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, 16 December 2016

Digital Provident Fund : An Unparalleled Opportunity



Shri Amitabh Kant ( CEO-NITI Aayog ) is a born innovator !

To promote digital payments , recently he announced following schemes :

*  Digi-dhan Vyapar Yojana ,   and   *  Lucky Grahak Yojana


Both schemes will give out prizes / awards to Vyaparis and Grahaks , who accept / make, a DIGITAL payment


Following are the highlights :

*  Total Estimated Cost :  Rs 340 crore

*  Focus                 :  Poor / Middle class citizens ( Grahaks ) / Small Businesses
                                ( Vyapari )

*  For Transactions :  Between Rs 50  to  Rs 3,000

*  First Draw          :  25 Dec 2016

*  Last Mega Draw  :  14 April 2017

                                For Consumers : Rs 100 L / Rs 50 L / Rs 25 L

                                For Merchants  : Rs 50 L  /  Rs 25 L  / Rs  5 L

* Transaction Types : Only UPI / USSD / AEPS / RuPay cards ( Private Credit
                                Cards / private E Wallets usage will NOT qualify )
                                
* LUCKY GRAHAK YOJANA :

   Daily  Draws :

   15,000 winners * 100 days * Rs 1000 each ( Total : 15 lakh persons /  Rs 150
   Crore )

   Weekly  Draws :

    16 weeks * 7000 Grahaks * ( Rs 1 L / Rs 10,000 / Rs 5,000 )


* DIGI-DHAN VYAPARI YOJANA

   Weekly Draws

   16 weeks * 7000 Merchants ( ? ) * ( Rs 50,000 each / Total Cost..... ? 


GOOD  NEWS :

As suggested in my following blog / email , private cards / wallets have been KEPT OUT !


{ http://myblogepage.blogspot.in/2016/12/conspiracy-of-cards.html  }


BAD  NEWS  :

No of Digital Transactions on 08 Dec ( in one day ) :

*    E Wallets.......... 270 lakhs    ( practically , all PRIVATE / INELIGIBLE )

*    RuPay ..............  16 lakhs    ( 1600 lakh in 100 days ? )

*    UPI / AEPS........  0.48 lakhs ( 48 lakh in 100 days ? )


It appears that , over the next 100 days , out of ( potentially ) 2000 lakh Grahaks who will carry out DIGITAL PAYMENTS using RuPay / UPI-AEPS , barely 15 lakh ( less than 1 % ) , will win prizes , totaling ( possibly ) , Rs 200 crore ( average of Rs 1,333 per winner )


That translates to :

In Daily Draw, by spending Rs 1500 ( ave of Rs 50 - 3000 ) , you get a 1 chance in 100 ( 15000 out of 16 lakh ) to win Rs 1,333/- !  99 % OF THE GRAHAKS , WILL WIN NOTHING !


In Weekly Draw , By spending same amount ( Ave of Rs 1500 ) , you get 1 CHANCE IN 112 LAKH TRANSACTIONS ( 16 lakh transactions / day* 7 days ) , to win Rs 1 lakh !


But then , of course , all LOTTERY SCHEMES work this way , with a very SLIM CHANCE of winning . It is always a " LONG SHOT / LOW PROBABILITY " of winning


Now I submit the following suggestion for consideration by  Shri Narendra Modi-ji :


*  The average value of a transaction is Rs 1,500 ( ave of Rs 50 - 3000 )

*  Government collects 15 % tax on each transaction ie : Rs 225 per transaction

*  Let Government declare :

   Out of this tax amount of Rs 225 , we will deposit into an automatically 
   created  DPFDigital Provident Fund ) account of each user , Rs 22.5 ( 10%
   of tax collected )
   
   Of course , actual amount to be deposited into DPF will vary from case to
   case depending upon actual transaction / tax value

   

IMPACT  :

With each and every digital payment , user's DPF account grows , providing a

    POST RETIREMENT SOCIAL SECURITY
    
*  Unlike PPF , withdrawals from DPF , will be taxed at a moderate 5 % rate

*  This will motivate 100 % users to use digital payments and benefit , instead
    of just 1 % of users benefitting !
    
*  Within 12 months , we would have created 800 million DPF accounts, as 
    against 200 million EPF / PPF accounts , created over past 50 years !
  
*  Government can invest DPF corpus into Infrastructure SPVs to generate jobs

*  BJP will win all 5 upcoming State Elections with a whooping majority - without
    SC / EC calling it a " Freebie " !

   

Dear Narendrabhai :

In the forthcoming Union Budget on Feb 01 , I urge you to introduce my suggestion of :

DIGITAL  PROVIDENT  FUND  ( DPF ) , which will , popularly come to be known as ,

NDA Inc's " 10 % of Tax " CASH BACK SCHEME !

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

17  Dec  2016

www.hemenparekh.in / blogs


 


                                    







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