Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do.

There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Thursday, 25 February 2016

TRASH the CASH ?

A report in Business Line ( 25 Feb 2016 ) , reads :

"  Centre wants Indians to abandon cash and make digital payments "

The report lists following measures announced by NDA govt on 24 Feb :

*  Withdrawal of surcharge / service charge / convenience fee on card / digital
   
    payments , currently imposed by govt departments

*  Payments beyond a prescribed threshold only in card / digital mode

*  Rationalize telecom service charges for digital financial transactions

*  Promote mobile banking

*  Create assurance mechanisms for quick resolution of fraudulent transactions

*  Review payment ecosystem in the country


To make it easy for people to make digital payments , Government has already installed :

*  Electronic Clearing Service Scheme

*  National Electronic Funds Transfer

*  Real Time Gross Settlement Scheme

*  Direct transfer of Subsidies to bank accounts of benefeciaries

*  Providing RuPay debit cards

*  Allowing setting up of Payment Banks

Surely , all of these steps will make it EASY for people to GRADUALLY switch over to making digital payments


But , if the HIDDEN AGENDA of the Government behind all of these initiatives , is to reduce / eliminate the scourge of BLACK MONEY ( always and entirely CASH ) , then the only initiative which will COMPEL people to  " TRASH the CASH " and move over to digital payments in a HURRY, is my oft-repeated suggestion as follows :


*  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 ( far thinner than a human hair  ! ) , always broadcasting their presence to Internet of Things ( IoT )


*  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


If there is a political will , technology can bring this revolution in 6 months  !


Can we expect Shri Jaitley-ji to conclude his Budget speech on 29 Feb , with this announcement ?

The applause that follows will be heard around the World  !

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

hemenparekh.in / blogs

26  Feb  2016 

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Make    Yourself    Heard

Dear Visitor :

It is time for YOU to speak up - and demand that YOU are heard

By emailing this suggestion - incorporating your OWN improvements - to the following Policy Makers

(  Just multiple copy all the following Email IDs into the Recipient column of your Outlook and Copy / paste this suggestion in the Message Box ) :


    narendramodi1234@gmail.com; 38ashokroad@gmail.com;ajaitley@del5.vsnl.net.in; jayant.sinha19@sansad.nic.in;piyush.goyal@gov.in;nitin.gadkari@nic.in; spprabhu1@rediffmail.com;bandaru@sansad.nic.in;smritizirani@nic.in;nsitharaman@nic.in; ravis@sansad.nic.in;sureshprabhu@irctc.co.in;prakash.j@sansad.nic.in;secy-ipp@nic.in; amitabh.kant@nic.in; shaktikanta.das@nic.in; rsecy@nic.in; adhia1981@gmail.com; ceo-niti@nic.in; atul-chaturvedi@nic.in; uma.bharati@sansad.nic.in; d.pradhan@sansad.nic.in; rprudy.office@gmail.com; rudypr@rediffmail.com; eam@mea.gov.in; mosvks@mea.gov.in; mvnaidu@sansad.nic.in; mnaqvi@sansad.nic.in; rao.inderjit@sansad.nic.in; mljoffice@gov.in; sadananda.gowda@sansad.nic.in; ministerminority@gov.in; najmah@sansad.nic.in; minister-ca@nic.in; ramvilas.paswan@sansad.nic.in; gandhim@sansad.nic.in; akumar-alpha@sansad.nic.in; jpnadda@sansad.nic.in; hm.moca@nic.in; geete@sansad.nic.in; simratbadal@yahoo.com; ns.tomar@nic.in; rmsingh@sansad.nic.in; tc.gehlot@sansad.nic.in; dr.harshvardhan@sansad.nic.in   



   

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