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

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  !


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


22  Oct  2016


www.hemenparekh.in / blogs     


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