Monday, January 9, 2017

Where Angels fear to trade… part 5

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.

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