Sunday, 28 February 2016

Don't Expect This in Budget

Don't expect my following suggestion to figure in the Budget speech which, Shri Jaitleyji will read in Lok Sabha , a few hours from now

But then it does not have to be !

First break the unwritten rule :  " If a reform was not announced in Budget , then it cannot be implemented "

My suggestion is about ATM V 2.0

Many decades ago , ATM were first introduced in America when banks found long lines of customers waiting to withdraw cash at the CASH COUNTER

In America , cashiers are called TELLERS . So these CASH DISPENSING machines came to be called AUTOMATIC TELLER MACHINE ( ATM )

In India , we call these ANY  TIME ( cash ) MACHINE , which give out cash upon

*  entering a few  details / code numbers into ATM screen

*  amount of cash you want to withdraw  and

*  inserting your ATM Card in the machine

ATM prints out a slip of paper incorporating full details of the transaction / customer name etc

I believe , nowadays , any ATM accepts ATM card issued by any bank , so you need not worry to find a ATM belonging to YOUR bank ( where you have YOUR bank account )


*  Come out with ATM V 2.0 ( call it , " Automatic Taker Machine " ? )

*  Install one in every bank branch and at 145,000 post offices ( India Post's Payment Banks )

*  ATM V 2.0 does  NOT  " dispense" cash . It only " accepts " cash  !

*  Cash depositor will enter personal details ( Aadhar No / Jan Dhan Bank A/C No etc ) and amount being deposited

*  ATM V 2.0 will count the cash ( much like currently used CASH COUNTERS at most bank branches )

*  It will print out a RECEIPT , giving full details

*  All ATMs ( V 2.0 ) will be inter-connected in a Network having a CENTRAL server

*  All cash deposited ( by every user ) will be used for Infrastructure SPV

*  Depositor will earn annual interest @ 5 % on CASH deposited ( Receipt wise )

*  Cash Receipts can be en-cashed upon maturity of 10 years ( like FIXED DEPOSIT receipts )

*  Interest will be TAX FREE and get directly deposited in depositor's Jan Dhan Bank A/c

*  No questions ( as to the source of the cash deposited ) will be asked ( Perpetual Amnesty Scheme )

I understand , Jan Dhan Yojana managed to garner deposits of approx Rs 30 thousand crores in 18 months

ATM V 2.0 , will bring back those Rs 34.4 lakh*crores of undisclosed assets that are lying in foreign banks ,


Rs 340 lakh*crores of unaccounted BLACK MONEY lying in domestic bank lockers ( or locked up as gold / land )

In deep space , there are BLACK HOLES which suck in all matter . Even light cannot escape from a black hole

ATM V 2.0 will be our WHITE HOLES which will suck in all black money Indians have stashed anywhere  !

Let us use this INNOVATION , which is simply re-configuring  well-established and straight forward HW / SW !

Dear Shri Jaitleyji ,

There is no need to worry about how to raise revenue to fund those Infrastructure Projects to generate jobs

No need to widen tax net ( from 4 % to 23 % ) or borrow money from market or abroad

No need to announce in your budget speech this morning  ! No passing of any BILL in Rajya Sabha !

--------------------------------------------------------------------------------------------------------------------------- / blogs

29  Feb  2016


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