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Cash, Corruption and Economic Development
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Table of Contents

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

About the Author

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.

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