Shall We Follow or Lead ?
Hindustan Times ( 13 Sept 2016 ) carries a news report titled :
" Britain's pound gets new plastic avatar "
It goes on to read :
" It can survive a splash of Claret, a flick of cigar ash,
the nip of a bulldog, and even a spin in the washing machine - Britain’s first plastic currency goes into circulation from
Tuesday in the hope that it is cleaner, safer and stronger
than the current cotton-paper generation of banknotes.
Of the four denominations - 5, 10, 20 and
50 pounds - the first to be introduced in polymer form is the fiver
The 10 and 20-pound notes will be issued
in 2017 and 2020 . There are currently no plans
to replace the 50-pound note with a polymer version, the Bank of England
said.
Bank of England governor Mark Carney said:
“ Polymer marks a major innovation. It is cleaner, safer,
and stronger. It is resistant to dirt and moisture,
so the note won’t wear out as quickly as
the current fivers but will stay in good condition for longer.
It is stronger
than paper and can better withstand being repeatedly
folded into wallets or scrunched up inside pockets.
Polymer notes are also better for the environment...
Importantly, using polymer means we can incorporate better security features. It allows for
see-through panels, coloured foils, detailed metallic
images, and a new advance: tactile
features ”
Why is Britain in no great hurry to introduce PLASTIC notes for
pound 50 and 100 denominations ?
Because , Britain does not have to worry about someone carrying
a MILION POUNDS in 100 pound currency notes ( its highest denomination ) in a
small brief-case ! That would weigh 11 kg .
( - as against 1.1 kg for carrying a MILLION RUPEES in Rs 1000
currency notes ! )
Now you know why everyone in India , wants to continue with Rs
500 / 1000 currency notes . No chance to discontinue !
But we can still eliminate the scourge of BLACK MONEY / CORRUPTION , while retaining
those notes !
WHAT SHOULD INDIA DO
?
As I have repeatedly
recommended over the past year :
* 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 micro-sensors
* Assign to each such
note, a IP V 6.0 address , linked to its
unique note number ( Internet of Things ?
)
* 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 ( eg: Bank Locker )
* Plot the density of
these notes in real time across streets / cities / states ( Currency Map of India )
* Track the bulk movement of high denomination notes
across the country ( especially during election times )
All other measures to curb BLACK MONEY / CORRUPTION are only an eye-wash
! May be a lack of Political Will ?
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13 Sept 2016
www.hemenparekh.in / blogs
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with regards,
hemen parekh
Marol , Mumbai , India
( M ) +91 - 98,67,55,08,08
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