Sunday, November 6, 2016

Reserve Bank of India to issue 2,000 Rupees notes in February 2017

 

 

 

India is expected to add one more denomination to its currencies in February 2017. The Reserve Bank of India (RBI) will be issuing Rs 2,000 currency notes, the highest to come into circulation, even as some experts feel high-value denominations should be discontinued to curb black money.

The printing of these notes has been completed at the Mysuru currency printing facility. The notes are being despatched, the BusinessLine reported, citing sources. The daily added that neither the Indian government nor the central bank confirmed the development.

1 comment:

Hemen Parekh said...

Still , there is Hope

Someone is supposed to have said :
" A Government can only prevent BAD things from happening : it cannot make GOOD things to happen "
But , NDA government is proving that someone wrong !
Under its DIGITAL INDIA initiative , just look at all these WONDERFUL / GOOD things that are actually happening :
* Aadhar based Unique Identification
* Jan Dhan Bank Accounts needing ZERO deposits
* UPI ( Unified Payment Interface ) / RuPay
* Digital Locker
* Unified Mobile App for New Age Governance
And a host of other initiatives that will change the boundaries of our ECONOMY in next 2 years
But the greatest CHALLENGE continues to evade the WILL of the POLICY MAKERS , viz:
" How to permanently eliminate CORRUPTION and BLACK MONEY ? "
Despite the fact that , there is a ,
SIMPLE / SUPER-FAST / SURE and CHEAP solution , " hiding in plain sight " !
Viz :
Replace existing Rs 500 / 1000 , paper Currency Notes with new / plastic currency notes , embedded with RFID micro - sensors ( one fiftieth the thickness of a human hair ) , announcing their presence to IT / ED , if concentration exceeds Rs 1 crore in any ONE square meter area , anywhere in India !

Question :
Is there a POLITICAL WILL to implement this ?
{ Short Answer : NO / Long Answer : Ask Shri Narendra Modiji }
And if anyone has ANY DOUBT as to the feasibility / practicality of my suggestion , let him read following news report which appeared in Economic Times ( Nov 6-12 / 2016 ) :
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ARROW SMART SHIRT
Arrow is first off the block with a " Smart Apparel in India " - simply called the Smart Shirt
Available in multiple colors , the shirt has a programmable NFC tag embedded in the left sleeve cuff
You download the free Arrow Smart Shirt app from Google Play on your phone and set up your profile
The initial set up requires you to connect your social media accounts , choose your favorite app , song and playlist
You can then use the app to configure the NFC tag on the shirt to perform a function - it could be to share your Contact Card , switch your phone to vibrate mode , start playing your favorite song or launch an app - you can re-programme the tag as and when you want to perform a different function
Just tap on the left sleeve and you are notified with a slight vibration when the NFC tag is configured as well as when it performs the preset function
Over time , we found it easier to tap on the shirt than unlock the phone and then navigate the menu to perform various functions
Granted , it's a very basic application of smart functionality , but it does help in making some routine tasks faster
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This frugal application of embedding a NFC tag ( basically , a RFID sensor ) in a washable cloth shirt ( selling for Rs 3,000 ) , might earn Arvind Group , a few hundred crores of rupees in next 5 years
Apparently , even that small amount of revenue , is a big enough deal for a Private Sector company to innovate / experiment
But , if my suggestion is implemented , that might bring into the productive ECONOMIC MAIN STREAM , Rs 50 lakh*crores worth of BLACK MONEY , within ONE YEAR !
Cost of RFID sensor ? 10 paise per piece of that plastic Currency Note !
Implementation time ? 6 months from the word " GO " !
What about its POLITICAL IMPLICATIONS ?
400 + seats for BJP in 2019 Lok Sabha Election !
I am still hoping that Shri Modiji will seize this OPPORTUNITY of a NATION's LIFE TIME !
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07 Nov 2016
www.hemenparekh.in / blogs