How to save Nation’s Economy from impending disruption.
For whom so ever interested.
AUTHOR: P Abraham Paul. Dated June 5 2017
AUTHOR: P Abraham Paul. Dated June 5 2017
Money through Mobile (mTm) for Inclusive growth.
Short link: http://wp.me/p1ZsI2-zy By Abraham Paul. P.
Virtual money is best handled by Virtual banking system.
There are no two opinions about the urgent need of narrowing the gap between rich and poor by bringing in Inclusive growth. One of the ways to realize it is through Financial Inclusion of the huge un-banked population both in urban and rural areas across the country. Ensuring banking service to all through existing mode of banking system is an unworkable proposition. Huge volume of low value bank accounts as envisaged in Prime Ministers Jan Dhan Yojana will lead most banks to collapse due to severe HR constraints and gross Customer dissatisfaction.
Why banks if can be done without? Banks both Public and Private are white Elephants always with an eye on profit over service. A better option is to cater the needs of the poor using technology…
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AUTHOR: P Abraham Paul. Dated June 8, 2017
I wrote about “Exclusively Banked Universal Money Management using Phones (acronym ‘Money through Mobile’ mTm) in a comprehensive paper covering almost all aspects related to it as early as in 1997 when no one has heard of those.
The technology adaptation was based on the feature USSD (Unstructured Supplementary Service DATA) in modern form of Signalling CCS7 in Telecom systems in PSTN as well as in PLMN. I am the first one to implement IN based Prepaid service in GSM and the Mobile Wallet Facility.
I got it tested out using USSD, and the many features, products & services as detailed in my paper in the link: wp.me/p1ZsI2-4g
Need of regulatory measures by Government.
Visualising the need of having a uniform structure, applications & methods for it to succeed and the need of Government’s role in its regulatory requirements to overcome its disruptive potentials effect on economy, I did not venture to do it then myself and I had been writing to Government as well as to RBI and to Planning Commission on this and many other areas such as UUID, Exclusive Government owned Communication systems, Networks, Transport and the Connectivity issues, availability and readiness of required minimum Eco system and so on and so forth for it to take off. (Available in papaulsblogs in wordpress.com)
The main object being Inclusive Growth through Financial Inclusion, in a country like India with of its most population residing in Rural areas, it is going to take considerable effort, time and money. But then there is nothing known as ‘Perfect’ in planning, wait for it and nothing happens. The way to go is to use best of the Contemporary and move on; always with an eye on the future, beginning from Cities, Towns and in places where required eco system readily available and then move on to other areas.
This is what many Private e-business Companies do with least concern of its main object of realising Inclusive growth by Financial Inclusion is being achieved or not.
Harnessing the Power of Money gone Virtual everywhere and for everything, give opportunity for Governments to generate enough revenue for their needs by levying a small percentage on every amount of money being transacted; a bye product BONUS, to make India a ‘TAX-FREE’ nation with no other Taxation, Direct and else , GST etc.
The key issue here compromising privacy in money deals of everyone, from the Poorest of poor to Multi-Billionairs, Organizations/Institutions/Trusts/Societies (good and bad), Banks/ MFCs and the worst it, the Political Parties.
However, going Digital in anything & everything and everywhere being one of the Prime Object of Government’s Policies, that cannot happen without everything become Transparent, and along with it the Hyper Media like Google and else prying into everything word ‘Privacy’ in almost getting obsolete. Look what happens when you are asked to link Aadhhar with PAN, your every Bank account and money transactions have become Transparent. Facts being so, Governments overseeing every money being transacted using Technology systems as explained in this paper is just a fate accompli and therefore, it become meaningless to object it as inappropriate as it intrude Privacy.
Please click on the caption below to read the article in full.
NO ROCKET SCIENCE; MERE COMMON SENSE, WITHOT USUAL JARGONS.
Please see my other posts in papaulsblog.wordpress.com free for anyone to take and use.
Abraham Paul P. FIE, FIETE
Freelance ICT/ICN Consultant.
AUTHOR: ABRAHAM PAUL P.
Short link: http://wp.me/p1ZsI2-10w
#UGOMAC is about many things I had been writing over past two decades:
I wrote and published many papers on these in my blog wp.me/p1ZsI2-4g in paulsblog.wordpress.com. In fact, I happened to have devised and tested out the idea of Money through Mobile (mTm) in early 1996 along with implementing the first IN based GSM Mobile Pre-Paid Service in India. Visualizing its disruptive potential, I did not venture to do it myself then. Since then I had been persuading the Federal Governments, Finance ministers, Planning Commissions, the Political Masters, Bureaucrats, et all. Unfortunately, neither Governments nor the Print & Visual Media took note of my papers on these in papaulsblogs in WordPress.com and thousands of Tweets and dozens of writeups in Print and Main stream media. (Thanks to the few kind enough to report some, now and then.)
Nonetheless, it was good to see finally Sri Raghuram Rajan, the Ex. Governor RBI approve Payment Banks (too many though), also pushing NPCI to create Uniform Payment Interface UPI and initiating the formation of Consortium of authorized as I had been persuading for many years as can be seen in my many papers published in papaulsblog Thanks to Sri Nandakani for creation of Aadhaar the Indian version of UUID, one of the important ingredients; well before it with many teething problems though, privacy issue is one of them. (There is nothing known as perfect in PLANNING, wait for it and nothing happens. Moving ahead using the best of the contemporary, always with an eye on the future, is the way to go.)
However, with change of batons in Governments /RBI; the momentum seems to have lost except in sloganeering by Political Masters, top to bottom in Government and every T, D & H in the Party. Digital India, Cashless India etc., and other learnt by heart and badly knit jargons became the catch words of everyone, knowing anything about it or not, everywhere, in place or else.
Then the State elections wanted some a quick fix vote catcher ideas; an ill planned and quickly baked Demonetization idea was handy that worked politically well but Government lost the Rods, line, hook and baits in the economy front.
Nonetheless, I continued persuading the Government, RBI/NPCI and heads of Banking Industry to move on and also tried my best to convince them about the lurking dangers of fast mushrooming private e-money businesses that left unregulated will guzzle up Physical money diminishing liquidity, drain Banks killing Banking Industry and eventually the parallel economy of #VirtualMoney created by business houses with such unscrupulous methods of day light robbery will disrupt Nation’s Economy as explained in my paper on “Power & Perils of Money going Virtual” wp.me/p1ZsI2-Ku
True that Advance of Technology disrupt the path it grows. But the World cannot remain silent spectator allowing such a catastrophic situation pass on without doing something about it. The way out is to walk the disruptive path, and walk all the way until ways and means found to convert it as advantage; adv. Government and adv. People as I had been suggesting for long to everyone concerned, how it can be done in my paper “Inclusive Growth, Eradication of Corruption / Black Money, #Cashless Society, better restraints on Terrorism – all in one go” and a also a side product ‘Tax Free Regimes’ as a Bonus. Please see how, in my paper in the link wp.me/p1ZsI2-XG Nothing new, no Rocket Science. I gave presentations on these in Institution of Engineers, Trivandrum, two years back. Further, the above idea, a first of its kind, can find its application and adaptation in Countries across the World as suggested in my paper #Universally Governments Operate Money as Commodity” on how Governments can generate enough money for its needs without any other form Taxations, Direct and else in the link wp.me/p1ZsI2-Yn
As can be seen, this idea offers in golden platter, the one and only way, and the most effective and workable too, in tackling the biggest problem being faced the World over in a simple way making use of Technology transparently monitor and control Money flow into wrong hands. However, jumping into it without its many prerequisites made ready in war footing basis in developing countries like India will be disastrous if not suicidal. I wrote about this in exhaustive detail long back in my paper wp.me/p1ZsI2-J5 But then, it is it not astonishing rather unfortunate to find the actions of Government / RBI of late, allow Private e-money business houses set up #PaymentBanks; that not only fully defeat the whole purpose of making payment banks and also reverse progress made so far in this area. Finding the Media chose to remain blind, deaf & dumb, may due to obvious reasons, I had been privately communicating with Hon. PM inviting his kind attention before things go out of hand.
Abraham Paul P. AMIETE (FIETE) AMIE (FIE),
Ex. Owner FCOMNET (Futuregroups. India & UAE) / Vice President (TS) SPCNL SIEMENS ICN Germany / Director (Trg, SC & TS) SIEMENS ICN RHQ, Dubai. / G.M & SMT TBG BPL Mobile India. / Telecom Engineering Service (I) DOT India.
P. Abraham Paul.
Originally Published by me in SOCM publication in 2001.
Short link:- wp.me/p1ZsI2-105
Thiruvananthapuram, Dated 02 January 2017
Short link: http://wp.me/p1ZsI2-Yn
The way to do it is by making Government’s Central Banks (Reserve Bank, in India) create all forms of money in virtual form; (and certainly not in disparate forms by different Private e-Commerce Companies) and make available to all who handle money in the country.
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. that can also help to progressively phase out of PDS with DBT.
UNIVERSALLY GOVERNMENTS OPERATING MONEY AS COMMODITY (UGOMAC)
Naturally a question arise how will Government make everyone use ever payment in Cashless payment route. This can be realized by Government first of all bring in a rule that every place Money transactions happen shall be treated as Point of Sales / Point of Service and Money transacted in both Physical and Virtual form shall be done only through that. Now if anyone transact Peer to Peer or Peer to Business or B to B in Physical Money other than through POS to avoid levy on its transaction, the money so transacted has as to ultimately reach a POS for getting converted or for Goods and Service and will come under levy payment in the hands of the receiver.
This is ensured as the POS can be made to accept Money only in Virtual form and if money is taken in physical form it will attract levy is of the hand of the receivers when they try spend or try to convert it into virtual money.
However, there shall be facility to accept Money in physical form and exchange it to Virtual form and vice versa to complete the transaction inviting levy twice. This will work as incentive to stick to Cashless mode.
If someone want to use Physical Money at a POS, it has to be exchanged into Virtual Money first. Facility shall be always available to exchange Physical Money into Virtual Money and vice versa, always inviting levy in each transaction; thus Virtual Money transactions become cheaper and this incentive help enhance Cashless mode. Even the Black Money hoarded will have to go through a POS some where some time paying levy and get into the statistics of Government.
Once Governments developing countries are able to generate enough income to cater for all its needs, dependency on FDIs diminishes considerably.
4.4. Easy and quick to apply changes in emergent situations.
Another important aspect is that the income generated can be need based and can be varied as needed from time to time in case of national calamities, poor or failure of monsoon, famine, etc., and revert back at will just with the press of a button.
As RBI being the creator and custodian of e-money entire statistics will be available and can be monitored to prevent Corruption and Black money. Same way flow of Money into wrong hands can be prevented the one and the only sure way to restrict terrorist activities in the Country.
India should have its own INTERNET CLOUD and INTERNET EXPLORER Servers.
6.1. India INTERNET CLOUD and indigenous Servers.
Last but not the least, in order to get all these done it is critical to have an INDIA INTERNET CLOUD and own Explorer servers sitting within the country are a must lest the entire economy can grind to halt if solely depend on Explorers abroad happened to be hacked or switched off due to any reason beyond our control. It is also advisable to roll out the project less dependant on INTERNET. My paper “Money through Mobile (mTm) envisage realization the project using Phones both Mobile as well as well as Fixed & Public Kiosks. wp.me/p1ZsI2-4g
Extending digital connectivity needed for this every where laying Optical cables will take time. The way to go is to implement these in places where digital connectivity available and remote areas are connected to Central Servers with GPS over Satellite links to provide access Central server from rural Post Offices, Panchayat & Government offices and Franchisees through Kiosks.
Please see my blogs on Digital India: Views, opinions, and new proposals on various Technology & Social and Community affairs. http://wp.me/p1ZsI2-J5 and wp.me/p1ZsI2-11j
Author: Abraham Paul P. FIE, FIETE.
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