How to save Nation’s Economy from impending disruption.
Short link: http://wp.me/p1ZsI2-11j
To whomsoever it may be of interest.
AUTHOR: P. Abraham Paul. FIE, FIETE
Thereafter, I had innovated and tested out “Universal Money Management using Phones (acronym ‘Money through Mobile’ mTm), using Intelligent Network technology and CCS 7 signalling “Unstructured Supplementary Service DATA (USSD)” and “Mobile Wallet” feature as early as 1996 when no one has heard of Mobile Payments.
Visualising the need of having a uniform structure, applications & methods for it to succeed, and also of the negative impact of such features working on prepaid mode involving transaction of huge volume of money in physical and virtual forms between the Servive provider and its Users that would need regulatory measures by Government to overcome its disruptive potentials on nation’s economy, I did not venture to implement it myself then, and I had been writing to Government, RBI, Planning Commission and in Technology and Social Media on this and about many other related areas such as the need of UUID, Exclusive Government owned Communication systems, networks, the Connectivity issues, availability and readiness of required minimum Eco system, need of exclusive Payment gateways in the form Government controllred Digital Payment Banks and so on and so forth; for its take off and smooth rollout, in my paper Money through Mobile in the link wp.me/p1ZsI2-4g and various other papers as can be seen in my blogs in papaulsblog.wordpress.com
If I had implemented it as pioneer Fintech company then in the late ’90s without bothering about nation’s interest, I could have become a multi Billionaire long back.
1. Primary Object of Money through Mobile. (mTm).
Keeping this in mind I wrote to every one on the Government, RBI and NPCI, BSNL/PMG Kerala and also had published in many Technology and Social Media sites, Hindu Business Line, web sites like Toostep.com, Peerpower.com, Slideshare.com etc., and later blogged in papaulsblog.wordpress.com. Please see a comprehensive write and presentation in the link wp.me/p1ZsI2-4g
Later I gave a presentation on this in to BSNL Kerala Management team a decade back and later in Institution of Engineers in Trivandrum, Kerala and in other forums.
2. Need of Exclusive Payment Banks.
Finding that Governments appeared clueless of what was happening, I wrote again to RBI, and in different Media, about the need of their urgent intervention of government as can be seen in my many blogs in papaulsblog
In a presentation I gave in Institution of Engineers years back on ‘Power and Perils of Money going Virtual’ and the urgent need to regulate it’ wp.me/p1ZsI2-Ku I had explained how Money going Virtual is powerful but also could be highly disruptive in many ways unless it is properly regulated and harnessed.
I had suggested that as advance in technology cannot be stopped, Converting the disruptive potential as advantage is the way to go, to quicken Inclusive Growth and more, that can be realised by ensuring and retaining Money in its virtual form also legal tender and how.
This also increased further hardship caused with Demonetisation as these Companies sucked in and pocketed whatever Real Money and liquidity left out and freshly created and released in new currency notes after Demonetisation, most of it had surreptitiously exchanged and accumulated by Blackmoney holders.
3. How Technology can be harnessed to make India a TAX free Country?
It is cruel to burden ordinary people with taxes on their hard earned income for meagre livelihood.
Harnessing the Power of Money going Virtual everywhere and for everything, give a good opportunity for Governments to generate enough revenue for its needs by levying a small percentage on every amount of money being transacted; a bye product and BONUS that can make India a TAX FREE Nation, discarding all current forms of Taxations; Direct and else, GST etc.
Thus the poor and the considerably large population in low income group and farmers on their meagre hard earned money for their livelihood in a developing country which is most unacceptable can be avoided.
I am sure that Government will be able to enhance its revenue at least by ten fold by moving over to the idea of ‘Government Operate Money as Commodity’ #GOMAC as suggested herein without burdening people with other forms of duties and Taxes; Direct, GST or else.
The system’s and its functioning being envisaged as parameter driven, all sorts of flexibilities could be built in to enable differentiated charging of levies based on Users ID, place and nature of use, Country’s economic situation time to time such as severe Floods/Draught major natural calamities etc.
4. New upcoming Technologies that are handy for RBI look for are:
i) Crypto Currency to create ‘Money as Data’
ii) Creation of e-wallets to hold money in cryptocurrency using BITCOIN concept in the form of open ended e-Wallets, it’s value varying from Zero to any Amount for every user of Money in virtual form, right from Big Banks down to the Mobile phones.
iii) Usage of advanced Block Chain Technology for its distribution and operation etc.
The above technologies can be further developed (which India is fully capable of doing) and shalled be used uniformly by all stakeholders.
The Object and Concepts to attain it are important; there are aplenty out there to add ‘nuts and bolts’ and many fathers later to own it, when done.
Government should pursue and insist Indian IT companies to focus and concentrate more on programs helping Country’s progress other than creating huge wealth abroad; NPAs here and scoot.
5. Universal adaptation of the concepts. “Universally Governments Operate Money as Commodity” #UGOMAC
The Concept embedded can be adopted Universally by every Country across the World as explained in my paper ‘Universally Governments Operate Money as a Commodity’ #UGOMAC in the link wp.me/p1ZsI2-Yn
Further the system proposed envisage handling money transaction in any international currency and pave the path towards uniform practice of open Money management with ease across the World.
5.1. One World, One Economy, Sharing of Resouces and its equitable distribution ensuring eradication of poverty with ‘Universal Basic Income’ #UBI are the order of the future towards a Righteous World.
Universally Governments Operate Money as Commodity can become handy to establish the concept of One World, One Economy and realization of Universal Basic Income UBI with a Universal fund autonomously raised and contributed by every Government by interleaving every country’s #GOMAC servers with a Centralised #UGOMAC server.
It is High time for the Governments World over to move over to #UGOMAC “Universally Governments Operate Money as Commodity” that can eventually realize ‘One World One Economy’ with Sharing and Equitable distribution of Resources’ to enable “Universal Basic Income” ‘Eradication of Poverty’ and improved ‘Standard of Living’ all across the world with assured ‘Universal Basic Income’ by creating a common fund contributed by all Nations.
5.2. Controlling movement of Money is the only way to restrain Terrorism.
The one and only way to effectively restrain proliferation of Terrorism of sorts by controlling money going into wrong hands for wrong purposes and to put a stop to Money in Politics which has become curse and downfall Democratic well being of Governments world over. Please see my blog: wp.me/p1ZsI2-10w
6. Jumping into Digital India before its prerequisites in place is disastrous.
Everyone in Government and in its Party these days vociferous about going Digital, in place and else and knowing anything about it or else. wp.me/p1ZsI2-XG
Digital connectivity everywhere being the crux of the issue, Jumping into #DigitalIndia without its prerequisites made ready in a war footing basis will be disastrous if not suicidal. Therefore, the whole thing shall be approached in well planned manner phase by phase implementing it in Cities, Towns and its suburbs where eco system needed is readily available and moving on to other areas as and when it is made ready, as explained in my blog. wp.me/p1ZsI2-J5