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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