A
report in Business Line ( 25 Feb 2016 ) , reads :
" Centre wants Indians to abandon cash and make digital payments "
The report lists following measures announced by NDA govt on 24 Feb :
* Withdrawal of surcharge / service charge / convenience fee on card / digital
payments , currently imposed by govt departments
* Payments beyond a prescribed threshold only in card / digital mode
* Rationalize telecom service charges for digital financial transactions
* Promote mobile banking
* Create assurance mechanisms for quick resolution of fraudulent transactions
* Review payment ecosystem in the country
To make it easy for people to make digital payments , Government has already installed :
* Electronic Clearing Service Scheme
* National Electronic Funds Transfer
* Real Time Gross Settlement Scheme
* Direct transfer of Subsidies to bank accounts of benefeciaries
* Providing RuPay debit cards
* Allowing setting up of Payment Banks
Surely , all of these steps will make it EASY for people to GRADUALLY switch over to making digital payments
But , if the HIDDEN AGENDA of the Government behind all of these initiatives , is to reduce / eliminate the scourge of BLACK MONEY ( always and entirely CASH ) , then the only initiative which will COMPEL people to " TRASH the CASH " and move over to digital payments in a HURRY, is my oft-repeated suggestion as follows :
" Centre wants Indians to abandon cash and make digital payments "
The report lists following measures announced by NDA govt on 24 Feb :
* Withdrawal of surcharge / service charge / convenience fee on card / digital
payments , currently imposed by govt departments
* Payments beyond a prescribed threshold only in card / digital mode
* Rationalize telecom service charges for digital financial transactions
* Promote mobile banking
* Create assurance mechanisms for quick resolution of fraudulent transactions
* Review payment ecosystem in the country
To make it easy for people to make digital payments , Government has already installed :
* Electronic Clearing Service Scheme
* National Electronic Funds Transfer
* Real Time Gross Settlement Scheme
* Direct transfer of Subsidies to bank accounts of benefeciaries
* Providing RuPay debit cards
* Allowing setting up of Payment Banks
Surely , all of these steps will make it EASY for people to GRADUALLY switch over to making digital payments
But , if the HIDDEN AGENDA of the Government behind all of these initiatives , is to reduce / eliminate the scourge of BLACK MONEY ( always and entirely CASH ) , then the only initiative which will COMPEL people to " TRASH the CASH " and move over to digital payments in a HURRY, is my oft-repeated suggestion as follows :
* Discontinue
paper-based currency notes of Rs 500 and Rs 1,000
* Introduce plastic
currency notes of Rs 500 / 1,000 which are embedded with RFID sensors ( far
thinner than a human hair ! ) , always broadcasting their presence to
Internet of Things ( IoT )
* Assign to each such
note, a IP V 6.0 address , linked to its unique note number
* Set up a IT-enabled
Technology Platform which will constantly monitor any accumulation of Rs 500 /
1000
RFID
embedded notes in excess of Rs ONE CRORE within an area of ONE square meter
If there is a political will
, technology can bring this revolution in 6 months !
Can we expect Shri Jaitley-ji to conclude his Budget speech on 29 Feb , with this announcement ?
The applause that follows will be heard around the World !
Can we expect Shri Jaitley-ji to conclude his Budget speech on 29 Feb , with this announcement ?
The applause that follows will be heard around the World !
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hemenparekh.in / blogs
26 Feb 2016
hemen
parekh
Marol
, Mumbai , India
(
M ) +91 - 98,67,55,08,08
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