UNIVERSALLY GOVERNMENTS OPERATING MONEY AS COMMODITY (#UGOMAC) Author: Abraham Paul. P Thiruvananthapuram, Dated 02 January 2017 Short link: http://wp.me/p1ZsI2 - Yn Introduction. Demonetization is Archaic. Governments collecting of TAX o n rightfully hard earned Money of ordinary Citizen is Mediaeval. No one can stop advancement of Technology and the disruptive No one can stop advancement of Technology and the disruptive paths it create. However, there has to be a way to tackle it and half baked solutions like Demonetization are of no help. The way to go is to walk, and walk the full way with disruptive technology converting it an advantage. Forewarned is forearmed. What hurts Economy most is not Black Money alone but also large portion Money being guzzled up and converted into its virtual form by f ast mushrooming e -money businesses creating parallel economy of a black hole of Virtual Money draining Banks hurting liquidity Everyone, right from top, and strangely supposed to be renowned economists, and top, and strangely supposed to be renowned economists, and the Media 24/7 talk relentlessly mixing up disparate issues viz., #Demonetization, #BlackMoney and lately to forget Cash by moving over to #CashlessSociety by everyone using Credit/Debit Cards, e- wallets of Private e - Commerce companies, Mobile wallets etc., wi thout fuss about money in their hands or in their bank accounts.
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UNIVERSALLY GOVERNMENTS OPERATING MONEY AS COMMODITY (#UGOMAC)
Author: Abraham Paul. P
Thiruvananthapuram, Dated 02 January 2017
Short link: http://wp.me/p1ZsI2-Yn
Introduction. Demonetization is Archaic. Governments collecting of
TAX on rightfully hard earned Money of ordinary Citizen is
Mediaeval.
No one can stop advancement of Technology and the disruptive No one can stop advancement of Technology and the disruptive
paths it create. However, there has to be a way to tackle it and half
baked solutions like Demonetization are of no help. The way to go is
to walk, and walk the full way with disruptive technology converting
it an advantage. Forewarned is forearmed.
What hurts Economy most is not Black Money alone but also large
portion Money being guzzled up and converted into its virtual form
by fast mushrooming e-money businesses creating parallel economy
of a black hole of Virtual Money draining Banks hurting liquidity
Everyone, right from
top, and strangely supposed to be renowned economists, and top, and strangely supposed to be renowned economists, and
the Media 24/7 talk relentlessly mixing up disparate issues viz.,
#Demonetization, #BlackMoney and lately to forget Cash by moving
over to #CashlessSociety by everyone using Credit/Debit Cards, e-
wallets of Private e-Commerce companies, Mobile wallets etc.,
without fuss about money in their hands or in their bank accounts.
But then what they all seem to forget is that Debit cards, Mobile
wallets etc,. need be filled and refilled with Money into it in the first
place to get service, and from where people will get Money for that.
Simple, it can happen only if the income and earnings of
everyone also paid and received and spend as Money in Virtual form
(e-money) through their usual sources. The way to do it is by
in India) also in India) also
create all forms of money in virtual form; and certainly not by any
Private e-Commerce Companies.
End of the day it simply means that in addition to printing and
releasing currency notes, RBI shall also shall create Money in
Virtual form and also create discrete open valued e-Wallets, tamper
proof, fail proof, cannot be duplicated, hacked or disrupted in
anyway by any one; each of it with parameters that can be
programmed and altered individually and made available to every
one as its Users
any form of Money transactions happen ie. Banks, Institutions, any form of Money transactions happen ie. Banks, Institutions,
Organizations, Vendors and Merchants, Shops etc,.
These e-wallets each with discrete number and identification code
linked with Aadhar (Indian UUID) of every Citizen will become part
of a Real/Virtual bank account of their choice that can be
filled Virtual Money as Data from One paisa to any amount and
acquires one lump some value in the hands of the Creator, the
Banks and every POSs and in the hands of every user. The lump
some value of the e-wallets get altered as e-money received and
spent from it thus making the denominations of Money also
Virtual. Virtual.
Thus RBI will have an e-Wallet, its value in e-Money is the sum total
value of e-Money at any point of time is the value of entire e-
Wallets RBI has issued and in circulation. Thus the total sum of the
Virtual Money plus Real Money in the Country always remains
constant. It is thus RBI is to be made the sole Creator, Custodian,
Operator, Regulator and Controller of Virtual Money in any form in
the Country. The value of e-Money in the Users e-Wallets get
modified every time a request for transaction by any User through
their Bank or other Media.
1. Inclusive growth:
Please see a paper pubPlease see a paper pub
comprehensive and consolidated ideas and proposals to realize
Financial Inclusion and Microfinance support to people especially in
the lower social-economic strata in the link wp.me/p1ZsI2-4g
The above paper describes in detail how Money through Mobile
(mTm) envisage wide range of products and service to cater for all
sorts of payments in every Points of Sales & Services with money in
digital form for everything, anywhere and everywhere, exchange of
physical money to e-money and vice versa.
Further, Money through Mobile (mTm) can enable smooth
changeover to Cashless Society using UUID for all purposes and
to roll out various schemes such as DBT etc., with exclusive Virtual
Banks as Payment Gateways, Universal, simple and easy to use
applications, 24/7 service from anywhere any time, any amount and
Digital Connectivity in remote areas with GPS via Satellites.
2. Power and Perils of Money going Virtual.
and Perils of Money
-Ku in which I had explained
in detail the urgent need to bring in regulation to prevent fast