RBI has 200 reasons !
Two days ago, RBI withdrew from circulation ( with 4 month grace period ), Rs 2000 currency notes
This was anticipated for a long time
Reason ?
Ever since its introduction, it had become relatively easier for black marketers to transfer / carry, a very large sum of money in CASH
No doubt rapid growth of digital payments ( especially through mobile wallets / payment apps ), did bring down the need for carrying cash while buying / purchasing of Goods and Services
Despite this ( digital payment growth ) , in India , cash continues to be used for ( may be ) , 80 % of all transactions – which is way higher than approx. 5 % - 10 % in most developed countries
It is for this reason that most of these countries do NOT have a very HIGH DENOMINATION currency notes
In these countries, the highest denomination currency note rarely exceeds 100 times of their smallest currency notes ( see last column of the table underneath )
With the gradual withdrawal of Rs 2,000 currency notes , India will fall in line with this practice
As a corollary, over the next 2 / 3 years, our Digital Transactions will climb from 20 % to 80 % - a huge benefit
Use of CASH in purchase of Land – Buildings – Flats – Gold – Jewellery – Diamonds etc., will drastically come down ( can you imagine carrying a trunk-full of Rs 500 notes, totalling Rs 10 lakhs, to a builder / jeweller ? )
Simultaneously, number of Tax-Payers , too , will go up sharply
Corollary :
With Digital payments reaching 90 % and Artificial Intelligence gobbling all that “ Purchase Data “ , of every Indian citizen like a Black Hole , could we expect following future :
Ø Birth of a Black hole ? ……… 18 Jan 2021
Extract :
Ø WhatsApp – JioMart App will introduce a Conversational AI Chatbot, with
which you can engage to ask such questions and get proper answer (
somewhat like ALEXA – GOOGLE ASSISTANT – SIRI – CORTANA etc )
When 400 million users of WhatsApp, each asking every day, just 10
questions, this Chatbot will soon have answers to all of your questions !
Question ?
How will Political parties “ finance “ their election-campaign purchases of goods / services – especially luring thousands to turn up for their rallies ( for a consideration – even if it is only FREE food and transport ? )
Thank you RBI
With regards,
Hemen Parekh
www.hemenparekh.ai / 21 May 2023
Ø Following is an endorsement by ChatGPT of what I envisaged in Birth of a Black hole ? 18 Jan 2021
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