The latest fake product to thumb its nose at an ineffective sarkar is the Indian currency. According to a TOI guesstimate there is some Rs 1,69,000 crore of bogus bank notes circulating in the country. The officially nominated villain of the piece is Pakistan's ISI which industriously prints out counterfeit Indian rupees to jeopardise our economy, funnelling the funny money into India mainly through Nepal. While this charge may be partly true, it shortchanges the role of our indigenous entrepreneurs, who are also busily operating their own do-it-yourself mints.
Agreed it is not a big dent on a trillion dollar economy but surely it affects the nation. Also the banking machinery is such that due to RBI regulation and norms it cannot currently do anything for the poor sufferer who has a counterfeit note. The bank has to lodge an FIR along with the 5 notes they receive. If a person goes to the bank with the counterfiet notes the bank confiscates the note and the loss is entirely the poor sufferer. To my surprise every week I have heard that the notes are been passed out by the sufferers or the culprits in hotels, grocery stores and even BANK ATMS remit fake notes.
The best solution I see is to BAN 500, 1000 RUPEE NOTES. This will be an GODLY ACT as The nation will change in a DAY. May good things will emerge as mentioned below and these attitudunal changes of people will make India progress further.
1. Who will dare to counterfeit a 20, 50, 100 rupee note.
2. The miscreants who have linked this business with terrrorism will surely get a JOLT
of there lifetime.
3. I cannot fathom how one would store "BLACK MONEY" then. Either he buys a
WAREHOUSE to store them or BURNS IT.
4. There will be no corruption as no will dare to BRIBE as he would have to HIRE a
TOWING company to TRANSFER that amount of money.
5. E-Banking will flourish well and the free flow of good currencies will be balanced.
Please give me your valuable replay on it.
Regards
Prajesh Vyas
Account Officer
Agreed it is not a big dent on a trillion dollar economy but surely it affects the nation. Also the banking machinery is such that due to RBI regulation and norms it cannot currently do anything for the poor sufferer who has a counterfeit note. The bank has to lodge an FIR along with the 5 notes they receive. If a person goes to the bank with the counterfiet notes the bank confiscates the note and the loss is entirely the poor sufferer. To my surprise every week I have heard that the notes are been passed out by the sufferers or the culprits in hotels, grocery stores and even BANK ATMS remit fake notes.
The best solution I see is to BAN 500, 1000 RUPEE NOTES. This will be an GODLY ACT as The nation will change in a DAY. May good things will emerge as mentioned below and these attitudunal changes of people will make India progress further.
1. Who will dare to counterfeit a 20, 50, 100 rupee note.
2. The miscreants who have linked this business with terrrorism will surely get a JOLT
of there lifetime.
3. I cannot fathom how one would store "BLACK MONEY" then. Either he buys a
WAREHOUSE to store them or BURNS IT.
4. There will be no corruption as no will dare to BRIBE as he would have to HIRE a
TOWING company to TRANSFER that amount of money.
5. E-Banking will flourish well and the free flow of good currencies will be balanced.
Please give me your valuable replay on it.
Regards
Prajesh Vyas
Account Officer
Digihome Solutions Pvt. Ltd
Pune
CAclubindia
