Continued
from previous post –
These
days we have much clamor about cashless transactions. Many new apps
are introduced everyday to help people do their financial
transactions without cash. Modi says it is a part of his economic
revolution. He however, never comes with any explanations to support
that claim. We have been doing our many transactions without money by
giving a cheque or a demand draught. For small deals, we always
prefer to use cash as it is more trusted by the seller. A cheque
could bounce, a demand draught may take much time to get realized and
so most dealers prefer cash. Generally, about 25% transactions were
in these forms and 75% in cash. Modi wants to introduce sophisticated
methods of cashless transactions by introducing, paytm, credit cards
and debit cards. These three new methods depend on a very
sophisticated infrastructure of on-line systems. If these systems
fail that cashless cannot work. That means, to have such methods we
need these faultless technique of on-line. Unfortunately, we do not
have our internet faultless. Often we find that internet does not
work. Moreover, for such method, there is a charge and that charge is
put on the payer or receiver. Such charge is of the order of about
2%. That means these methods of transactions are expensive. Why
should we accept that? Why we cannot get our own money? Why our
security press cannot print enough currency? So that, need for such
an expensive payment system require? None of these basic questions
Modi government is replying. If we see the history of these modern
payment methods, we find that these sophisticated methods of payment
were introduced in America by those banks to make a few more bucks
for each transaction. These payment methods do not have any benefit
for payer or receiver of that money. These methods need not be given
any extra importance. Actually, I am of the opinion that we must
resist any compulsion of such unnecessary methods and press the
government to provide of enough cash, that is our right and we should
press for it.
Modi
insists that people should keep their money in banks and never have
them! Whereas it is our right to have our money with us, putting that
money in bank or otherwise shall be our decision and not of Modi.
Modi says, our money in banks is safe! When we see the past records
of our many banks, we notice that many banks were duped by their
directors and employees under nose of Reserve Bank of India.
Thousands of account holders have lost their hard-earned money in
those frauds; RBI did not come to pay them their money. Under such
conditions, how this Modi makes such a preposterous statement. Unless
RBI is obliged to make payment to all depositors their deposits and
unless such a law is enacted we cannot accept that our money is safe
in any bank.
Modi's
this style of working is outrageous and we should not tolerate it. He
is not our boss and as he has himself already admitted, he is only
our servant. There are many wrong practices in his style of working.
The way he demonetized, was not in accordance with moral obligations
that a member of government should abide by. Government should give a
notice of at least 90 days before enforcing such a demonetization. We
must see that such an act passed by our parliament to safe guard
interests of common man.
Modi
can fool all people for some time, he can fool some people for all
times but he cannot fool all people for all times. This saying we
should remember on this occasion. In due course, this man Modi will
be pushed out the way Indira Gandhi was. The pain is what we can do
to heal the wounds his stupid policies have caused on many people.
In
my next post I want to discuss many modern crazes, we are encouraging
such INTERNET, on-line and digital. I very much feel we should be
more careful of these new crazes.
You may contact
me on my Email ID given below,
You are invited to
visit my other blogs
Ashok
Kothare,
http://ashokkotharesblog.blogspot.com/
for stories
I
reckon,
http://kotharesviews.blogspot.com/
for philosophy
You
may visit blog, Ideas
and tips on any subject,
http://kotharay.blogspot.in/
for intelligent discussions.
Freedom
of Expression, http://blogs.siliconindia.com/kothare/
for intelligent discussions
My
New Marathi Blog, http://kothare-marathi.blogspot.in/
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