Dear
Association Presidents ,
No
one appreciates it better than you , how crucial it is for the business /
industry , to see that GST gets
implemented in April 2016
For
this , we need to convince , both , the NDA
government and the Opposition parties , to reach
an amicable " Compromise " that is truly , a " WIN WIN " situation for both
If
you think , my following proposal will enable both the parties to reach such a
compromise , ( a kind of " face - saving " formula for both ? ) ,
then , I request you to use your good office , towards that end
with
regards,
hemen
parekh
Mumbai
(M)
0 - 98,67,55,08,08
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Jan Dhan Sarjan Yojana
You
have heard that the :
>
Jan Dhan Yojana completed one year on 28 Aug 2015
>
By creating some 17.5 crore accounts during this period , it became ,
" World's largest financial inclusion " scheme
>
There was no need to have a minimum " Bank Balance " to open account
>
Zero bank balance accounts declined from 76% to 45% in last year
>
Bank Overdraft of Rs 5000 allowed after 6 months
>
Of 10 lakhs a/c qualifying for overdraft , 1.65 lakh have used it
By
all accounts , this Yojana ( Scheme ) is all set to bring about a revolution in
the matter of financial transactions of the poor people of India
Especially
thru the use of RuPay Debit cards ,
every time these poor buy any goods or services from a local " Kirana
" shop ( except that 99.99 % of these small local shops don't have
card-readers ! )
In
the meantime , there are a few other " Game Changing " revolutions
shaping up
These
are :
>
RBI permissions to some 20 Organizations to start " Payment
Banks
"
( Including Mobile Service Providers / India Post / PayTM etc )
>
Launch of a large number of " Hyper Local " e-commerce
firms which
deliver goods / services to local residents, placing orders thru mobile apps
>
Launch of quite a few " Mobile Wallet " apps, tied
up with no of banks
and millions of small shop-keepers , all over the country
>
Last - and most important - expected launch of GST in April
2016
Can
we seize this opportunity to " Synergize " these
parallel changes ?
It
seems , not only possible , but outright essential !
By
launching , Jan Dhan Sarjan Yojana
(
People's Wealth Creation Scheme )
As
follows :
>
If GST is going to be ( say ) 20 % , Government will transfer from this ,
2 % ( ie 10 % of that 20 % ) , to the PPF account of the Consumer /
Buyer , who pays for the Goods / Services
purchased , using a RuPay
Card or a " Mobile
Wallet " app
This will motivate millions of self - employed to open PPF accounts !
>
Since interest from a PPF
account is tax-free , every citizen would ,
now
want to make all payments thru RuPay card of a Mobile Wallet App
>
RuPay cards are already tied up with accounts opened under Jan Dhan
Yojana
>
Mobile Wallets Apps will also get tied-up with thousands of branches of
Payment Banks , which will open in next 18 months
Just imagine the number of new accounts that will get opened in the
1,55,000 + post offices of India Post !
>
In this way , Social Security will become " Self
Financing " !
>
Currently , in India , some 97 % of all payments are " Cash Payments ".
With introduction of this proposal , these will drastically decline
>
Any payment made , using RuPay card or a Mobile Wallet App , will make
available to the Income Tax Department , full digitized record of each
such transaction , including :
* Who
made the payment
* To whom
was
that payment made
* When
was that payment made
* For what
purchase , was that payment made
* What was the amount
paid
>
One , very desirable consequence of Jan Dhan Sarjan Yojana
will
be that our " Domestic Savings Rate " will climb back to 30 % !
In turn , this will help us wither global economic crisis , much better !
I
have a feeling that my proposal will be welcomed by all sections of our Society
and find overwhelming support for the passing of the GST bill by all political
parties
-------------------------------------------------------------------------------------
hemen
parekh
31
August 2015
B2BmessageBlaster
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