It is a MAD, MAD, MAD,
MAD, World !
Not many will remember this hilarious Hollywood movie of a few
decades back
When the movie was nearing completion , it is said that the
production team in charge of the movie got together to decide upon its name
One team member suggested : Let us call it , " It is a MAD,
MAD , MAD
, MAD , MAD
world "
After
a lot of heated arguments , the team concluded :
" Repeating the word " MAD
" for the fifth time , would be clearly " redundant ! "
Hindustan
Times ( 29 Aug 2016 ) , carries a report : War on
Black Money : It's m-Wallets vs UPI
Dilip
Asbe , CEO , NPCI is quoted :
" UPI will be
an enabler to existing wallets and in fact can be used to fund the wallets
We have not got wallets under the UPI as it is designed for banks now. Also, wallets
offer facilities beyond money
transfer "
Question
is : How many m-Wallets
are too many ? Which is the next one ,
which would be " redundant " ?
Purely
out of self interest ( to increase their own business - and with no love lost
for BLACK MONEY ! ) , expect hundreds
of companies , in each of the following sectors , to come out with their
own , branded m-Wallets
:
#
E-Com companies ( Online Market-places ) / Credit -
Debit Card Companies
# Companies making Consumer Goods and even Consumer
Durables
# Banks / Insurance companies / NBFC /
Hospitals / Railways
# Large Retailers with nation-wide presence ( Ambani
- Adani - Biyani - Walmart etc )
# Mobile Service Providers /
Power-Gas-Water-Internet Distribution Companies
# Schools / Colleges / Universities / Coaching
Classes
# Online Entertainment / Service Delivery Companies
/ Consultancy Companies
# In short , ALL
companies trying to sell ( Goods or Services ) using a Mobile App
There is no doubt , all of this will help billions of SMALL TICKET CASH transactions
taking place daily , to become NON-CASH
transactions
But
neither UPI , nor m-Wallets can :
# Move 100,000 Currency notes of Rs 1,000 each
, from safe deposit locker of the person
buying land / property
/ gold etc , to the safe deposit locker of the person selling it !
# Motivate a " hafta
collector " to accept payment by m-Wallet
from footpath vegetable vendor , even if it is a
single Currency Note of Rs 500 /-
# At a slightly higher level ( of Corruption ) ,
which local dada / goon / mafia , has
official bank balance of Rs
10,000 , even though his numerous safe
deposit lockers are overflowing with Rs 500 / 1,000 currency notes ?
# And at considerably higher level , any idea how
many billions currency notes of Rs 500 / 1,000
are lying locked-
up in the lockers of corrupt
businessmen / industrialists / bureaucrats / politicians etc , beyond the reach
of UPI
or m-Wallets
?
#
Following figures will give you an idea :
Latest available figures for currency notes in India :
* Total number of notes ( Rs 1 onwards )........ 76.5 Billion pieces ( =
Rs 12468 Billion in Value )
* Of the above , share of Rs 1000 notes...........39 % ( ie : Rs 4862 Billion , by Value )
* And the share of Rs 500 notes.................... 45 % ( ie : Rs 5610 Billion , by Value )
* Share of Rs 1/2/5/10/20/50 / 100 notes........ 16 % ( ie : Rs 1995 Billion ,
by Value )
Therefore , it stands to reason that the predicted increase in those NON-CASH transactions ( going up
to 59 %
by 2025 ) , will mostly eliminate just 16 % of the TOTAL currency-value in circulation !
There does not seem to be any likelihood of Mobile Wallets , encroaching on the
balance 84 % of
the currency !
As I have
repeatedly suggested , the ONLY way to bring to surface those Rs 500 / 1,000 Currency Notes , is
to
embed these
with RFID micro-sensors !
I hope ,
someday , some powerful , non-corrupt , honest ( and dictatorial ? ) Policy
Maker will show the courage to
take
this MOST POPULAR / RADICAL / TRANSFORMING / GAME -
CHANGING decision !
------------------------------------------------------------------------------------------------------------------------------
29
Aug 2016
www.hemenparekh.in / blogs
hemen
parekh
Marol
, Mumbai , India
(
M ) +91 - 98,67,55,08,08
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