I had to pay 10 INR to a shopkeeper, I had plenty of options. I had old and fragile bank note, a brand new note, a note of 100 and some coin to make it 10. I gave him old note. What made me to go for it? Does value of money differers with different from? Answer is yes and no, although the economical value may be same but its total value is beyond that. When new 10 Rx coin came into the market I felt so special that I hardly ever used it. Its value was defiantly beyond 10 Rs.
What do we do when we pay? We exchange its economical value. If one reads the currency note (India) it clearly mentioned that we exchange things of same value of currency. It also means, currency don't have any value of its own, its a sort of token for a value which is printed upon it. Si how are we going to eradicate this incongruity of values from currency?
The excellent solution is cash less economy. After all what is the purpose of currency? Its only its economical value. so like credit card if we all have some sort of electronic medium then we could really solve the issue. Let call this medium as Dcurrency (Reg). Lets see the cons' of such system.
1. Unknown debit from one's account
It is possible like in actual credit card we have to undergo unknown charges. but it can be sorted out simply by changing the mode of operation. Like to debit amount from one's account he/ she have to swipe / tap one's Dcurrency (Reg). So there won't be any unknown debit. There would be definitely no problem with crediting into one's account.
2.Misuse of Dcurrency(Reg)
There are two points to it
a. Haven't we loose our wallet full of money? Same is the case with Dcurrency. If we loose it anyone could have access to our account. But being digitalized we could baffle this, by incorporating password/ pin. But if it would be for all the transitions like bus ticket or train counter then there would be accumulation of huge delays. So the best solution would be using different level of security. On an average one keeps 500 INR in one's wallet, it could be made to do any transitions up to 300 INR and beyond that one have to put in pin upto 1000 INR and so on. One can customize the security as per one's will, after all its one's decision how much to carry in one's wallet.
b. Other point is making it implanted. I have seen elephant in south being kept under track by implanting a small chip behind their ears. So we can make similar implants in our left carpel. This would be be nice exercise and topic of research for medical peoples. Lets stick to the topic of Dcurrency(Reg) and not digress to medical things, but let me put up its not at all difficult.
3. System failure or power failure.
Like in current electronic money if server is down there is offline processing which updates the data as soon as server is connected back. same can be done that too without delay. For power failure, the Dcurrency(Reg) should be used as magnetic inducted tap to access one's accounts in offline mode. Its like opening digital door using magnetic strip. Power requirement is less but still we could count on adapters and batteries. Moreover new India would not be power down country.
If entire establishment of system have to change then it should behave a huge advantages. And in fact it has.,
1. All the problems arising due to physical currency would be eradicated.
RBI dispose soiled notes of worth 2 lakh core per year and smaller denomination accounts for 13 billion units. Smaller denominations such as 1, 2,5, 10 are circulated in huge volume but has average life less than a year. And also contributes to lower percentage of entire value. With Dcurrency(Reg) this won't be there. One would also need to carry wallet full of money, risk of getting it lost would always be there. The issue of fake note damage notes with general public would be completely be removed. The complications arising to get exact fare would be solved.
2. Faster economy
We already know we don't have to spend time in queue, just a tap and go. Not only this the delays in en-cashing checks, bank transition would also be scrubbed away. Everything would be online so there won't be situation when the money is in no man's land as in online transition currently.
3. Expenses in making currency
RBI won't have to print them, they won't have to spent on its security, transportation, verification these all would be irrelevant. Move over RBI won't have to use up its gold and would help in conserving reserves for country.
4. Prevention of illegal means.
The anti social factors like corruption, begging illegal transition would be dead stopped. As all transition would be recorded and everything could be traced back. Accounting and everything could be done in a click.
One can always get detail abut oneself via mobile or bu call after verification. ATM could be used for online transition, nothing could go waste. accounts ca be related, hoarding, illegal trafficking can be easily be seen. There is so much about it. One of such initiation is taken by ITZ Cash in IITB where Dcurrency(Reg) is used in name of ITZ Cash of size similar to SD card attached to a mobile. It is used in place of cash. But it is yet to show that much success. because the vendors are not able to use the Tapping machine, and they prefer tradition currency as their contractors are out of IITB. If entire system is made to go by Dcurrency(Reg) it would be surely a success. And we would live in Cashless Economy.
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| ITZ Cash on mobile |
I have a lucky 10 Rs coin and I am going to keep it forever, but I am going to keep only one.
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