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

Wednesday, 4 November 2015

NETWORK OF CURRENCY NOTES ?


NETWORK   OF   CURRENCY    NOTES ?

While inaugurating the International Conference on " Networking the Networks " on Nov 2 , our FM Shri Jaitleyji said :
" Tax evasion and money laundering will become extremely difficult in the next 1-2 years, with the global automatic exchange of information system coming into effect on a real time basis "
To speed up this process and make it truly automatic / real time , I suggest resorting to the following technologies :

#   Internet of Things ( IoT )

     As each currency note of Rs 500 / 1000 , is getting printed , embed it with microscopic
     RFID chips
     Besides communicating with each other , these chips will also transmit their existence
     location , through internet , to cloud-based servers of Income Tax Department
     This will form a " NETWORK  OF  CURRENCY  NOTES ( NoC ) "
     You may like to call this Internet of Currency ( IoC ) , a sub-set of IoT  !

#   Internet Protocol Address System ( IP V 6.0 )

     Each Rs 500 / 1000 currency note must be assigned ( at the time of printing ) , its own
     unique Internet Address , using IP V 6.0
     This IP address should be linked with the unique Serial Number printed on each note.
     Since IP V 6.0 , will be capable of assigning   " 2 * 10 to the power of 128 ", no of  IP
     addresses , there is no danger of running out of addresses , even if we decide to extend
     this idea to Rs 100 currency notes !
    
    
This reform will enable the Central Government / Income Tax Department , to :

*    Continuously trace the movement of each of these higher denomination currency notes
*    Instantly locate any place ( using Google Map based GPS ) , where there is an
     accumulation of more than Rs 1 Crore worth of currency notes
     Such accumulation will be made to appear as a TAG CLOUD on the web site of IT Dept,
     like thousands of balloons floating on a map of India , capable of being drilled down to
     within 1 Sq Meter  !
     On each balloon , will appear a number announcing , " Amount of Cash here - Rs " !
     This will vastly simplify the task of Anti Corruption Dept / Enforcement Dept etc

Of course , my suggestions may become outdated with the arrival of mobile wallets based CASHLESS SOCIETY , by 2030
In the meantime , experts may want to opine whether my suggestions make sense , theoretically and practically ( if so , by when ? ) to tackle the menace of black money generation
--------------------------------------------------------------------------------------------------
hemen  parekh
04  Nov  2015
B2BmessageBlaster
    

    



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