Source Pravda.Ru

Russia to conduct major monetary reform

The Russian authorities intend to struggle against the corrupt turnover of cash rubles. The corrupt turnover of cash money is used to evade taxes and keep "shadow" savings.

As part of the struggle against the assets that have not been legalised in the banking system, the government plans to introduce new banknotes and change the design of old ones. Russia has recently introduced new 200 and 2000 ruble notes, and this step is likely to become the beginning of the campaign to replace cash in circulation.

Arkady Trachuk, the chief of Goznak, the State Administration for the Issue of Banknotes, believes it is about time one should change the "outdated design" of ruble banknotes, as it was developed back in the 1990s.

According to him, the 5,000 ruble note (the largest one) is the first one to be modernised. Goznak has all the "necessary resources and technologies," but it is up to the Central Bank to make the final decision, the official said.

A year ago, ex-director of the cash circulation department of the Central Bank, Alexander Yurov, said that ruble banknotes were in need of profound modernisation. The official said that the introduction of new 200 and 2,000 ruble notes would be the first step in this direction. He also said that one needs to change protective devices on banknotes every five or seven years while amending their design at the same time.

Therefore, the upcoming monetary reform in the Russian banking system may devalue the cash capital accumulated in the shadow economy. According to experts, Russia is currently ranked fourth  in the world after Ukraine, Nigeria and Azerbaijan in terms of the turnover of shadow capital.
 
In 2016, Indian Prime Minister Narendra Modi carried out such a reform. As a result of the reform, large bills, which accounted for 86 percent of cash assets in India, were withdrawn from circulation. Modi ordered to simply cancel 500 and 1000 rupiah notes overnight in an effort, as he said, to protect the interests of common working people. The decision caused massive cash chaos in India; as many as 70 people were killed in ensuing unrest.

In Colombo, at least 40 were killed as a result of a series of explosions that took place in several cities of Sri Lanka on Easter Sunday, April 21, 2019

Easter Sunday bombings in Sri Lanka: Explosions in hotels and churches kill at least 160

The British Foreign and Commonwealth Secretary: Squeaky clean, making the right sounds at the right time, the epitome of today's political class

Meet Jeremy Hunt: The (Lightweight) Laboratory Politician

In Colombo, at least 40 were killed as a result of a series of explosions that took place in several cities of Sri Lanka on Easter Sunday, April 21, 2019

Easter Sunday bombings in Sri Lanka: Explosions in hotels and churches kill at least 160
Comments
Easter Sunday bombings in Sri Lanka: Explosions in hotels and churches kill at least 160
Russia bans exports of oil, coal and petroleum products to Ukraine
Russia bans exports of oil, coal and petroleum products to Ukraine
Russia bans exports of oil, coal and petroleum products to Ukraine
Russia bans exports of oil, coal and petroleum products to Ukraine
Russia bans exports of oil, coal and petroleum products to Ukraine
Russia bans exports of oil, coal and petroleum products to Ukraine
Longstanding US Russia Bashing
Putin sends telegram to Macron after Notre Dame fire: Russia ready to help
It was US and UK that sank Russia's Kursk submarine
Declaration of Florence: For an International Front NATO Exit
Oscars so racist
Easter Sunday bombings in Sri Lanka: Explosions in hotels and churches kill at least 160
Terror in the heart of the Netherlands escalates into outburst of nationalism
Terror in the heart of the Netherlands escalates into outburst of nationalism
Notre Dame, Brexit and Assange: What matters
Notre Dame, Brexit and Assange: What matters
Russia does not support Libyan National Army General Haftar
Russia bans exports of oil, coal and petroleum products to Ukraine
Russia bans exports of oil, coal and petroleum products to Ukraine
Russia bans exports of oil, coal and petroleum products to Ukraine