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Friday, September 16, 2011

Circulation of Money - Rise in Prices and Inflation - Some Current news !!

A photo which appeared in ‘Dinamalar’ – Chennai edition of date…


Photo of a 40’ container on a lorry – you might come across in many roads and most unlikely that you pay any attention to it..  what is special about this truck is the cargo laden in it and its value….

--  that is the truck with hard currency (For more details read my earlier post :  http://sampspeak.blogspot.com/2011/09/hard-currency-in-transit-and-big-heist.html) 

The truck was carrying Rs.1000/- notes worth 9000 crores from Mysore to Chennai and due to accident to escort vehicle had to be stationed at Sathuvachari PS.  From the photo there does not appear to be any heavy security in tune with the amount carried… one never knows the real worth or the story behind.. !!

Other than the story of the accident, it was legal money and nothing much interesting ! More interesting are the two news items that appeared in many papers (including Times of India)

1)  3.85 crore seized from Bellary truck :  Times News Network

Guntakal (Anantapur):The Karnataka police on Thursday seized three gunny bags filled with cash — totalling Rs 3.85 crore — from a truck heading from Bellary, which they suspect belongs to jailed mining baron Gali Janardhan Reddy’s Obulapuram Mining Company.

Police sources said Reddy was moving the money to a safe location since his premises in Bellary and elsewhere had been raided by CBI.   The truck, otherwise empty, was intercepted in Guntakal, 400km south of Hyderabad. Police said they received an anonymous tip-off, and added that more such trucks could be making their way out of Bellary.

The police detained Eeswar Reddy of Proddatur and Venkatrami Reddy of Kadapa for questioning when the duo turned edgy on being stopped. The vehicle (number AP-04 X 9009) was then moved to the police station.

2)  10 lakh cash found in Sandeep Dikshit’s coupe

Bhopal/New Delhi: A bag containing Rs 10 lakh was found in a first class railway coupe in which East Delhi MP Sandeep Dikshit and his wife Mona had travelled to Bhopal on Thursday morning. Dikshit said the bag belonged to his friend who was travelling in another compartment.

Sources said attendant Bhagwan Das found the bag while checking the Bhopal Express coach around 8am, 30 minutes after Dikshit disembarked. About 45 minutes after the bag was found, one Jayesh Mathur approached the General Railway Police to claim it, but the Police refused, saying it was recovered from a coupe booked by Dikshit. The MP, who is Delhi CM Sheila Dikshit’s son, said the bag belonged to Mathur, who is an architect. “He had kept the bag in my coach for the night as it was safer. He was travelling in an AC II-tier compartment,” Dikshit said. Asked why his medicines were found in the bag, Dikshit said, “Why do you want to disclaim my claim that the bag doesn’t belong to me?”

 Mathur told mediapersons that the money was meant to buy a property in Bhopal. “My father is purchasing a small flat in Bhopal, that’s why we carried the cash. I thought Sandeep’s attendants must have removed the bag along with the rest of his luggage, but it was left in the train by mistake,” he said.

There is also news about Inflation, rise in petrol prices by a huge Rs.3.40 and the move of restricting subsidy to gas cylinders……….. all affecting the common man – who says it is a huge burden and that the spiraling prices would badly affect him.  These rises are overburdening..

Inflation means the value of the currency going down and not in a position to buy the same amount of commodities and services as it had done earlier..  common man finds it difficult to earn.. is subject to various forms of direct and indirect taxes.. all prices rises eventually fall on his head and suffers.

Meantime, there are lakhs and crores of Rupees in circulation !!

Regards – S. Sampathkumar.

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