Two days ago, RBI withdrew from circulation ( with 4 month grace period
), Rs 2000 currency notes
This was anticipated for a long time
Reason ?
Ever since its introduction, it had become relatively easier for black
marketers to transfer / carry, a very large sum of money in CASH
No doubt rapid growth of digital payments ( especially through mobile
wallets / payment apps ), did bring down the need for carrying cash while
buying / purchasing of Goods and Services
Despite this ( digital payment growth ) , in India , cash continues to be used for ( may be ) , 80 % of all transactions – which is way higher than approx. 5 % - 10 % in most developed countries
It is for this reason that most of these countries do NOT have a very
HIGH DENOMINATION currency notes
In these countries, the highest denomination currency note rarely exceeds
100 times of their smallest currency notes (
see last column of the table underneath )
With the gradual withdrawal of Rs 2,000 currency
notes , India will fall in line with this practice
As a corollary, over
the next 2 / 3 years, our Digital Transactions will climb from 20 % to
80 % - a huge benefit
Use of CASH in purchase of Land – Buildings – Flats
– Gold – Jewellery – Diamonds etc., will drastically
come down ( can you imagine carrying a trunk-full of Rs 500 notes, totalling Rs
10 lakhs, to a builder / jeweller ? )
Simultaneously, number of Tax-Payers , too , will go up sharply
Corollary :
With Digital payments reaching 90 % and Artificial Intelligence gobbling all that
“ Purchase Data “ , of every Indian citizen like a Black Hole , could we expect
following future :
Ø Birth
of a Black hole ? ……… 18 Jan 2021
Extract :
Ø WhatsApp – JioMart App will introduce
a Conversational AI Chatbot, with
which you can engage to ask such
somewhat
like ALEXA – GOOGLE ASSISTANT – SIRI – CORTANA etc )
When 400 million users of WhatsApp, each
asking every day, just 10
questions, this Chatbot will soon have
Question ?
How will Political parties “ finance “ their election-campaign purchases of goods /
services – especially luring thousands to turn up for their rallies ( for a
consideration – even if it is only FREE food and transport ? )
Thank you RBI
With regards,
Hemen Parekh
www.hemenparekh.ai /
21 May 2023
Ø Following is an endorsement by ChatGPT of what I envisaged in Birth
of a Black hole ? 18 Jan 2021
AI
has revolutionized the field of marketing, particularly in the realm of hyper-personalization.
Here are some key applications of AI in hyper-personalized marketing:
1. Customer
segmentation:
AI algorithms can analyze vast amounts of customer data to
identify patterns and segment customers into distinct groups based on their
preferences, behavior, and demographics. This enables marketers to create
highly targeted and personalized marketing campaigns for each segment.
2. Recommendation
engines:
AI-powered recommendation engines use machine learning
algorithms to analyze customer data and provide personalized product
recommendations. By considering individual preferences, purchase history,
browsing behavior, and similar user patterns, these engines can suggest
relevant products or services to customers, increasing engagement and
conversions.
3. Dynamic pricing:
AI algorithms can analyze real-time data, such as customer
demand, competitor pricing, and market trends, to dynamically adjust prices.
This allows marketers to offer personalized pricing based on individual
customer segments, maximizing revenue and optimizing pricing strategies.
4. Predictive
analytics:
AI can leverage predictive analytics to forecast customer
behavior, such as future purchases, churn likelihood, or response to marketing
campaigns. By analyzing historical data, AI algorithms can generate insights
that help marketers anticipate customer needs and preferences, enabling them to
tailor marketing efforts accordingly.
5. Chatbots and
virtual assistants:
AI-powered chatbots and virtual assistants provide personalized
customer experiences by understanding and responding to individual queries,
offering product recommendations, and providing support. These intelligent bots
can learn from customer interactions over time, continuously improving their
ability to provide personalized assistance.
6. Content
personalization:
AI can analyze customer data, including browsing behavior,
previous purchases, and demographic information, to deliver personalized
content experiences. This includes personalized website content, email
marketing campaigns, and targeted advertisements, ensuring that customers
receive relevant and engaging content.
7. Social media
analysis:
AI algorithms can analyze social media data to understand
customer sentiment, preferences, and behavior. By monitoring conversations and
interactions, marketers can gain insights into customer needs and interests,
enabling them to create personalized campaigns and engage with customers in
real-time.
8. A/B testing
and optimization:
AI can automate the process of
A/B testing by continuously testing and optimizing marketing campaigns. By
analyzing data and customer responses, AI algorithms can identify the most
effective content, messaging, and offers, leading to improved campaign
performance and increased personalization.
Overall, AI enables marketers to
go beyond traditional mass marketing approaches and deliver highly personalized
experiences to individual customers. By leveraging AI's capabilities, marketers
can enhance customer engagement, increase conversion rates, and build
long-lasting customer relationships.
|
Country Name |
GDP in $ (USD) |
Currency Name |
Currency Note (Minimum Denomination) |
Coin (Minimum Denomination) |
Currency Note (Maximum Denomination) |
Ratio of Max Note to Min Note |
|
United States |
21.43 trillion |
US Dollar |
$1 |
1 cent |
$100 |
100 |
|
China |
15.54 trillion |
Chinese Yuan |
¥1 |
1 fen |
¥100 |
100 |
|
Japan |
5.08 trillion |
Japanese Yen |
¥1,000 |
1 yen |
¥10,000 |
10 |
|
Germany |
3.86 trillion |
Euro |
€5 |
1 cent |
€500 |
100 |
|
United Kingdom |
2.83 trillion |
Pound Sterling |
£5 |
1 penny |
£50 |
10 |
|
France |
2.71 trillion |
Euro |
€5 |
1 cent |
€500 |
100 |
|
India |
2.70 trillion |
Indian Rupee |
₹10 |
50 paise |
₹2,000 |
200 |
|
Italy |
2.00 trillion |
Euro |
€5 |
1 cent |
€500 |
100 |
|
Brazil |
1.84 trillion |
Brazilian Real |
R$2 |
1 centavo |
R$200 |
100 |
|
Canada |
1.74 trillion |
Canadian Dollar |
$5 |
1 cent |
$100 |
20 |
|
South Korea |
1.62 trillion |
South Korean Won |
₩1,000 |
1 won |
₩50,000 |
50 |
|
Australia |
1.46 trillion |
Australian Dollar |
$5 |
5 cents |
$100 |
20 |
|
Russia |
1.45 trillion |
Russian Ruble |
₽10 |
1 kopek |
₽5,000 |
500 |
|
Spain |
1.43 trillion |
Euro |
€5 |
1 cent |
€500 |
100 |
|
Mexico |
1.27 trillion |
Mexican Peso |
$20 |
10 centavos |
$1,000 |
50 |
|
Indonesia |
1.12 trillion |
Indonesian Rupiah |
Rp1,000 |
Rp50 |
Rp100,000 |
100 |
|
Netherlands |
980 billion |
Euro |
€5 |
1 cent |
€500 |
100 |
|
Saudi Arabia |
825 billion |
Saudi Riyal |
1 Riyal |
5 halala |
500 Riyal |
500 |
|
Switzerland |
824 billion |
Swiss Franc |
10 Francs |
5 Rappen |
1,000 Francs |
100 |
|
Turkey |
717 billion |
Turkish Lira |
₺5 |
1 kuruş |
₺200 |
40 |
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