Friday, 20 May 2016

Redesign Banknotes For Black Money Management



MINT ( 20 May 2016 ) carries a news report titled :


RBI proposes new banknote design


Following is an extract :

" Banknotes in India may soon carry a  NEW LOOK, with the central board of the Reserve Bank of India (RBI) on Thursday recommending to the government a new set of  DESIGNS

The central board of the RBI also took stock of the macroeconomic situation and reviewed issues related to CYBER SECURITY and CURRENCY  MANAGEMENT, at  a meeting on Thursday

The RBI in a statement said the board discussed the national and international macroeconomic scenario and also reviewed the working of specific areas of operations of the RBI, including information technology (IT) and cyber security, and establishment of an IT subsidiary of the RBI "

Will , RBI go beyond a NEW LOOK for the banknotes , and seize this opportunity to make these NEW DESIGN notes to enable BLACK MONEY MANAGEMENT , and the CURRENCY  MANAGEMENT  ?

Easily possible if proposed IT subsidiary of RBI , implements my following blog dt  09 May 2016 :

Currency Maps of India ?


When in 1949 , George Orwell wrote his all-time classic " Nineteen  Eighty  Four " , he had not envisaged Tablets / Smart phones


So , he imagined that TV screens would keep a watch over mankind , 24 hours , like CCTV cameras


Nor did Tim Berners Lee , envisage  IoT ( Internet of Things ) or BIG DATA analytic tools ( MapReduce / Hadoop ), when he invented World Wide Web


And neither did Robert Easton , envisage RFID sensors when he invented GPS in 1967


But today , with wide-spread usage/application of these technologies, it is not difficult to envisage :


 CURRENCY  MAPS   OF  INDIA


No doubt , all of us have seen following types of Maps ( for India / Asia or for the entire World ) , on TV Channels and even on our tablets and smart phones  :


#   Weather Maps , showing :

      *  amount of rain fall ( inches / mm )

      *  location wise temperature intensity ( *C / *F )

      *  topography ( heights of mountains / depths of valleys )

      *  Cloud Formations and direction of Storms and landfall locations

      *  Wind Patterns ( velocity in km per hour )

      *  Ocean Currents in Atlantic / Pacific ( direction / speed )

      *  Ice Cover over Antarctica / Arctic Region ( sq km )


  
 #   Space Maps , showing :

      *  Geological formations on Moon / Mars / Mercury / Asteroids

      *  Night illumination in different parts of world as seen from Skylab

      *  Galactic formations , billions of light years away



And of course , Google Maps of all types ( including those peering into our bedrooms ! )


Given this state of art ( and of science ) , it is not difficult to envisage ,
following types of  CURRENCY  MAPS  of INDIA , showing aggregate value of Rs 500 / 1000 Currency Notes ( ie : currency density of Rs 1 million / 1 billion / 1 trillion / any figure of your liking ! ) in :


*   Any given Street / City / State 

*   Premises of any Car Dealer / Jeweler Shop / Real Estate Agency / Mall /
     Race Course / Builder ( any office / housing location of your choice )

 *  Any Airport ( a million Rupees in Rs 500 notes weigh only 2.2 kg ! )

 *  Any Safe Deposit Vault of any bank


With the existing technologies , it is even possible to plot the movement of Rs 500 / 1000 currency notes ( just one note or a thousand notes ) on a GPS map of India , to determine its direction and velocity ( Currency Currents )


In real time , too -  24*7  !


All of the above is possible to achieve within  6 MONTHS  , by :


*  Abolishing existing paper notes of Rs 500 / 1000

*  Replace these with plastic notes , embedded with RFID sensors

   ( can be embedded into existing 3 mm silver-colored  security wire )


*  Allot a unique IP V 6.0 address to each such note linked to its serial no

*  Develop / host a Technology Platform , based on GPS mapping system
   
*  All smart phones to carry GPS locator ( cannot be switched off )

  (  anyone carrying a Rs 500 note in wallet , also carries a Smart phone ! )



Of course , Currency Map App ( to be named, " Currency-Cure " ? ), available to general public on their smart phones , will not be able to zoom-in / drill down , under 1 sq km area, to protect individual privacy ( this can be done , only by authorized officers of Income Tax Dept / Enforcement Directorate )


If some of you think my suggestion is impractical , consider following :


A division of Master Card ( called , MasterCard Advisors ), aggregates and analyzes , 65 BILLION transactions from 1.5 BILLION card-holders in 210 countries , in order to divine , business and consumer trends !


And only 2 days back , Shri Raghuram Rajan , RBI Governor said :


"  It is because money has no odour, because it is the great equalizer , that so many people across history have been able to acquire resources and invested them to make the world we live in


Rather than prohibiting the use of money and wealth , let us think about increasing society's tolerance for its use "



Today's Hindustan Times quotes a Income Tax officers as follows :


"  The taxman will soon start matching your IT returns with your possessions


The Government has started collecting data from various sources and when this is done and the data has been sifted through , action will begin


This drive is a salient feature of the tax department's agenda to curb under-reporting of tax and expand the tax payer base in the country "



And two days back , the person who leaked PANAMA  PAPERS ( 11.5 million digitized documents ) , remarked :


"  Digitization will bring in a revolution "


I would like to add :


{ RFID sensors in Currency Notes  +  IP V 6.0 URL +  GPS +  HADOOP  } ,

will end BLACK MONEY and CORRUPTION , in India


( without needing to pass any bill in Rajya Sabha ! )



I do hope , Shri Arun Jaitley-ji will take note !

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21  May   2016
www.hemenparekh.in / blogs

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