As far as the Currency Demonetization is concerned,
newspapers are reporting following tricks , on part of those holding OLD notes :
TOI / 12 Nov / Page 10 :
# Many employers
have begun to pay their staff in advance , including salary for the next one
year , in CASH
# Some traders
are depositing their CASH as business revenue to
be shown as sales done before Nov 8 , but payment received thereafter
# Wholesale
traders are reporting cash-in- hand in their ledgers to legitimize previously
unaccounted CASH and have it deposited at a
later date
# Ajay Agnihotri,
manager of State Bank of India's Fatehabad Road branch in Agra, said,
"There are around 15,000 Jan Dhan accounts at our
branch, and 30% of the account-holders have deposited amounts of up to Rs 49,000 since Thursday (when banks reopened in the wake of the demonetisation
announcement). We are quite sure that this percentage will go up in the coming
days."
TOI was able to track a few account-holders used for this purpose. One
of the victims, who had deposited Rs 49,000, said he was promised Rs 500 in
return. He would have to return the rest of the money in some days .
# On Nov 8 / 9 / 10 , Gold
Jewellery was being sold for Rs 60,000 per 10 grams ( a 100 % hawala rate ! )
# Thousands of people purchased
" Season Tickets " for 1 year / booked advance wait-listed tickets in
trains / bought air travel tickets ( of course, all with OLD notes ! )
# A Dollar was getting " sold " for Rs
110
# Persons registered as "
FARMERS " were in great demand , since their income is Tax-Free !
( I suppose in our current Lok
Sabha , 39 MPs who have declared their profession as " Agriculturists "
and 5 MPs who have called themselves " Farmer " , must be in great
demand by their co-members ! )
No doubt , many more methods will be reported in the days to come !
Now the nightmare !
DNA / 12 Nov , reports :
" Based on intelligence inputs, there is a strong apprehension in
the government that there could be organized attempts of robbery , including
armed robbery of banks , ATMs and loot of CASH carrying vans , especially by the Mafia
cartels who have lost their Black Money because of sudden demonetization "
On Thursday , Economic Affairs Secretary , Shri Shaktikanta Das said at the
Economic Editors' Conference :
" In due course , Rs 1,000 notes will come back in the market with new dimensions , new
design and new colour "
Dear Shri Das :
It is still not too late to implement my following suggestion ( sent to
you , almost ONE YEAR ago )
This one simple INNOVATION on the part of the Government , would NULLIFY, any - and ALL
, innovations on the part of the BLACK MONEY holders !
-----------------------------------------------------------------------------------------
Yesterday ( 26 Nov 2015 ) , a Cash Van driver in Delhi , escaped with
Rs 22 Crores worth of cash
Obviously this heist consisted of currency notes in
denominations of Rs 500 and Rs 1,000
Now such thefts would become a thing of the past if my following
suggestion ( sent to Central Ministers / Secretaries /
NITI Aayog members etc ) , were to be implemented :
-----------------------------------------------------------------------------------------
# Internet of Things
( IoT )
As each currency note of Rs 500 / 1000
, is getting printed , embed it with microscopic
RFID chips
Besides communicating with each other ,
these chips will also transmit their existence
location , through internet , to
cloud-based servers of Income Tax Department
This will form a " NETWORK OF CURRENCY NOTES ( NoC )
"
You may like to call this Internet of
Currency ( IoC ) , a sub-set of IoT !
# Internet Protocol
Address System ( IP V 6.0 )
Each Rs 500 / 1000 currency note must
be assigned ( at the time of printing ) , its own
unique Internet Address , using IP V 6.0
This IP address should be linked with
the unique Serial Number printed on each note.
Since IP V 6.0 , will be capable of
assigning " 2 * 10 to the power of 128 ", no of IP
addresses , there is no danger of
running out of addresses , even if we decide to extend
this idea to Rs 100 currency notes !
Here are the most important BYE
- PRODUCTs :
* No more possibility of fake / forged / counterfeit ,
currency notes !
* Plastic currency notes will last 10 times longer !
This reform will enable the Central Government / Income Tax
Department , to :
* Continuously trace the movement of each of
these higher denomination currency notes
* Instantly locate any place ( using Google
Map based GPS ) , where there is an
accumulation of more than Rs 1 Crore worth of currency notes
Such accumulation will be made to
appear as a TAG CLOUD on the web site of
IT Dept,
like thousands of balloons floating on
a map of India , capable of being drilled down to
within 1
Sq Meter !
On each balloon , will appear a number
announcing , " Amount of Cash here - Rs " !
This will vastly simplify the task of Anti Corruption Dept / Enforcement Dept
etc
Of course , RBI will need to allow 6 month's time to the owners
of current paper currency notes of Rs 500 / 1000 , to get these exchanged with
new plastic notes before withdrawal of the old notes from circulation
Now , would not that distribute the hidden , unaccounted wealth
! - a welcome fall out !
But then such transparency might lead to break-down of social
order / chaos
It may be a better / safer / saner solution for such balloons /
tag clouds to appear , on a secret Mobile App , available only to the officers
of Enforcement Department ( ED )
You may want to call this app , " BLACK-MAIL " !
-----------------------------------------------------------------------------------------
12 Nov
2016
www.hemenparekh.in
/ blogs
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