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Spreading Chaos
Global turmoil today is a result of the
collective assault on multilateral institutions
How to stop parties from always being in campaign mode and get them to govern
Baijayant Jay Panda
dilbert
Empty Promises
The man who promises
everything is sure to fulfil
nothing, and everyone who
promises too much is in danger
of using evil means in order to
carry out his promises,
and is already on the road
to perdition.
Jug Suraiya
secondopinion@timesgroup.com
http:/blogs.timesofindia.indiatimes.com/jugglebandhi/
Sacredspace
secondopinion
To our credit
Prime Minister Narendra Modi has made it clear that the
demonetisation of Rs 500 and Rs 1,000 notes is only the first step
towards the eventual goal of having a cashless India. Get rid of
all money, and hey presto! youve got rid of black money.
To this highly desirable end, the sarkar has introduced Rs 2,000
note. Hullo? How does a Rs 2,000 note the biggest ever denomination in Indian currency help bring about a cashless, or even cash-less, society?
Simple. Try it yourself. Take one of the new Rs 2,000 notes and with it ask
your local sabziwala to sell you a kilo of onions, or baingan, or whatever, and
give you back change.
The chances are, ten to one, that the sabziwala will be unable to conduct
this simple transaction because, thanks to the currency crunch, he wont have
enough smaller denomination notes to give you change for your Rs 2,000, minus
the price of the aloos, or gobhi, or whatever it is that you bought from him.
However, if your sabziwala wants to remain in business and continue being
a sabziwala, and not end up becoming a loafer and hanging around street corners
with his hands in his pockets, hell probably sell
you the veggies on credit of one form or another,
on Paytm, or a payable-when-able basis.
Taking a tip from an old Hollywood movie,
The Million Pound Note, in which a penniless tramp is given a million pound
currency note by a rich banker and lives a life of luxury on extended credit
because no one can give him change, the government should come up with
notes of ever-higher value, while simultaneously withdrawing hundred, fifty,
twenty and ten rupee notes.
At the current exchange rate, a million pounds in British currency would be
just short of Rs 10 crore. So the RBI should be directed to authorise the printing
of only Rs 10 crore notes or, better still, taking inflation into account, Rs 100
crore notes and withdraw all other cash, including coins.
No one, not even the brothers Ambani, will be able to give anyone change for
a Rs 100 crore note. By putting in more megabucks into the system, well become
a cashless society. For which the sarkar can take what else? due credit, which
will be all well be able to extend to each other.
Lead By Example
Carl Jung
the
speaking
tree