You would expect this kind of a cry from an innocent person , locked up behind bars
But can you make a currency note of Rs 1000 / Rs 500 , locked up in a bank locker or a home cabinet , to cry out :
" Please , liberate me ; I am held hostage by a black marketer "
For over 2 years , I have been saying that making high denomination currency notes to " declare their locations ", is not only possible but that it is the ONLY PERMANENT FOOL-PROOF way , to eliminate from our economy , the twin scourge of CORRUPTION / BLACK MONEY
Those who still have some lingering doubts about both , the feasibility and the inevitability of my suggestion, may want to read the following news report ( DNA / 08 Aug 2016 ):
Scientists are developing a novel technology for smart clothes that would contact charity shops or auction web sites like eBay when they are not worn regularly
Researchers from Birmingham City University plan to create an " Internet of Clothes " that tags garments using washable contactless technology , known as Radio Frequency Identification ( RFID )
WASTE NOT , WANT NOT
Researchers said, users can now move away from the idea of ownership of clothing, to use them as long as they need them
HOW IT WORKS
Step # 1 : Users will receive a tweet and message every day from the clothing asking to be worn
Step # 2 : Forgotten items in the wardrobe will text owners to remind them they are gathering dust
Step # 3 : If the notifications are ignored by the user, the garments will get in touch with a clothing charity
Report in newspaper " Business Line " adds :
" Think of the surprise when an owner suddenly receives bids for items they did not know were in their wardrobe "
Now in India , the owners / hoarders of crores of BLACK MONEY , are unlikely to forget how many of Rs 1000 / 500 , currency notes they have stashed away - and precisely where !
But , if those notes were embedded with RFID micro-sensors ( thinner than human hair ) - as repeatedly suggested by me - then those owners would certainly get surprised ( albeit , unpleasant ! ), when they receive an SMS from the Income Tax Department / Enforcement Directorate , saying :
" Please , explain the source of 10,000 currency notes of Rs 1000 each , located in your Bank Locker / home cabinet , at GPS located address, XYZ ( or different nos at different locations )
Of course , if you disclaim its ownership and surrender these amounts within 24 hours, for productive use by the nation for building infrastructure - and , thereby create millions of jobs , we will not prosecute you "
If clothes remaining unused ( for a long time ) want to become " useful " by being offered for charity , then why not provide the same advantage to Rs 100 lakh*crores worth of high denomination currency notes, lying unused in bank lockers / home cabinets ?
Surely , these notes do not like to be held " hostage / remain unused / gather dust " and would want to move , from hand-to-hand , by free circulation in MAINSTREAM LEGAL ECONOMY !
Whereas yesterday's passing of GST Constitutional Amendment Bill in Lok Sabha , is no doubt a great reform , it will be , at least 3 years before we see its positive impact on our GDP ( ignoring the fact that it took 10 years of debate / discussions / persuasions to reach this stage ! )
But , on the other hand embedding RFID sensors into high denomination currency notes would need,
# No discussions ( since, no political party would want to appear to be protecting the black money ! )
# No passing of any Bill in the Parliament
And its impact on the economy / GDP , will become visible within 3 months of its implementation
For full details of my suggestion , read " Internet of Currency Notes "
[ http://myblogepage.blogspot.in/2015/11/network-of-currency-notes.html ]
Shri Narendra Modi often says , " I like to experiment and take bold , out-of-the-box decisions "
This is one decision that the generations of Indians to come, will remain to him grateful for !
09 August 2016 ( August Kranti Din )
www.hemenparekh.in / Blogs