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
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