You may also call it a season for cash-distribution !
Business Line ( 06 April ) quotes RBI Governor Raghuram
Rajan as follows :
" Money in
people's hands has gone up by over Rs 60,000 crore which is not normal and needs
to be looked into
Around election time , cash with the public does
normally increase ... You can guess as to reasons why ; we can also guess
You see some ( spike ) not just in the State going to
elections , but also in the neighbouring states . There is something..We need
to understand it better "
According to the latest data released by the RBI, there
was a 48 % increase in the currency in circulation at Rs 2 lakh crore for the
fortnight ended March 18
Now Times of India ( 08 April ) talks of a report
released by the State Bank of India , which says :
" It is
rumours of demonetization of Rs 500 and Rs 1000 notes that is possibly driving
people to withdraw cash in order to deploy them in safe assets
There are suggestions in public domain and even analysis
that are suggesting that higher denomination notes may be replaced
Demonetizing Rs 500 and Rs 1000 currency notes will
bring a huge amount of funds kept in these denominations into the banking
channels and will facilitate a reduction in domestic black money transactions
But this would also be a headache when it comes to
logistics "
MY TAKE :
* It is much
better to have a headache than a heart attack
!
* You can have
the pie and eat it too , if , instead of outright
" Demonetization
", we just replace the existing paper notes ( of Rs 500
and Rs 1000 )
, with PLASTIC notes of same denomination , but embedded
with RFID
micro-sensors ( 50th of a hair thickness ) , which can be tracked
through a GPS
enabled technology platform ( consisting of a Mobile App )
* Any
accumulation of Rs 10 lakh worth of such notes , within an area of
ONE square
meter , will show up on a Google Map on the mobile app !
* This will not
only allow people the convenience to continue using Rs 500 /
Rs 1000
plastic notes for their daily usage / purchases but it will, at same
time ensure
that goods / services valued at a few thousands of rupees ,
will always
get paid thru banking channels , since no seller of goods or
service would
want an accumulation of even 1000 note of Rs 1000 , in his
table drawer
/ bank locker !
* And which
candidate contesting any election would want his brief-case or
car trunk to
show up on the Mobile App of ACB / ED / IT , as a red
balloon ,
with caption, " Find Five Crore Here " ?
What do experts have to say about CASH ?
* Mark Barnett,
the boss of MasterCard ( UK ), believes that in five years cash will be
practically extinct in Britain . At the Money 2020 conference in Copenhagen
last week , he said :
" By the
time we get to another generation , 30 years down the track, will there be any
cash ? I very much doubt it . It will seem as antediluvian as carrying a pouch
full of gold "
Marching towards the goal of a " less cash "
society , yesterday , Shri Raghuram Rajan launched United Payment Interface (
UPI ) , which is independent of any payment platform ,bank or telecom service
provider
One can use mobile based ( just one click ) UPI app for
:
* Paying for
delivery of goods from online shopping web sites
* Paying of
utility bills
* Over the
counter payments
* Bar code based
payments
* Donations /
School fees
* Any type of
payment ! All without revealing your bank details !
But if Shri
Raghuram Rajan wants UPI to catch like wild fire , all that he has to do is to
replace existing notes ( not demonetize ) as suggested above
Sanjay Sarma ( MIT ) who has written 75 research papers
on RFID sensors,
wrote to me :
" I think it is a
matter of time before it happens
I do agree with your
idea "
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hemenparekh.in / blogs
12 April 2016
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