legal tender

The electronic currency

The electronic currency account

The rolling out of the system

The rolling out of the system – cont’d

Why does a central bank need the ability to monitor the electronic currency accounts of banks in real time?

How is the authenticity of electronic currency verified?

Recalling and replacement of paper currency – the most important factor for transition

Recalling and replacement procedure – cont’d 1

Recalling and replacement procedure – cont’d 2

Recalling and replacement procedure – cont’d 3

Recalling and replacement procedure – cont’d 4

Recalling and replacement procedure – cont’d 5

Need for paper currency to settle international transactions

Which currency is used and which bank accounts are affected when entities settle their transactions?

Undirectional conversion needs oversight and direction

Platforms for the electronic transfer of money

How will criminals evade the system?

Central bank is in the centre

The choice rests with us

 

Index

O autorze

Vikram Vashisht is a Certified Practising Accountant (CPA), Master of Accounting, Bachelor of Laws (LLB) and Bachelor of Commerce (BCom), and has previously served as a finance officer in the Australian Army.