One More Reason
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In my yesterday’s blog , I had suggested
that Aadhar should be linked to all
“ Properties “ – and not merely
to “ Property Deals “
Today’s DNA carries following news :
“ Post demonetization, Bitcoins new ‘ black ‘
in property market “
In the last one year, the price of one Bitcoin, world’s first and largest
crypto-currency, which is still not a recognised legal tender in several
countries, including India, has been
rising steadily, having risen almost three and a half times since October last
year. One Bitcoin is worth about Rs 5.5 lakh now.
However, what many do not know is that
the “illegal” currency is already
gaining ground in the country. Post-demonetization, which made hoarding of vast
amounts of cash difficult and tricky proposition, different types of
crypto-currencies have replaced the “black”
portion in property deals.
Investigation conducted by DNA, which
included attending several meetings where crypto-currency was being hard-sold,
especially as an investment option, shows that crypto-currency
is fast replacing the cash — read black — component in real estate
deals.
“Instead of the cash part, many sellers are now opting for crypto coins for property
deals and this is especially true of NRIs, who can, with a few
keystrokes, move this money abroad,” said a real estate dealer. He also added,
“Many domestic sellers are also accepting these
crypto coins instead of cash, as it is easy to handle and also, unlike cash
currency, it appreciates in value almost on a daily basis.”
Moreover, crypto currency it is also
being offered as an investment option — with real estate brokers, who left the
real estate market due to the on-going slump, offering deals to gullible investors
looking to make easy money in closed-door meetings. To make Bitcoins more acceptable, these persons are
also part of a drive to push them through multi-level marketing (MLM) process.
The number of realty brokers, who are now
part of this racket, is huge.
Almost 70 per cent of erstwhile agents
have given up the old trade. They have joined the closed group offering
crypto-currencies. They lure investors on the assurance of returns of over 300 per cent in months.
“With a severe downturn in real estate
sector, brokers have either shut shops or moved to other businesses. As
crypto-currencies are attracting speculators with promise of astonishing
returns. Speculation is that crypto-currencies are replacing cash component in real estate and even high net worth
individuals are pooling into groups and are investing in these currencies and
channelling them into real estate,” said Venket Rao, founder & CEO,
Intygrat Business Advisory (P) Ltd.
Sources involved in the trade told DNA
that, in India, crypto-coin exchanges have been adding over 2,500 users a day and have now reached five lakh downloads.
“Have you seen Bitcoin returns in last
one year? We are doing it in ATC, one of the popular local crypto-currency. An
investor has to deposit minimum Rs 40,000 as membership fee for entering a
group and getting a digital wallet issued. Now a new member needs to invest
some amount, which the member can check in the wallet as code money in London
exchange NOVA”, said Kapil Kumar, a Faridabad-based former property dealer.
But, isn’t it difficult to trade in
Bitcoins ?
“You
can easily buy Bitcoin with Indian currency from any online banking channel or
through NEFT/RTGS.
Selling Bitcoin is just as easy, you will receive INR directly into your bank account.
All banks that have IFSC are currently supported”, claimed
Unocoin, an Indian cryptocoin exchange.
Incidentally, concerned over the
inhibited trade in the new-age currency, the Supreme Court on November 13 asked
the government and its agencies, including SEBI, Income Tax Department, RBI and
Enforcement Directorate (ED, on how they
planned to regulate the crypto-currencies.
A Bench of Chief Justice of India Dipak
Misra and Justices AM Khanwilkar and DY Chandrachud noted, “... Emerging trend of crypto
money, if unchecked and unregulated, is a threat to exchequer’s money and
financial sovereignty of the country.”
How will my yesterday’s suggestion stop the
use of Bitcoin in property deals ?
SIMPLE
·
This 3 word code itself will be
linked to the Aadhar Number of the Property Owner
·
All bank accounts are , in any case , linked ( or will soon ) with
Aadhar Numbers
·
That means Bank Account ( through Aadhar ) get linked to each and every
“ property “ – and therefore ,each and
every “ Property Deal “ as well
·
Amount for which a “ Property “
gets sold by the seller ( as recorded in the property deal ) will get credited into the “ Aadhar-linked “ bank
account of the seller
·
Amount for which the buyer bought that property gets debited from Aadhar-linked bank account of the
buyer
·
Since our banks do not accept deposits ( or initial creation of a bank
account ) in Bitcoin , nor lend ( loans ) in Bitcoins
, all payments made from and received in bank accounts , can only be in RUPEES
This would eliminate CASH or BITCOIN
from property deals
I hope Shri Arun Jaitleyji find time to read this :
Aadhar
: The Omnipresent [ 22 Nov 2017 ]
23 Nov 2017
www.hemenparekh.in
/ blogs
Warm Regards,
Hemen Parekh
+91 98675 50808
From: Hemen Parekh
[mailto:hcp@recruitguru.com]
Sent: 22 November 2017 11:37
To: Cabinet Ministers
Cc: ssbhalla@gmail.com; bibek.debroy@gov.in; ashima@igidr.ac.in; rr1@nipfp.org.in; ratanp.watal@gov.in; ceo-niti@nic.in; cm@maharashtra.gov.in; cmbihar@nic.in; Indian Think Tanks; hcp@recruitguru.com
Subject: THIS REFORM WILL END BENAMI FOREVER
Sent: 22 November 2017 11:37
To: Cabinet Ministers
Cc: ssbhalla@gmail.com; bibek.debroy@gov.in; ashima@igidr.ac.in; rr1@nipfp.org.in; ratanp.watal@gov.in; ceo-niti@nic.in; cm@maharashtra.gov.in; cmbihar@nic.in; Indian Think Tanks; hcp@recruitguru.com
Subject: THIS REFORM WILL END BENAMI FOREVER
Aadhar : The Omnipresent
====================
Economic Times ( 22 Nov ) carries following news :
“ Property
Deals to be linked to Aadhar ”
Now the next big step
against black money is round the corner,
and this time it's immovable
property that's on target.
For the first time, a
Union Cabinet minister has indicated that Aadhaar linkage with property
transactions would be made
mandatory.
Union Housing Minister
Hardeep Puri has said that he has no doubt the linkage would happen. Speaking
to Nayantara Rai of ET NOW, Puri said such a move would go a long way in sucking out black
money from real estate and also help in crackdown on benami properties.
"Seeding Aadhaar
to property transaction is a great idea but
I’m not going to make an announcement on that. We are already linking Aadhaar
to bank accounts, etc, and we can take some additional steps for property
market also,” he said.
Prime Minister Narendra
Modi has indicated several times that the government would crack down on benami property. Aadhaar linkage could
be one part of that drive.
When asked if seeding Aadhaar with
property is a logical
conclusion of the government's drive to push Aadhaar to bring transparency in
economy, Puri said, “Absolutely, that’s the way it's heading anyways. I have no
doubt that it will happen."
This is a “ Half Way House “ !
Why link Aadhar with
only a “ Property Deal “ ? Why not
link it with a given “ Property
“ itself ? Permanently ?
That is linking Aadhar
with the “ Postal Address “ of each and every “ Property “ in the country , so
that we know WHO owns that property !
Of course , there are
millions of “ properties “ which have NO POSTAL ADDRESSES !
Properties ( eg : land
parcels / buildings ) located in deserts / jungles / valleys / on mountain tops or ( may be ) even in City Slums !
So , how can we link
Aadhar with a property which does
not even have a postal address ?
No problem !
www.What3Words.com , has divided entire
surface of the Earth into 57 trillion squares of 3 meter by 3 meter each
And assigned to each
square , a unique combination of 3 words ( currently from 40,000 English words ) – which
determines its precise
location on the surface of the
Earth ( - replacement of Postal
Address )
Of these 57 trillion squares ( of 3M * 3M )
, India’s share is 1368
Billion squares ( 2.4 % of entire Earth’s
surface area )
So , there is no
problem in linking Aadhar Number to ANY NUMBER of squares – whether adjacent / contiguous or
separated
Now , the only problem
is that millions of our citizens are not familiar with ENGLISH language words
So , I wrote to the
support team of …..www.What3Words.com
:
=====================================================================================
 |
It is time you come up with HINDI language version for India’s 1.3
Billion people , where millions live
/ sleep on footpaths ( sidewalks )
=================================================
And this is what they replied :
|
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