#BlackMoney #Corruption #CurrencyNotes #RFID

 Back  to  Square  One  ?

Economic Times ( 15 March ) carries following news :

“ Currency in use hits pre-note ban levels “

https://economictimes.indiatimes.com/markets/forex/currency-in-use-hits-pre-note-ban-levels/articleshow/63309745.cms

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HIGHLIGHTS :

·         Currency in circulation

#   on Nov 04 , 2016………………….. Rs   17.98   lakh*crore

#   on Dec 31, 2016……………………. Rs    8.93   lakh*crore

#   on Mar 09, 2018……………………. Rs   18.13  lakh*crore

Reasons advanced for the bounce back :

·         Revival in rural economic activity

·         Due to elections in various Stated in 2018 - election funding still remaining cash based

General Agreement  :

·         Although seem to be slowing down lately , digital payments are growing rapidly

Original Reasons for Demonetization :

·         Halting corruption

·         Stopping  fake money funding terror operations

·         Eliminating BLACK MONEY

MY  TAKE  :

·         Sure, de-monetization may have brought down terror funding

·         But by “ re-monetizing “ a Rs 1000 / - note with a Rs  2000 / - note, corruption is made easier ! Less number of notes to pass under the table and to carry !

·         Only way BLACK MONEY could be eliminated , is to embed a RFID chip in new plastic notes

·         Could it be, that this govt is unwilling to trust our scientists / technocrats to be able to accomplish this innovation , all the time getting paralyzed by thinking :

“ If elimination of BLACK MONEY was so simple, surely some other developed country would have tried it by now ! Will we make a fool of ourselves if we fail ? “

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SURPRISE :

No government officer or Minister opined anything , when ISRO said :

#   We will send MOM ( Mars Orbiting Mission ) and succeed at first attempt (

     world record )

#   With one rocket , we will launch 130 satellites ( again a world record )

#   Soon, we will reduce cost of a satellite launch by 90 %  (  one more world

     record )

#   We will develop a small Lithium-ion Battery with high energy-density to power

     EVs  (  nothing comparable in the world )

#   We have already mounted a Solar Roof Top on a standard OMNI, charged by

     sun and therefore , not requiring lakhs of  Battery Charging Stations

     Elimination of Battery Charging Stations is the HOLY GRAIL for the auto

     industry, all over the world

     Adoption of our INNOVATIONS will save the country  Rs 195 lakh*crore

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CONTEXT :

Before Shri Modi announced demonetization , I sent to him  some 40  emails suggesting embedding of RFID sensor in high denomination currency notes

 

[   I do not expect Shri Modiji to find time to reply to my emails and I am better off not getting any “ computer generated “ replies !   ]

 

The day after the announcement, I sent to him following mail :

 

Have A Good Suggestion ? Send it to PM  [  08 Nov  2016  ]

 

https://myblogepage.blogspot.com/2016/11/have-good-suggestion-send-it-to-pm.html

 

I do hope he sincerely meant when last evening , at the India Rising Summit , he said :

 

“ For the first time, in India we have a situation where the citizens suggest and the government implements those suggestions “

 

 

17  March  2018

www.hemenparekh.in / blogs