WHAT ?
* RBI recommending
to Finance Ministry to introduce currency notes of Rs 5,000 and Rs 10,000
denominations
REASON GIVEN
* Inflation has
left little value in notes of Rs 500 and Rs 1,000
* It will be
easier to carry large sums of money in higher denomination notes
* Less cost
since no of notes to be printed will come down by a factor of 10
CURRENT
SCENARIO ELSEWHERE
Highest denomination notes in :
* USA.......
100 Dollars
* UK......... 100
Pounds
* EU........ 500 Euro
* China..... 100 Yuan
Of course , Japan does have a 10,000 Yen note which is rarely
seen
And we all know how corruption has engulfed the Russian
Economy with a 500,000 Ruble note !
WHY IS THIS A BAD RECOMMENDATION ?
* Because , by
facilitating hoarding / carrying huge amount of CASH in a inconspicuous manner ,
it will encourage
CORRUPTION through BLACK MONEY transactions ,
without fear of being caught
* Funding of
political parties with un-accounted money will become rampant
* More money
will pour into non-productive assets such as LAND and GOLD
* Hawaala
transactions will flourish
* More CASH will
flow out of the country
* Counterfeiters
will have a hay-day !
* Terror outfits
will find it easy to fund themselves
* It will slow
down change-over to a CASH-LESS economy through e-payments
WHAT IS THE CORRECT STEP ?
As I have repeatedly recommended over the past year ,
* Discontinue
paper-based currency notes of Rs 500 and Rs 1,000
* Introduce
plastic currency notes of Rs 500 / 1,000 which are embedded with RFID sensors
* Assign to each
such note, a IP V 6.0 address , linked to its unique note number
* Set up a
IT-enabled Technology Platform which will constantly monitor any accumulation
of Rs 500 / 1000
RFID embedded
notes in excess of Rs ONE CRORE within an area of ONE square meter
I hope what I heard last evening on a TV channel was
merely a rumour !
But , even if there is a remote thinking in this
direction , it must be nipped in the bud
!
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hemenparekh.in / blogs
06 Feb 2016
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