For the past 3 days , we have witnessed a lot of
suffering on the part of ordinary citizens
For hours on end , they have been waiting patiently in
mile-long queues to withdraw new currency notes from 2.2 lakh ATMs ( often
non-working or getting empty after serving 10 persons ) or to exchange Rs 4000
worth of OLD notes with NEW
notes , at bank counters
Businesses of lakhs of small shops and millions of roadside
vendors , came to a virtual standstill
Private hospitals refused to treat serious patients,
who did not have NEW notes
Marriages came to a standstill, since caterers would
not accept OLD notes .
And so did vehicles at toll nakas
Passengers got stranded at Railway Stations since they
had only OLD notes which taxis / rickshaws ,
refused to accept
This list goes on and on
Of course , Shri Jaitley is right when he says :
A Child Birth is always accompanied by intense temporary pain - to be followed by immense perpetual joy , for months and years to come
No doubt true in case of Mother Nature's " Scheme
of Things " !
But this was a TOTALLY AVOIDABLE pain , in case of the man-made
" Scheme of Things " called " Currency Notes " !
What brought about this pain ?
Just a mere 4 hour notice before the OLD notes ceased to be " Legal Tender "
And no availability of the NEW
notes , for days after the EXPIRY of the old notes
No overlap between the two . No simultaneous existence for both !
But imagine if the OLD
notes were to continue as " Legal Tender " till 31 March 2017
That would have enabled citizens to carry on their
daily lives , as if nothing has changed !
They would have deposited their OLD notes into their bank accounts and would have withdrawn NEW notes ( either from their bank accounts or
from ATMs ) , over
the next 4 months , at their own convenience ! No hurry !
During this TRANSITION PERIOD of 4 months , sellers ( whether
individuals or companies ) , would have continued to accept OLD notes without any hesitation
and the buyers would have managed to buy ( goods or services ) , by giving OLD
notes !
Why did the Government not do this ?
Government was worried that Rs 5 lakh*crore worth of
Black Money ( some 33 % of Rs 15 lakh*crore ) which was in the form of CASH ( OLD notes of Rs 500 / 1000 ), would get exchanged with
NEW notes , WITHOUT getting deposited into
banks !
Over the overlap
period of 4 months , unknown to IT / ED , Black Money holders of OLD notes will persuade honest / tax-paying holders of
NEW notes to exchange these at a discount !
None of those Black Money holders may ever come forward
to deposit their crores of ill-gotten wealth into banks and pay up 230% tax + penalty
Simply because , the Government today , has no means to
know who has accumulated , how many thousands of high denomination notes and where , and totaling how much
!
But , if those NEW
notes were embedded with RFID sensors , then the Government would know , where exactly EACH PIECE of such note is , at EVERY MOMENT !
And , no matter which - and how many TRICKS that the
Black Money holders may employ , at the end of that 4 month TRANSITION PERIOD
, there would be NO OLD NOTES remaining in circulation !
ALL notes would be ,
* NEW
* RFID embedded
* Traceable (
pinpoint GPS location )
During his TV interview yesterday , Shri Jaitley said :
" SIT had
even suggested that government empower itself with seizure
of a large accumulation of CASH
at any given location , and then require the Owner to prove that he has
paid taxes on it .
We will not hesitate to take such stringent steps in
future , if the menace of Black Money persists "
Also during his speech to the Indian Community in Japan
yesterday , Shri
Modi said :
" There is no guarantee that , after 30th Dec , we may not take further drastic steps to
eliminate the scourge of Black Money "
Dear
Shri Modiji / Shri Jaitleyji :
Today , in small quantities , passive RFID chips cost , around 50
paise
If you buy these in BILLIONS , you will get these for
less than 5
paise per piece
Let this be your MASTER
STROKE / SURGICAL STRIKE , in 2017
This will be a BIRTH of a new and clean Economy ,
without causing pain to honest tax payers
Please , also consider :
Which Political Party / Neta , would want NEW RFID
embedded notes to accumulate in cabinets / bank lockers which show up on IT /
ED mobile app ( BLACK-MAIL
) ?
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13 Nov 2016
www.hemenparekh.in / blogs
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