Friday, 21 October 2016

Song / Dance / Retro Step ?


A news headline in Hindustan Times ( 21 Oct 2016 ) reads :

" SEBI to make a song and dance about defaulters "



Fraudsters and defaulters who have failed to return investors' money


SEBI circular reads :

" Besides these agencies will have to make a proclamation of attachment / sale at or near the attached property on the beat of the drum or through loudspeakers "



SEBI is keenly aware that the " non-returned " money ( Rs 500 / 1000 currency notes ) is lying in a cupboard / cabinet / safe of the defaulter at his residence or in his safe deposit lockers in several banks


Now those " Singing and dancing Agents " employed by SEBI can beat their drums for only a couple of hours !


But , if those currency notes were embedded with RFID micro-sensors ( as repeatedly suggested by me during past 2 years ) , there would be no need to " beat those drums " to " shame the scoundrels " !


Those RFID embedded notes would announce their " accumulation " ( if exceeding an amount decided by SEBI / IT / ED ) , on a mobile app ( to be called , FUGITIVE ? ) , on the mobiles of all those residing within 500 meters of the defaulter - 24 hours - until he returns the investors' monies !


Now the BAD NEWS ,

Business Line ( 22 Oct 2016 ) carries a news that RBI is on the verge of introducing , a currency note of Rs 2,000 denomination !


A case of , " SEBI proposes , RBI disposes " ?


Will that not making it even EASIER to carry / hide , large amounts of CASH ( read , BLACK MONEY ) ?


Today , an amount of 10 LAKH Rupees in Rs 1,000 currency notes , weigh about 1.1 kg


In Rs 2,000 note , this will barely weigh 0.55 kg !  Light enough to be carried in your shirt pocket  !


On the face of it , this seems like a totally retrograde step


Unless , those Rs 2,000 notes are already embedded with RFID sensors


And , Government decrees that existing notes of Rs 500 / 1000 , will cease to be legal tenders , 6 months after introduction of Rs 2,000 notes and can be exchanged with the new notes during intervening period ( no questions asked )


We will soon know the " Agenda " of the Government  !


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22  Oct  2016


www.hemenparekh.in / blogs     


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