SAARC Currency

&
Corruption Legalization

International Business
&
Banking
B-303
Submitted To . . .
Mr. Shahidul Islam Zahid
Lecturer
Department of Banking
Faculty of Business Studies
University of Dhaka

Submitted Respectfully By . . .
Group- 06

Name
Id no.

Farhana Farha
14-001

Md. Ziad Haidar

14-005

A. S. M. Sharif Uddin
14-040

Md. Mashud Hasan

14-046

Moung Ba Sen
14-089
Department of Banking
Faculty of Business Studies
University of Dhaka

Submitted On . . .

The 13th April, 2010

 Letter of Transmittal

The 13th April, 2010

Mr. Shahidul Islam Zahid

Lecturer
Department of Banking
Faculty of Business Studies
University of Dhaka

Dear Sir,
With due esteem and humble submission we would like to inform you that we have
submitted this term paper on “SAARC Currency and Corruption Legalization” under
the course “International Business and Banking” on due date. We have prepared this
term paper according to your proper instructions and dedicated guidelines along with
having been concerned enough about its perfection.
We, therefore, pray and hope that your honor would be kind enough to accept our
term paper and evaluate it according to standard judgment.

Submitted respectfully by-

Name Id no.

Farhana Farha 001

Md. Ziad Haidar 005
A. S. M. Sharif Uddin 040
Md. Mashud Hasan 046
Moung Ba Sen 089
14th Batch BBA,
Department of Banking
University of Dhaka
 Acknowledgement

We think ourselves lucky enough as the Almighty blessed us to accomplish this term
paper on “SAARC Currency and Corruption Legalization” under the course
“International Business and Banking” successfully within due time. We would like to
pay homage to our honorable course teacher, Mr. Shahidul Islam Zahid, for his
didactic instructions informative guidelines through which we went long in an
effective way when preparing this term paper. His hearty cooperation is indeed
worthy of appreciation and it worked as a stimulus behind our finding of appropriate
methodology about the term paper. We are grateful to our parents as well for their
blessings and support which gave us a shadow of confidence, a belief that we can go
to the extent that we want, they expect and ability deserves.
 Contents

Executive Summary
Part- i: Introduction
1.1 Background
1.2 Objectives
1.3 Methodology
Part-ii: SAARC Currency
2.1 One Currency for SAARC Members
2.2 Issues Arising from SAARC Currency
2.3 Probable Outcomes
2.4 Problems, Disagreements and Impossibility
2.5 Overall Situation & Recommendation
Part- iii: Corruption Legalization
3.1 Checking instead of Eradicating
3.2 Why Corruption is legalized
3.3 Corruption Legalized in Prosaic
Ways
3.4 Corruption Legalization in
Bangladesh
3.5 Corruption Legalization & Global
Aspect
Part-iv: Findings & Recommendations
4.1 Momentous Findings
4.2 Recommendations
Executive Summary
‘SAARC Currency and Corruption Legalization’ is thus not only a report but also
an efficacious effort with the incentive of finding out what the factors and
rationales really work beside global and other existing facts in international arena.
Here, we are going to show multifarious arenas from where explanations would be
proved efficacious enough to illustrate necessity, problems and other relevant
issues related to complexities in global decisions like establishing one currency and
how an extreme unethical activity can be brought under positive checking through
legalizing it. The executive summary of this report is given below-

◙ A beginning about the term paper deducing its background, methodology and
well-defined objectives.

◙ The analysis on SAARC Currency where there will be reflection of concepts of

this currency for member countries, issues arising from the fact, probable
outcomes, problems, disagreements and impossibilities in such decision along with
analysis of overall situation and recommendation on the fact from a positive
perspective.

◙ The analysis on Corruption Legalization covers what the term refers indeed,
what rationales work as stimuli behind legalizing a corruption, which corruptions
are being legalized in prosaic ways without formal corruption legalization
procedure, position of Bangladesh in corruption legalization and to what extent the
world evaluate and accept corruption legalization along with illustrating several
instances.

◙ Momentous findings are for noteworthy issues found through the overall
analysis of these two issues and the last thing is recommendation.
 Part- i
Introduction
1.1 Background

Currency is a fact of huge significance in every aspect of a country’s economy and thus
as a very elementary part of both micro and aggregate economy definitely currency
deserves an inextricably interrelated relationship with global economic views and
consequently changes arising from multifarious perspectives. It is a matter of great
pleasure that with the passage of global advancement more or less every country has
been dramatically stepping forward to the way of advancement and has been being
affected by other different challenges incessantly. One currency for the member
countries of a collaboration can arise from many perspectives and a huge challenge that
any leading representative state is supposed to possess the authority and it has to
maintain such sophisticated issue with scrupulous cautious along with bearing a fact in
mind that the relevant decisions concerning Such one currency issue must go with
perfect ethical views and reflect unity. These decisions are most of the time basically for
the member countries to be facilitated and the collaborations like SAARC members are
supposed to cope up with such decisions to a noteworthy extent. So, here an issue that
easily brings a clear view in front of us about the dire necessity of the presence of one
currency possess logics- strong enough- to deduce how it can facilitate the member
countries like that of Euro. Again, an enacted law is for the state and nation and they are
supposed to be abiding by some rules and regulations of that definite state. But this does
not purely refers to a generalized fact that people cannot expect anything from state
when situation is really worsening and where prosaic rules or law can merely do anything
and thus the another issue of the term paper works on is ‘Corruption Legalization’. It is
thus not only a report but also an efficacious effort with the incentive of finding out why
SAARC countries go for one currency and how corruptions- not worthy of being
removed at all- can be brought under least checking.
 1.2 Objectives

This term paper on ‘SAARC Currency and Corruption Legalization’ has been
accomplished with a few constructive objectives which are going to present the
essence of the report altogether. Why this term paper really is – this will going to be
highlighted by objectives -
 To know why one currency for SAARC members is under
consideration and to what extent it is able to influence relevant
issues.
 To highlight the momentous facts on which he establishment of
SAARC currency depends to a considerably better extent.
 To know about the response and awareness of member countries as
per the requirement of the term paper.
 To identify some no-ending problems and suggest probable remedies
from a neutral’ perspective.
 To analyze the overall situation of the whole scenario.
 To focus on the dire significance of unity and mutual understanding
among member countries in such decisions.
 1.3 Methodology

While establishing such a term paper on ‘SAARC Currency and Corruption

Legalization’, definitely here a fact raises the dire necessity of stepping forward
following a constructive methodology. As we here designated to continue our
working on two global issues, with the incentive of acquiring possibly most reliable
information we did go through the following procedure:
• Facts and relevant features were collected and here our best attempts were
prevalent to get the better realistic issues as more as possible.
• Pointing out relevant information for working purpose and going for further
collection.
• Identifying problems and discussing about recommendations which can be
suggested from a positive perspective as per the requirement of term paper.
• Presenting comparison – where needed- with a view to having scrupulous
look to trend of multifarious issues turning over time.
• Explaining overall analysis to get a clear view of current and past situations
of both issues.
• Using all possible data and procedure that were required for better
accomplishment of term paper.
 Part- ii
SAARC Currency
 One Currency for SAARC Members

Every year huge amount of international trade takes place among SAARC countries.
Each member of SAARC has its unique specialties in a particular product or sector.
Being sharing almost same patter of culture, religion, values etc and also
geographically sharing almost same environment, they can be able to increase their
production capabilities by cooperating each other. They can fulfill all their needs by
themselves. To ease and simplify their transactions and cooperation, the first step to
establish a single currency namely SAARC currency and a single market in South Asia
region.
The success of Euro, for example, is not only because of its circulation in the
European market rather it created a deep relationship such as political, economic etc.
which helped to gain Euro such achievement. Now in the world currency market
Euro is the only currency that can compete with the US dollar. So, taking the lesson
from the Euro’s success SAARC nations need to build up SAARC currency and to
monitor the currency it must needed to establish Economic and Monetary Union of
SAARC (EMUS) as well. A central bank also must to be introduced.
On the other hand, single currency brings the theme of single market. If SAARC
nations are agreed, they can take so many advantages from each other. Exchange rate
risk can be abolished, transaction cost would be minimized, and political conflict can
be resolve by the implementation of SAARC currency.
South Asian Nations need to be united and SAARC currency is the best way to start.
Around two hundred years, European rulers ruled the South Asian countries and they
took away what ever treasure they got from these countries but now they as well as
western countries are conquering the world economy. So, it is high time for the
SAARC nations to snatch the reign of world economy from the western grip. To do
this they must be tied hand to hand with each other. They should economically
strong and politically as well. Therefore, they can start their journey by establishing
SAARC currency.
 Issues Arising From SAARC Currency

Eight countries holding different economical condition of those countries but

considered in same grouped developing countries. Mother of the issue of the SAARC
currency issue generated from euro currency whether we find the common
phenomena of European countries. Whether, we SAARC included countries are
totally different. Although distant dispersion, living standard, culture, religious and
other aspects, we find some positive and conflict issues generate.
Positive issues

Positive issues that will generate from the SAARC currency have been described
below:
1. Easier negotiation:
SAARC countries can easily negotiate among them. SAARC countries may
export-import products among them. Then they don’t need to transact or
convert currency in another. Whether the acceptability of currency will be
welcome by the people of those countries or not.

2. Employment opportunity:
As an impact of SAARC currencies, the employment will be created. Like-
Bangladesh has 100000 of unemployment whether at that situation India needs
those people to employ in their home country industry.

3. Financially establishment:
This is a great opportunity for the SAARC countries to reform them
economically via utilizing the opportunity. Because when the currency will be
similar, the countries export-import among them and also can make a great
influence in the international market with the combined power of SAARC
power. Because at this point, the capital amount will obviously be greater than
that of the previous time. So combined they can compete with any strong
countries of Europe or America.
4. Business expansion:
Any little business can be enlarged with the opportunity. Any branch business
in those countries will be more emphasized. The probability of gaining will be
higher in case of payment of international business like-export import.

5. Educational knowledge increase:

The concept same currency will make a great impact on educational
knowledge exchanged or increasing. The currency and economical and
business background students will suffer ultimately.

6. Opportunity for lag behind countries:

Bhutan, Nepal these countries who are in lag behind compared to other
countries should equalize themselves through the proper utilization of
opportunity.

7. Political relationship increase:

Political relationship increases among the members of the country. India-
Pakistan relationship may be better.

8. Exchange rate problem abolish:

When we export-import any goods then we need to pay in form of exporter’s
country currency. In this case, we don’t need to think about the exchange rate
problem, inflation or other problems.

9. Expertise competition:
Increase of competition among specialists in the SAARC countries to stabilize
the economic situation of those countries. Because if any problem rises will be
considered the eight countries problems.
 10. Understanding and cooperation:
Understanding and co-operation among the SAARC countries people will
enhanced through utilization of same currency. They will consider rest of the
countries as them and ultimately cooperation among the member’s countries
will also increase.

So from the above discussion we find varieties of beneficiary among the SAARC
countries.

Conflicting issues

There are also some drawbacks of SAARC currencies in the SAARC countries which
have been described below:

1. Commodity price determination:

SAARC countries have to set up the price of commodity against the new
currency. Whether each has its own control on the currency price based their
own economic situation and the purchasing price of that country.
2. Reformation of banking law:
Reformation of new banking law abolishing the old one have to set the eight
countries. New capital requirement, new interest rate, bank rate should consider
through of their own country and of the SAARC countries perspective.

3. Collection of old currency and issue of new:

SAARC countries have to collect the currency they used and issue the new one
on the perspective of their own. The negotiation problem may arise at that
situation may arise. Not only that problem arises but also the accepting of those
also against may be notified as confliction.

4. Understanding problem arise:

Pakistan and India are such country whether they are always in war and total
opposite country. They may not accept this one. In here India is the more
developing countries so their own control power they may show which will not
be accepted by the Pakistan.

5. Political problem arise:

India, Pakistan, srilanka or Afghanistan their political condition are different
on the base of own geographical boundary. On the other hand India Pakistan
political problem are now totally impossible to live in the same place like going
in the form of currency.

6. Religious factor:
Religious factor is one of the principal factors to running and controlling the
situation. Bangladesh, Pakistan and Afghanistan are Muslim based countries.
India –Hindu and Srilanka Buddhist. So the religious problem also arise in this
perspective.
 7. Increase problems:
As the issue will increase the benefits as well as it carry more problems to
handle the SAARC currency maintaining problem. Border problem or
corruption will increase.

8. Hundi business:
SAARC currency issue will increase the hundi
business, money laundering business, and other
criminal activities. Import illegally goods from
India without paying tax to the Govt. will
increase. Cigarettes, opium, marijuana etc. will
also increase.

The draw backs that we find from the above discussion are very clear that SAARC
currency may create some problem. But compared of both the beneficiary sides are
more.
 Probable outcomes of SAARC Currency

There will be some certain outcomes and benefits if the SAARC currency is
introduced. The main outcome however is that, it will lead all the SAARC countries
to a favorable trade opportunity. The most obvious benefit of adopting a single
currency is to remove the cost of exchanging currency. Introducing SAARC currency
among the SAARC countries will facilitate all sorts of International trades among the
countries involved. Some of the probable outcomes are:
1. Transaction costs will be eliminated

Firms located in the SAARC region currently spend about 1 billion dollar a year
buying and selling foreign currencies to do business in the SAARC region.
With the SAARC currency, this is eliminated, so increasing profitability of SAARC
firms.
Than, people can go on holiday and not have to worry about getting their money
changed, therefore avoiding high conversion charges. . For consumers, banks in the
SAARC region must charge the same for intra-member cross-border transactions as
purely domestic transactions for electronic payments (e.g., credit cards, debit cards
and cash machine withdrawals).

2. Price transparency

SAARC firms and households often find it difficult to accurately compare the prices
of goods, services and resources across the SAARC region because of the distorting
effects of exchange rate differences. This discourages trade. According to economic
theory, prices should act as a mechanism to allocate resources in an optimal way, so
as to improve economic efficiency. There is a far greater chance of this happening
across an area. We can buy things without wrecking our brains trying to calculate
what price it is in our currency.
 3. Uncertainty caused by Exchange rate fluctuations eliminated

Many firms become wary when investing in other countries because of the
uncertainty caused by the fluctuating currencies in the SAARC region. Investment
would rise in the SAARC area as the currency is universal within the area; therefore
the anxiety that was previously apparent is there no more. The absence of distinct
currencies also removes exchange rate risks. The risk of unanticipated exchange rate
movement has always added an additional risk or uncertainty for companies or
individuals that invest or trade outside their own currency zones. Companies that
hedge against this risk will no longer need to shoulder this additional cost. This is
particularly important for countries whose currencies had traditionally fluctuated a
great deal, particularly the Mediterranean nations.

4. Increased Trade and reduced costs to firms

Proponents of the move argue that it brings considerable economic trade through the
wiping out of exchange rate fluctuations, but as well as this it helps to lower costs to
industry because companies will not have to buy foreign exchange for use within the
SAARC. For them, SAARC represents the completion of the Single SAARC Market.
It is vital if South Asia is to compete with the other large trading blocs of the Far
East and North America.

5. Prevent war

The SAARC currency is, and will be a political project. It's founding is a step towards
South Asian integration, to prevent war in the union. It's a well known fact that
countries that trade effectively together don't wage war on each other and if SAARC
currency means more happy trade, then this means, peace throughout South Asia and
beyond (we hope).
 6. Efficiency in the allocation of capital

SAARC currency will facilitate its member countries to have increased trade
opportunities and will also help to grow a single market in the South Asian region.
This will facilitate to higher efficiency in the allocation of capital in SAARC region by
integrating the national financial markets.

7. The Political agenda

There is also a political agenda to South Asian bank, the complete removal of
national control over monetary policy and the partial removal of control over fiscal
policy. Individual nation states will lose sovereignty (i.e. the ability to control their
own affairs). It will be a considerable step down the road towards political union.
There are many in the SAARC who favor economical than political union and they
are very much in favor of SAARC. There are also many who wish to keep national
sovereignty and are struggling to prevent SAARC currency, whatever its merits might
be, from going ahead.

8. It will make SAARC more powerful player in the global economy

Introducing SAARC currency among the SAARC member countries will enable the
SAARC countries to enter into more trades easily more than ever before. Also, it will
make the SAARC currency much stronger than it was in the past as a separate
currency against the strong dollar and euro currency. Thus, it will facilitate the firms
within the SAARC regions to involve more with the other international trades with
the European and American countries. As it will enable the SAARC member
countries to arrange much more two way trade among themselves, a stronger trade
community and a strong syndicate can be created through this arrangement. Thus,
SAARC member countries can become strong in the world economy.

9. May Keep Inflation Lower.

 Problems, Disagreements, impossibility

1. Loss of Sovereignty

On the political side, it is argued that an independent central bank is undemocratic.

Governments must be able to control the actions of the central banks because
Governments have been democratically elected by the people, whereas an
independent central bank would be controlled by a non elected body. Moreover,
there would be a considerable loss of sovereignty. Power would be transferred from
Dhaka to Delhi. This would be highly undesirable because national governments
would lose the ability to control policy. Central bank of every state among the
SAARC region will be than controlled centrally. Thus, no country will be able to
control its own central bank.

2. Deflationary tendencies

When any particular country face some problem regarding the deflationary situation,
then the central bank usually takes some necessary steps like, increasing money
supply in the economy, minimizing bank rate, purchasing government instrument
back from the people etc. But, whenever SAARC currency will be introduced, any of
the central banks of a particular country can’t take such steps to improve the
deflationary situation as because, all the central banks then will be controlled centrally
and particular state government will not have the power to control its central bank.
Thus, if SAARC currency is introduced, countries which are facing deflationary
situation will face problems to overcome the situation.

3. Over estimation of Trade benefits

Some economists argue that the trade and cost advantages of SAARC CURRENCY
have been grossly overestimated. There is little to be gained from moving from the
present system which has some stability built into it, to the rigidities which SAARC
currency would bring. This overestimation can be very harmful for the business
groups in the future. Overestimation can also lead to price level increase in the
SAARC region. If such overestimation doesn’t happen in the future, then it will affect
the trade in the SAARC region.

4. Individual country will face problem to control deflation

Introduction of SAARC currency will enable each central bank of the countries to be
controlled under a central union. Since a Central Bank is in control of the
management of a currency union, no government is able to control the central bank
of that country. So, in case if the country faces any deflationary situation, then the
government can’t take steps like, reducing bank rate, reducing reserve requirement or
purchasing government securities back from the people. No monetary policy can be
taken by the central bank to control such situation as it will go under control of a
currency union.

5. Central bank will fail to control inflation

If SAARC currency is introduced, all the central banks of the member countries will
go under the control of a currency union. So, all these central banks will not be able
to perform monetary functions for the state. So, if inflationary situation arises, central
bank will not be able control the situation by implementing monetary policies like,
reducing bank rate, reducing reserve requirement or purchasing government
securities back from the people as because it will go under control of a currency
union.

6. Structural economic inequality among the countries

In the SAARC region, there exists much structural inequality among the countries. If
SAARC currency is introduced, than it will create inequality among the countries.
Country like India will be mostly benefitted, other countries like Myanmar, Nepal etc
countries will face much difficulty like inflation, price level rise, not being able to
capitalize the opportunities etc due to the structural inequality that exists among these
countries.
 Situation Analysis and Overall Recommendation

Though there is huge possibility to strengthen the South Asian economic condition
by introducing SAARC single currency, there also some problems that will arise and
hamper the implementation of SAARC currency.
The main obstacles that likely to arise are given below:
01. Political Conflict
02. Conflict of Economic Interest
03. Terrorism

Political Conflict:
After the independence of Pakistan and India in 1947 from the British ruler, the two
countries still have political conflict between them. They already fought four battles
regarding some political and broader issues. They are also the reigning power in
SAARC region and posses nuclear weapon. There is highly possibility to increase
political problems instead of lessening. They can also think, it may hamper their
political interest and lose control over economic activities that hold in their own
country.
So, if the political unrest takes place between Pakistan and India, it will also affect the
other SAARC nations. Even the economic conditions of other member countries can
become worse instead of good.

Conflict of Economic Interest:

There are also same problems that can badly effect the relationship among the
SAARC nations after implementing the single currency decision.
In which place Central Bank of SAARC will be placed, what will be rules and
regulations, how it will be audited etc. can go in favor of one country and another will
deprived of favor. That is the main reason of arising the conflict of economic
interest. The country which holds politically more power, that country may press
highly to gain more economic interest. This kind of activities will not help to gain the
goal of single currency rather it will lead the situation to worse.

Terrorism:
If the SAARC currency is implemented, a single market in SAARC region also be
established. Then every SAARC nations will decrease the restriction of entry policy in
the national boundary of each other. In this case, terrorists can able to enter other
country easily. So, it will cause more problems. In current situation, Pakistan and
Afganistan is the most risky countries in the world. Every day general people are
killed by suicide bomb attack by the militant. The people of those countries have no
security of life. So, it is also a threat to other SAARC members. If the terrorists are
diversified in the SAARC countries it will bring unbearable situation.
Therefore, SAARC countries need to solve their internal problems before taking the
single currency. Otherwise, SAARC currency will fail to achieve the goals. If the
barriers are removed, we can hope for a better economic condition in South Asia
region.
 Part-iii
Corruption
Legalization
 Checking instead of Eradicating
The unethical activity- goes against law and enacted legal rules and regulations- which
has already got a field to spread its blameworthy effects in more or less all spheres
with the incentive of affecting definite person or people or bodies in such a
devastating way that the whole situation is supposed not to be checked anyway, is the
corruption which exists with an urge to be legalized. Basically the term ‘corruption
legalization’ refers to the process of checking such activity bringing it under a shadow
of legal rules and regulations where the salient incentive- that lies behind the legal
procedure- is that as such activity cannot be controlled anymore, the best alternative
requirement would be to disclose it to mass people along with giving it a legal
acknowledgement. Thus through corruption legalization not only people get to know
about such a fact, but also those several culprit groups- which were benefited earlier-
would not exist as the only to be facilitated.
Many unethical activities, more or less in all developing, developed and undeveloped
countries, corruptions which were or have been spreading with the help of immense
power or with strong technological support are supposed to be legalized as state can
have a control on such activity and make other know about the fact and from the
perspective of getting benefit, there would be nothing to get as most of the people
are concerned enough about its scope, timing and effect. So, none can be facilitated
kike earlier as they used to be before legalizing that definite corruption.
Corruption legalization is basically acute in the developed world and the rationale
why developed states emphasize on it than that of other worlds is that developed
world is more concerned about urgency of solution and timing maintenance whereas
most of the developing and undeveloped countries emphasize on attempts for
checking corruption to a noteworthy extent. From the developed world several
countries are now in a stream to adopt this process with a view to avoiding
complexities of enforcing acts to check corruption and getting simple ways to control
corruption through corruption legalization.
 Why corruption is legalized

Corruption is a term which is so familiar to us and we face it almost everywhere in

everyday. Corruption hinders our performance, objective, or efficiency that we want
to do or we have. So, corruption is negative thing which has negative impact.
Therefore corruption is treated as illegal activities. But there may have some situation
where legalization of corruption is necessary. has been a wide discussions about such
issues as right to die, gays and abortions.. These are issues of varying importance.
Some have great importance for few people, and some concerns pretty much none.
Also, the people have wide variety of opinions about these, which IMO mean, that all
the cases have some credible reasoning. Therefore the real benefit of all these
solutions are a little questionable, whichever solution is selected.
To conclude, these issues concern few and there is not so much to do. How about
discussing some real issues, which concerns everyone, and which everyone can
condemn with a straight hand? IMO this means, that the solution (what-ever it is) is
simply beneficial.. While the phenomenon itself is easy to condemn and its
justification has nothing to debate, the practical ways, how to get rid of the
phenomenon is much more interesting one. And here's the topic Legalized
corruption. And with this I mean the way, how private corporations and individuals
buy out politicians.. It is all perfectly legal or if it is not, the legal branch of the
government is either unable or unwilling to stop it. Some issues why corruption is
legalized are described in below:

1. Political influences:

One of the most considerable reasons for corruption legalization is political

influences. Generally political corruption is legalized by political influences.
Political corruption is the use of legislated powers by government officials for
illegitimate private gain. Misuse of government power for other purposes,
 such as repression of political opponents and general police brutality, is not
considered political corruption. Neither are illegal acts by private persons or
corporations not directly involved with the government. An illegal act by an
officeholder constitutes political corruption only if the act is directly related to
their official duties. The activities that constitute illegal corruption differ
depending on the country or jurisdiction. For instance, certain political
funding practices that are legal in one place may be illegal in another. In some
cases, government officials have broad or poorly defined powers, which make
it difficult to distinguish between legal and illegal actions.

2. Reduced monitoring activities:

It’s a great responsibility for government to intervene the activities which is

illegal. But there are lots of activities are illegal activities which are happened in
country. So it will be difficult to monitor all the illegal activities because
government has to implement lots of other responsibilities. Therefore some of
silly corruptions are legalized so that monitoring activities can be reduced and
monitor other activities properly.

3. Protection from another corruption:

There are some instances that corruption is legalized to protects from another
corruption. For example, In China some student are provided training for
increasing efficiency in hacking so that unexpected hackers become unable to
hack their different web site.

4. To increase revenue:
One of financial intention to legalize corruption is increase revenue. For
instances, we can think the legalization of black money. If black money is
legalized by imposing higher rate of tax than people will legalize their black
money by paying required tax. Whenever people will pay required tax than
 government revenue will be increase. On the other hand, we can give another
example. In many countries, goods and services are transferred illegally to and
from other countries that are restricted by government of that country. In
such cases, government of that country does not get any tariff on such import
and export. So if government legalizes this trade, importers and exporters are
obligated to pay tariff on such trade which will ultimately increase government
revenue.

5. Inability to stop corruptions:

There are some kinds of corruptions which are not possible to stop. These
kinds of corruption are sometimes legalized so that financial or other benefit
come the country.

6. Corruption legalization would free up police resources to fight

crimes against people and property:

The considerable police efforts now expended against drug activity and other
corruption related activities could be redirected toward protecting innocent
people from those who would still commit crime in the absence of difference
corruption laws. The police could protect us more effectively, as it could focus
resources on catching rapists, murderers and the remaining perpetrators of
crimes against people and property.

7. It would unclog the court system.

If you are accused of a crime, it takes months to bring you to trial. Guilty or
innocent, you must live with the anxiety of impending trial until the trial finally
begins. The process is even more sluggish for civil proceedings.
 There simply aren't enough judges to handle the skyrocketing caseload.
Because it would cut crime and eliminate silly corruption, legislation would
wipe tens of thousands of cases off the court dockets across the continent,
permitting the rest to move sooner and faster. Prosecutors would have more
time to handle each case; judges could make more considered opinions.

Improved efficiency at the lower levels would have a ripple effect on higher
courts. Better decisions in the lower courts would yield fewer grounds for
appeals, reducing the caseloads of appeals courts; and in any event there
would be fewer cases to review in the first place.

8. Corruption legalization would put an end to prison overcrowding:

Legalization of some specific corruption (For example, legalization of drug,
smoking) will help to put an end to prison overcrowding. Prison
overcrowding is a serious and persistent problem. It makes the prison
environment, violent and faceless to begin with, even more dangerous and
dehumanizing. According to the 1988 Statistical Abstract of the United States,
between 1979 and 1985 the number of people in federal and state prisons and
local jails grew by 57.8 percent, nine times faster than the general population.
Governments at all levels keep building more prisons, but the number of
prisoners keeps outpacing the capacity to hold them. According to the Federal
Bureau of Prisons' 1985 Statistical Report, as of September 30 of that year
federal institutions held 35,959 prisoners-41 percent over the rated prison
capacity of 25,638. State prisons were 114 percent of capacity in 1986. Of
31,346 sentenced prisoners in federal institutions, those in for drug law
violations were the largest single category, 9487. (A total of 4613 were in
prison but not yet sentenced under various charges.) Legalizing drugs would
immediately relieve the pressure on the prison system, since there would no
longer be "drug offenders" to incarcerate. And, since many drug users would
no longer need to commit violent or property crime to pay for their habits,
 there would be fewer "real" criminals to house in the first place. Instead of
building more prisons, we could pocket the money and still be safer.
Removing the 9487 drug inmates would leave 26,472. Of those, 7200 were in
for assault, burglary, larceny-theft, or robbery. If the proportion of such
crimes that is related to drugs is 40 percent, without drug laws another 2900
persons would never have made it to federal prison. The inmates who
remained would be left in a less cruel, degrading environment. If we repealed
the drug laws, we could eventually bring the prison population down
comfortably below the prison's rated capacity.

9. Legal corruption will safer than illegal corruption:

It’s true that an illegal corruption is more harmful than the legal corruption.
For example, legalizing drugs would promote consumer health and safety.
Because it is illegal, the drug trade today lacks many of the consumer safety
features common to other markets: instruction sheets, warning labels, product
quality control, and manufacturer accountability. Driving it underground
makes any product, including drugs, more dangerous than it needs to be.

Nobody denies that currently illegal drugs can be dangerous. But so can
aspirin, countless other over-the-counter drugs and common household items;
yet the proven hazards of matches, modeling glue and lawn mowers are not
used as reasons to make them all illegal.

Practically anything can kill if used in certain ways. Like heroin, salt can make
you sick or dead if you take enough of it. The point is to learn what the
threshold is, and to keep below it. That many things can kill is not a reason to
prohibit them all--it is a reason to find out how to handle products to provide
the desired action safely. The same goes for drugs.
Today's drug consumer literally doesn't know what he's buying. The stuff is so
valuable that sellers have an incentive to "cut" (dilute) the product with
foreign substances that look like the real thing. Most street heroin is only 3 to
6 percent pure; street cocaine, 10 to 15 percent.

Since purity varies greatly, consumers can never be really sure how much to
take to produce the desired effects. If you're used to 3 percent heroin and take
a 5 percent dose, suddenly you've nearly doubled your intake.

Manufacturers offering drugs on the open market would face different

incentives than pushers. They rely on name-brand recognition to build market
share, and on customer loyalty to maintain it. There would be a powerful
incentive to provide a product of uniform quality: killing customers or losing
them to competitors is not a proven way to success. Today, dealers can make
so much off a single sale that the incentive to cultivate a clientele is weak. In
fact, police persecution makes it imperative to move on, damn the customers.

Pushers don't provide labels or instructions, let alone mailing addresses. The
illegal nature of the business makes such things unnecessary or dangerous to
the enterprise. After legalization, pharmaceutical companies could safely try to
win each other's customers--or guard against liability suits--with better
information and more reliable products.

Even pure heroin on the open market would be safer than today's impure
drugs. As long as customers know what they're getting and what it does, they
can adjust their dosages to obtain the intended effect safely.
 Corruption Legalized in Prosaic Ways

Corruption is not only the means of illegal activities. Corruption is also meaning not
doing his or her duties in proper way. Corruption also involves the unethical
practices. There are so many corruption, that are unethical but we accepted it as a
legal manner. It somehow become a tradition us to accept such practices. We see the
corruption but we overlook, we know these are unethical but we remain feeling less.
There is no one to protest, though anyone protest no one comes to his or her side.
Now lets examine those corruption that we have accepted in prosaic way:

Nepotism:
It is a very common phenomenon in our country. Nepotism is the practices that
favor family members, relatives, friends of any close person. Nepotism not only
practiced in public sector but also in private sector as well. High officials of both
sector appoint there close person in the official post. So, highly eligible candidate are
neglected. But there is no legal way to solve the problem. It is also unethical but we
accepted it as our fortune.

Bribery:
No money, no file. It is the theme of most government official in this country.
Bribery is become open secret to us all. From employees of low class to high officials
are involved in such practices.

Lack of Discipline:
Most of employees of government sector have lack of discipline. They do not arrive
in the work place in time. They always try to avoid their duty. They do not even care
about the property of the government. As a result, many valuable documents got
missing.
Teachers Corruption:
Now a day teachers especially government school, college and universities become
businessmen. They invest their time not to deliver knowledge but to earn money.
Let’s see how they do it –

01. Teachers of School and College:

Teachers of government school and college do not take care about their
scheduled classes. They setup private program for the students’ where they
can earn more. So, poor students suffer more because they can not able to pay
private tuition fees. It is too costly for them. Teachers even biased in giving
marks. They give low mark to those students who do not participate in private
program.

02. Teachers of Public Universities:

Most of the public university teachers are similar to the school and college
teachers. The difference is that they do not establish private program rather
they deliver their knowledge to the private university students. They neglect
their own students for sake of earning money. As a result, the students of
public universities can not get proper universal knowledge from their teachers.

Above described corruptions are not legally bounded but these are unethical. We
must stand against such practices. We need to raise our voice. Otherwise, the future
of this country will become dark.
 Corruption Legalization in Bangladesh
Bangladesh is a country with full of corruptions in each and every sector. Some these
corruption are so harmful for all of us and some are not so. It would be beneficial for
Bangladesh, if some of its corruption can be legalized. There are many instances of
legalization of corruption in Bangladesh. One of them, we may think about the
legalization of black money.
Legalization of black money refers to legalize the illegal money by paying required
percentage of tax to the government. In legalizing black money, there are some
benefits to government as well as citizen of Bangladesh. Some these benefits are
described in below:
1. Increase taxable income:
Whenever government of Bangladesh gives chance to legalize black money
and then taxable income of some people will increase. Because their hidden
money will be exposed as illegal money can be converted to legal money by
paying required tax.

2. Increase industrialization:
As people will be able to expose black money by legalizing it, they may want
to invest their money in different industrial sector. So the industrialization will
be increase.

3. Increase employment:
We know that the more the industry, the more the creation of employment.
So legalizing black money will also crease more employment.

4. Increase tax revenue:

Whenever government of Bangladesh legalizes black money, it required a
specific amount of tax on that illegal money. So tax revenue increase. On the
 other hand, we have seen that the legalization of black money increase
industrialization and crease employment. In this case government also gets an
additional amount of tax from that industry’s and employers’ income. So
ultimately tax revenue of government of Bangladesh increases than that of
before.

5. Increase GDP:
Legalizing of black money will also play role in increasing GDP of country.
For example, legalizing illegal money increase employment and we know that
the more the employment of a country, the more the more the productivity of
country. So as the productivity increase the gross domestic product (GDP) of
Bangladesh will increase.

6. Reduced monitoring activities:

It’s a great responsibility of government to intervene all the activities which

are illegal. But there are lots of activities are illegal activities which are
happened in country. So it will be difficult for all the illegal activities because
government have to implement lots of other responsibilities. Therefore if
black money are legalized, authorities monitoring activities can be reduced and
they can monitor other activities properly.

So, it can be said that sometimes legalization of corruption brings greater

advantages than its disadvantages.
 Corruption Legalization and Global Aspect

Corruption is both a major cause and a result of poverty

around the world. It occurs at all levels of society, from local
and national governments, civil society, judiciary functions,
large and small businesses, military and other services and so
on. Corruption affects the poorest the most, whether in rich
or poor nations.

The issue of corruption is very much inter-related with other issues. At a global level,
the “international” (Washington Consensus-influenced) economic system that has
shaped the current form of globalization in the past decades requires further scrutiny
for it has also created conditions whereby corruption can flourish and exacerbate the
conditions of people around the world who already have little say about their own
destiny.

A difficult thing to measure or compare, however, is the impact of corruption on

poverty versus the effects of inequalities that are structured into law, such as unequal
trade agreements, structural adjustment policies, so-called “free” trade agreements
and so on. It is easier to see corruption. It is harder to see these other more formal,
even legal forms of “corruption.” It is easy to assume that these are not even issues
because they are part of the laws and institutions that govern national and
international communities and many of us will be accustomed to it—it is how it
works, so to speak.

Now from the world perspective, we are now going to find some countries who are
accepting corruption legalization or in the form of silently:

China
China is the first country who has legalized corruption formally. China government
found that corruption of them was going in such a manner that the govt. could not
control or it was not possible for the govt. to control. Now the government legalized
the corruption. So the Chinese are now able to formally take bribery or any other for
any types of working. Now the legalization is beneficiary foe china. It has accelerated
the Chinese activities like corruption in their own territory. Now their necessary files
are no more stored in the cabin or table for the lacking or shortage of bribery. Now
the Chinese have taken this one as a bless as well as they think it is the of them to
take bribe.

India
India our neighboring country is also doing corruption. But their rank is lower than
us. Then the question arise “are hey doing less corruption compared to us?” the
answer is absolutely not. Their no. of corruption or rate of corruption is less than us.
But in terms of amount of money -they are many times compared to us. That’s why
their rank is behind than us
India’s corruption in different sector is very high. Whenever in any sector do
corruption then the amount of corruption is very high then Bangladeshi no. of
corruption. But their corruption is not caught as ours. That’s why they are in a better
situation. Indian Supreme Court allows sex before marriage! From the Muslim culture
point of view we can say that this should not be done. This may accelerate the
corruption to any country as a form of social family burden.

America
America’s corruption as an informally acceptance ranges have been cited below:
1. Easily and carelessly America arrests people, and tosses innocent people into
prison. It is estimated that America has at least 100,000 completely innocent
people in jail, but the statistics of innocence may well run far higher. The
number of people known to be innocent, and yet who were actually sentenced
to death in recent years in America, is already running into the hundreds.
2. Of America's more than 2 million prisoners, about 50,000 are known to be
foreign citizens. This proportion might seem small, but remember that 50,000
prisoners is more than the entire prison population of many other countries.
3. Extremely casual about the jailing of foreigners, and not honoring their rights
under international law or treaties and agreements. Often, foreign citizens
have been sentenced to death, while the USA didn't even bother to notify the
foreign government that their citizens were arrested.

4. People murdering judges, or attacking the families of judges, or people setting

fire to courthouses in the USA - and see the pattern that is emerging, even
though the news media are afraid to connect the dots and suggest what might
be behind all these events. America is trying to maintain its myths about its
legal system.

5. America's lawyers are controlled by the judges, and don't really work for you -
that's why they sell you out to the government, or to the big companies that
pay bribes.

6. Innocent and being arrested - they don't like to admit a mistake in America.

7. There is a huge amount of bribery in America, perhaps even more than in the
courts of any other country in the world. Even some American ex-judges have
admitted the near-universality of bribery there. Nearly all bribes are given to
the judges by lawyers; this is considered the safe way to bribe a judge. Bribery
is rarely spoken about, just understood. Rich people pay huge amounts of
money to law firms with connections, the lawyers walk around with a certain
 amount of cash in their jacket, and they pass it to the judges in their quiet
moments together.

8. Every now and then, there is worldwide news of how some average person in
America has won a lawsuit for $25 million or some other huge sum of money,
from some company or other. What's going on here - if the American legal
system is so crooked, how can people be winning such big money?
Such cases are indeed real, but they are actually somewhat rare, numerically -
rather like winning the lottery - and it's important to see why they take place,
and how they fit into the big pattern. Such cases are typically after someone
has been seriously injured or died due to some defective product or
prescription drug or hospital treatment or accident. America is a culture built
on sales and advertising.

9. America was so casual about inventing and selling the lies about "weapons of
mass destruction" to help start the Iraq invasion. It was just a question of
whatever lies needed to be told, in order to sell the product; there was no
concern about afterwards, when the lies were exposed. America just figures it
can later send out more salespeople with more lies, in an endless cycle.
Tomorrow is just another day, when America will try to sell another product,
the "war on terror", the "spread of freedom", or whatever.

10. In reality, there is almost nothing you can do against misconduct, and even
open felony crime, committed against one by American judges and lawyers.
All of the official complaint procedures one find on the internet, or at the
courthouse or in the law books, turn out to be a joke, a farce and a fraud.
 11. Complaints about lawyers in America usually go to the "Bar", which is itself
run by the judges who are involved in bribery with the lawyers. And
complaints about judges go to other judges, their friends.

12. Perhaps the statistical chance of getting arrested in America as an innocent

person, and then being sent to prison or put to death, is relatively small. But
think of how you will feel if you end up as one of those 2 million American
prisoners, including 50,000 foreign citizens. Or perhaps even one of those
several thousand people on Death Row, waiting for the lethal poison to be
injected into one’s arm.

Why not legalize corruption in Pakistan?

Almost all men are greedy by nature. Except for a few honest individuals, everyone
wants easy money. A little bit of corruption is of course tolerable (considering the
low salaries paid to government employees). But then, there is no limit to corruption
if it becomes a habit.

The current standoff between the judiciary and the ruling party is a result of the
corruption of one man who has been convicted once in Switzerland and doesn’t want
to lose his seat. The Prime Minister is reported to have gone to the Raiwind residence
of Nawaz Sharif (the main opposition leader) and offered him a bargain: “You don’t
stress the Swiss cases against the President, and we won’t ask NAB to proceed in
cases against the Sharif family” (reported in DAWN, 23rd February 2010).

The Prime Minister didn’t go further and offer lifetime immunity to Nawaz Sharif
and his family in exchange for his support to Zardari. In fact, both of them can get
together and legalize corruption. In future, whoever is in power should not file
corruption cases against whoever is in opposition. Just think how many problems this
will solve. It will free the ruling party from ever worrying that any of its members will
have to go to jail, while the opposition politicians can look forward to the day when
they come into power and loot the nation again.

Singapore
Tan who is currently Director of Corporate Finance and Enforcement (Capital
Markets Department) at the Monetary Authority of Singapore was a specialist in
corruption and white collar crime when he was a Deputy Public Prosecutor (“DPP”)
at the Attorney-General’s Chambers.

In his book, The Law on Corruption in Singapore: Cases and Materials, Tan uses his vast
experience in corruption cases both as DPP and District Judge to lay out the basic
principles of the law on corruption and supplements his exposition with excerpts
from 26 major court decisions involving cases that were heard in the Subordinate and
Supreme Courts from 1970 to 2007. The Singapore Academy of Law (“The
Academy”) is the umbrella body of the legal community in Singapore and has more
than 7,000 members. Through innovative classifications, Tan has condensed the law
on corruption into manageable pieces and provided order to the numerous cases,
thus giving much needed clarity on the law.

Now the Singapore govt. has taken an innovative idea to provide course on hacking
for the increased of hackers in that country under the govt. contributory monitoring.
As a result, the hackers will not be able to be able to create much more benefits then
they are already made. Because the govt. will have the information on that on which
way hackers will perform their activities
 UK FOREIGN BRIBERY STRATEGY

Notwithstanding the substantial progress the UK has made in tackling foreign

bribery, there are still areas that should be developed further. International corruption
remains a world wide problem that comes at both a human and business cost, and the
fight against bribery cannot be an optional extra or a luxury to be dispensed with in
testing economic times. Globalization and advances in technology have made
corruption easier to commit and harder to detect, with payments often channeled
through multiple entities and jurisdictions. In addition, the requirement for legal
cooperation and collective action has been complicated by the emergence of new
trading patterns and the rise of emerging market economies such as India and China.
As the challenges evolve, we need to develop new tools to tackle them effectively.

The following strategy has been developed through soundings with a spectrum of
UK stakeholders and through Ministerial meetings of enforcers, business
associations, leading UK companies and civil society representatives. Officials have
also drawn upon the experience of our international partners, including the OECD
Working Group on Bribery and the UN Global Compact.
The strategy sets out how we will address and manage the evolving challenges and
establish a clear legal, regulatory and policy framework for action against foreign
bribery. Law reform through the new Bribery Bill will be the keystone of this
approach but the strategy also reinforces links to the wider international anti-
corruption agenda – reflecting our commitment to focus on the causal drivers of
foreign bribery and deepen our collaboration with international partners.

The Foreign Bribery Strategy complements other UK efforts to combat international

corruption. The UK has an agreed plan to tackle money laundering by politically
exposed persons (PEPs) and to recover stolen assets. Delivery of the objectives of
the plan is overseen by the cross departmental Politically Exposed Persons Strategic
Group and supported by dedicated capacity within the Serious Organized Crime
Agency, Metropolitan Police Service and Crown Prosecution Service. The PEPs
Strategic Group reports to the Anti- Corruption Champion through his Secretariat,
ensuring coordination with the activities of the Foreign Bribery Strategy Board.

 The Anti-Terrorism, Crime and Security Act 2001 extended jurisdiction for courts
in England, Wales and Northern Ireland to bribery by UK nationals and companies
taking place wholly outside the UK, while putting beyond doubt that domestic
bribery law applies to the bribery of foreign public officials. In Scotland equivalent
changes were introduced by the Criminal Justice (Scotland) Act 2003.

 The Fraud Act 2006 strengthens the response to fraud which often goes hand in
hand with corruption. Courts in England, Wales and Northern Ireland have
jurisdiction to prosecute frauds committed abroad by anyone provided that some of
gain (or loss) created by the fraud occurs here.

 In 2007 we commissioned the independent Law Commission to review bribery

law, resulting in the publication of their report ‘Reforming Bribery’ in November
2008. The Government built on this report to produce a draft Bill for pre-legislative
scrutiny in March of this year, followed by introduction of the Bribery Bill to
Parliament on 19 November 2009. In Scotland, following public consultation, it has
been decided that the Bill should apply throughout the UK.

 Investigative powers were extended in July 2008 to all prosecutors in England and
Wales to compel the production of documents and explanations of them (under
Section 2 of the Criminal Justice Act 1987) to the vetting stage of investigations,
including foreign bribery cases. These powers are important because bribery cases by
their nature are often referred without any evidence. These powers allow prosecutors
to require relevant documents in advance of the decision to commence a formal
investigation, facilitating prompt assessment and resolution of foreign bribery
allegations.

 In July 2008 the Government extended to prosecutors non- conviction based civil
asset recovery powers previously only exercised by the Assets Recovery Agency (now
SOCA). These were first used by the SFO to settle a case which began on the basis of
foreign bribery allegations against an English company in October 2008, resulting in
the recovery of £2.25m for inaccurate accounting of irregular payments by an
overseas subsidiary of the company.

 Since the Serious Crime Act 2007 came into force in October 2008 UK nationals
and registered companies encouraging or assisting bribery committed wholly overseas
by foreign nationals or companies will also be liable to prosecution for committing
bribery.
 France restricts international corruption investigations

France has severely restricted its jurisdiction and its ability to prosecute cases with an
international dimension, which, given the country's importance in the international
economy and the scale of many of its companies, is very regrettable.

Paris must loosen up restrictions on prosecutors investigating cross-

border crimes

The report, approved by the French government, was published on Thursday (12
March). According to the report, French prosecutors have no jurisdiction in
prosecuting foreign companies that have bribed French public officials abroad.
Complicity in any offence committed by a French person abroad is only investigated
if a final decision in foreign courts has been reached.

"This provision makes it very difficult to prosecute acts of complicity that also
include, for example, the instigation by the parent company in France of a corruption
offence committed by a local branch abroad," GRECO comments.

Although in broad terms, France's legal system is fairly effective combating

corruption, GRECO "wondered why, despite the economic weight of France and its
close historical links with certain regions of the world considered to be rife with
corruption, it has not yet imposed any penalties for bribing foreign public officials,"
the report states, alluding to France's former African colonies.

Barclays in Paris held a private account for Teodorin Obiang, a scion of the ruling
family in Equatorial Guinea, who in the past 10 years spent €4.5 million on sports
cars even as 20 percent of children die before their fifth birthday due to poverty in
the oil-rich country. Until March 2007, BNP Paribas was involved in billions of
Euros of syndicated loans to the Angola ruling elite-linked oil firm Sonangol, Global
Witness writes.

CORRUPTION IN JAPAN

Corruption in Japan generally takes the form of bribery of high officials in the various
ministries or prefectural governors, or those of lesser rank. This bribery can take the
form of direct payments of cash for favorable consideration, of entertainment
(“wining and dining”) of officials by those currying their favor, of gift memberships
in expensive golf clubs, or it may take the form of unlisted stocks whose value will
rise once they are offered to the
public as a whole. In recent years there have been cases of corruption involving the
Ministries of Labor, Education, Finance, International Trade and Industry, and
Health and Social Welfare, as well as politicians in a number of prefectures in Japan.
Corruption in the US tends to take place at lower levels than in Japan. There are very
few recent corruption cases involving high officials, although several cabinet officials
during the Clinton administration
were investigated but not charged. Corruption among law enforcement officers, at
both the local/state and federal
levels, occurs with some regularity, just as it does in Japan. In neither nation is such
corruption extensive. From time to time a state public official is convicted of
committing a corrupt act, but it is rare for anybody at the secretarial level (equivalent
to ministerial level in Japan) to be 436

Malaysia may legalize sports betting

Money generated from legalized sports betting could potentially be channeled into
promoting local sports. According to Prime Minister Najib Razak, the government is
currently reviewing proposals to legalize sports betting, and the process may well be
complete by the start of the World Cup, which runs from June 11 to July 11. What
effect, if any, the legalization of sports betting would have on online sportsbooks in
Malaysia is difficult to predict. There are currently no legal internet betting websites
operating out of the country, and the government has no immediate plans to legalize
online gambling. The legalization of sports betting, however, may well be the impetus
needed to spark the internet gambling industry in Malaysia. So from the overall
discussion of global aspect about corruption legalization, we find that all the
countries in the world are engaged with corruption in a little or high amount. Some
countries corruptions are easily traceable like ours but some are not like America. But
as the corruption legalization issue has been accepted by some countries. So it will be
accepted within a standard measurement around the world.
 Part- iv
Findings & Recommendation
 Momentous Findings

‘SAARC Currency and Corruption Legalization’ is not only a report but also an
efficacious effort with the incentive of finding out what the factors and rationales
really work beside global and other existing facts in international arena. Here,
multifarious arenas from where explanations would be proved efficacious enough
to illustrate necessity, problems and other relevant issues related to complexities in
global decisions like establishing one currency and how an extreme unethical
activity can be brought under positive checking through legalizing it. Several
momentous findings from these issues are deduced to a brief extent below-

• Multifarious problems, disagreements and where all member countries were

supposed to possess united outlook to ensure aggregate effort with the incentive of
getting developed along with making the community more stronger, SAARC
currency is going to face the impossibility to be established finally.

• Establishment of one currency for the SAARC members would get the field to
facilitate the member countries to a noteworthy extent where some problems
including religious issues, commodity price determination and mutual
understanding problem etc. might be minimized.

• Corruption legalization does not reflect anything much better for any country
rather it deduces the helpless situation of overall control authority as having strong
constitution along with refined legal enforcement many countries are much likely
to legalize such corruptions only because these are not even merely capable of
stopping such activities rather than eradicating.

• Corruption legalization is basically acute in the developed world and the rationale
why developed states emphasize on it than that of other worlds is that developed
world is more concerned about urgency of solution and timing maintenance where-
-as most of the developing and undeveloped countries emphasize on attempts for
checking corruption to a noteworthy extent.

• SAARC members do not possess mentality where the reflection of considering one
another to get benefited through collective fair attempt prevails but more or less all
members of SAARC are supposed to prioritize such facts.

• As the corruption legalization issue has been accepted by some leading countries of
the developed world, it ought to be accepted within a standard measurement around
the world.

• Sometimes legalization of corruption brings greater advantages than it might have

caused disadvantages if it would have been only corruption.

• SAARC countries need to solve their internal problems before taking the single
currency. Otherwise, SAARC currency will fail to achieve the goals. If the barriers are
removed, we can hope for a better economic condition in South Asia region.
 Recommendation

Establishing such a term paper on ‘SAARC Currency and Corruption Legalization’,

definitely here several facts raise the question if SAARC currency would certainly
be possible having too many disagreements or problems or whether corruption
legalization would be proved efficacious enough to check definite corruptions to the
extent indeed what it really means to. As we here designated to continue our
working on such global issues along with the perspective of Bangladesh, through the
incentive of acquiring possibly most reliable information we analyzed both issues to
a considerably better extent and some suggestions which we can recommend from a
positive outlook is that the urge of possessing unity and better mutual
understanding among member countries with a view to attaining something for their
own amelioration seems to be most salient. Again there must be the reflection of
considering one another to get benefited through collective fair attempt where more
or less all members of SAARC are supposed to prioritize such facts. In aspect o
corruption legalization it would be much better if we would recommend for
checking any corruption from is very beginning via strong legal enforcement and
behind recommending this we think it mention-worthy enough that the legalization
of corruption is not a procedure to get rid of corruption rather it deduces the
helpless situation of overall control authority as having strong constitution along
with refined legal enforcement many countries are much likely to legalize such
corruptions only because these are not even merely capable of stopping such
activities rather than eradicating. So, it would be better if these are checked
effectively earlier.