Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Friday 4 September 2015

JAN DHAN SARJAN YOJANA


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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