RBI has 200 reasons !

 

 

 

 

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 questions and get proper answer (

                  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 answers to all of your questions !  

 

 

 

 

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