Through his mobile app , Shri Narendra Modiji has asked
the citizens to give their opinion on the recent demonetization
Here are those questions - and my answers :
-------------------------------------------------------------------------------
1. Do
you think that black money exists in India?
.................................................................YES
2. Do
you think the evil of corruption and black money needs to be fought and
eliminated?..........YES
3.
Overall, what do you think about the government’s moves to tackle black money?...................GOOD
4.
What do you think of the Modi government’s efforts against corruption so far?........................
GOOD
5.
What do you think of the Modi government’s move of banning old Rs. 500 &
Rs. 1000 notes?....GOOD
6. Do
you think demonetization will help in curbing black money, corruption &
terrorism?.............NO
7.
Demonetization will bring real estate, higher education, healthcare in common
man’s reach...... MAY BE
8. Did
you mind the inconvenience faced in our fight to curb corruption, black money,
terrorism
and counterfeiting of currency
?........................................................................................
NO
9. Do
you believe some anti-corruption activists are now actually fighting in support
of black
money, corruption & terrorism?.........................................................................................
YES
10. Do
you have any suggestions, ideas or insights you would like to share with PM
Narendra Modi ?
READ BELOW
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Dear Narendrabhai :
There is no doubt ,
you will receive lakhs of " One Word " answers to your questions listed
above , since a mobile app is not suited for detailed descriptions of
suggestions on a subject like " Elimination of Corruption and Black Money "
This is the reason
, over the past one year , I have sent to you ( and to most of your Cabinet
colleagues ) , some 50 unsolicited emails
, listing concrete suggestions on this subject
Withdrawing of Rs 500 / 1000
currency notes , was only a small part of those suggestions
In
itself , this step is unlikely to eliminate future generation of Black Money
But
having taken this , there can be no question of any " Roll Back "
Given
this " fait accompli
", and your " soliciting
" suggestions from the public , please consider the following :
# IN SHORT TERM
In the forthcoming budget , revise Personal Income Tax
rates as follows :
*
Upto Rs 10 lalkh.............. NIL tax
*
Rs 10 lakh to Rs 20 lakh..... 10 %
tax
*
Above Rs 20 lakh............... 20 %
tax
# IN MEDIUM TERM
* From 01 April 2017 , introduction of a new Rs 10,000 denomination
currency note , duly embedded with RFID chip
* From 01 Oct 2017,
withdraw current ( newly introduced ) notes of Rs 500 / 2,000 , ie these
will cease to be legal tender from that date
* Do not introduce replacement of Rs
1,000 note , currently under planning
* Let current ( new ) notes of Rs 500 / 2,000 , co-exist / overlap ( during April-Oct 2017 ) , with Rs
10,000 RFID embedded note
Why ?
* We want to permanently eliminate BLACK
MONEY and CORRUPTION
* We want our economy to move from a 2 % non-cash
transaction to a 96 % non-cash transaction
* We want this transition to happen by Dec 2017
* Such a rapid transition is not possible to be achieved
by relying on increased usage of Electronic Transfers / Mobile Payment Wallets
/ Credit - Debit cards / RuPay / UPI etc
How will Rs 10,000 currency note achieve
such transition in ONE year
?
* Embedding RFID chip in Rs
10,000 note , practically turns it into a Credit Card !
Whereas it is not possible for any issuing agency
to issue a BILLION plastic credit cards - one to each Jan Dhan Bank account
holder -, there is no problem for government / RBI to print and issue , a
BILLION notes of Rs 10,000 ( duly embedded with RFID chip )
# Can a RFID embedded Rs 10,000 note succeed in capturing all the
data which a Credit card transaction manages to capture ?
* Sure , a RFID embedded note
too will capture ALL the data such as :
> Details of " spender / giver "
of that note
> Details of " Recipient " of
that note
> Date / Time / Amount of that transaction
> Details of " Goods / Services
" involved
> Details of taxes paid ( Sales Tax / VAT
/ GST etc )
How will such captured DATA get transferred to
Servers of IT / ED / RBI ?
* Each " giver " and each " receiver
" of Rs 10,000 note will need to install in his smart phone , a IT Dept
issued Mobile App ( called , VERIFIER )
* Mobile app will have provision to enter details of
this CASH transaction
* When that Rs 10,000 note is placed flat on the screen of
the mobiles ( of both the parties ) , the data
will get transmitted through internet , including the note serial number
Will embedding RFID serve any other purpose ?
* That is the BEAUTY of RFID chip !
It will communicate to IT / ED / RBI etc , of
any accumulation of ( say ), ONE THOUSAND or more number of
such notes , in an area of 1 Sq Meter , anywhere in
India !
So , Black Money will have NO
PLACE TO HIDE !
And , this continuous / constant tracking of each and every note
of Rs 10,000 , can even help determine the MONEY VELOCITY / Currency Maps !
Will this avoid the pain / difficulty /
harassment being faced by ordinary citizens during the past 15 days ?
* Yes , of course !
Since there will be an overlap ( concurrent existence ) of high denomination notes for a 6
month period ( April - Oct 2017 ) , both types of
notes will continue to be accepted as legal tender and there will be no
disruption of day-to-day activities of buyers and sellers
This overlap will give enough
time for RBI / Banks to fill up 4,000 " Currency Chests " located
around the country , as also modify / fill up , 2 lakh ATMs
Will Government need to keep as a "
closely guarded secret " , the introduction of RFID embedded notes of Rs 10,000 ?
* No need ! Let the black money holders try whatever
tricks they want !
After 01 Oct 2017 , the only CASH they can
hide , will be either Rs 100 notes ( just impossible ) or Rs 10,000 notes which
" Announce their GPS location " and cry ,
" Help , please
Rescue me " !
{
http://myblogepage.blogspot.in/2016/08/help-please-rescue-me.html }
# IN LONG TERM
From 01
April 2019 , totally abolish
Personal Income Tax
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Dear Shri Narendrabhai :
I believe
, you gave 2 hours of your precious time to listen to the proposal of Shri Anil
Bokil ( of ArthKranti - Pune )
How about
giving me just 20 minutes ?
-------------------------------------------------------------------------------------------------------
23 Nov
2016
www.hemenparekh.in
/ blogs
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