Monday, 31 August 2015

Jan Dhan Sarjan Yojana



You have heard that the :

>  Jan Dhan Yojana completed one year on 28 Aug 2015

>  By creating some 17.5 crore accounts during this period , it became ,
    "  World's largest financial inclusion "  scheme

>  There was no need to have a minimum " Bank Balance " to open account

>  Zero bank balance accounts declined from 76% to 45% in last year

>  Bank Overdraft of Rs 5000 allowed after 6 months

>  Of 10 lakhs a/c qualifying for overdraft , 1.65 lakh have used it


By all accounts , this Yojana ( Scheme ) is all set to bring about a revolution in the matter of financial transactions of the poor people of India

Especially thru the use of RuPay Debit cards , every time these poor buy any goods or services from a local " Kirana " shop ( except that 99.99 % of these small local shops don't have card-readers ! )


In the meantime , there are a few other " Game Changing " revolutions
shaping up


These are :

>  RBI permissions to some 20 Organizations to start " Payment Banks "
    ( Including Mobile Service Providers / India Post / PayTM etc )

>  Launch of a large number of " Hyper Local " e-commerce firms which
    deliver goods / services to local residents, placing orders thru mobile apps

>  Launch of quite a few " Mobile Wallet " apps, tied up with no of banks
    and millions of small shop-keepers , all over the country

>  Last - and most important - expected launch of  GST  in April 2016


Can we seize this opportunity to " Synergize " these parallel changes ?


It seems , not only possible , but outright essential  !


By launching ,  Jan Dhan Sarjan Yojana 

 ( People's Wealth Creation Scheme )


As follows :

>   If GST is going to be ( say ) 20 % , Government will transfer from this ,
     2 % ( ie 10 % of that 20 % ) , to the PPF account of the Consumer /
     Buyer , who pays for the Goods / Services purchased , using a RuPay
     Card or a " Mobile Wallet " app


     This will motivate millions of self - employed to open  PPF  accounts !


>   Since interest from a PPF account is tax-free , every citizen would , now
     want to make all payments thru RuPay card or a Mobile Wallet App


>   RuPay cards are already tied up with accounts opened under Jan Dhan
     Yojana


>   Mobile Wallets Apps will also get tied-up with thousands of branches of
     Payment Banks , which will open in next 18 months


     Just imagine the number of new accounts that will get opened in the
     1,55,000 + post offices of India Post  !


>   In this way , Social Security will become " Self Financing " !


>   Currently , in India , some 97 % of all payments are " Cash Payments ".
     With introduction of this proposal , these will drastically decline


>   Any payment made , using RuPay card or a Mobile Wallet App , will make
     available to the Income Tax Department , full digitized record of each
     such transaction , including :

     *  Who  made the payment

     *  To whom was that payment made

     *  When was that payment made

     *  For what purchase , was that payment made

     *  What was the amount paid


>   One , very desirable consequence of  Jan Dhan Sarjan Yojana
     will be that our " Domestic Savings Rate " will climb back to 30 % !

      In turn , this will help us wither global economic crisis , much better  !


I have a feeling that my proposal will be welcomed by all sections of our Society and find overwhelming support for the passing of the GST bill by all political parties

-------------------------------------------------------------------------------------

hemen  parekh

31  August  2015

B2BmessageBlaster

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