One
More Reason
============
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 arereplacing
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 dayand 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
· Each
and every property in India will be assigned unique
3 word code using www.What3Words.com
· 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 ) inBitcoins ,
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
With Regards,
hemen
parekh
(
M ) +91 - 98,67,55,08,08
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