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SIMPLE AND EASY IDEA THAT CAN CHANGE THE ECONOMY OF OUR COUNTRY
I have written an letter to our Hon'ble Prime Minister regarding an idea that can change the economy of our Country.
Respected Honorable Prime Minister Sir,
Myself Abdul Hakeem and I am a resident of Karnataka, Kalaburagi, India. I had completed my Bachelor degree in Computer Science and currently I am working in Pvt. Sector.
Sir, I am very much happy with your ideas and with your work for this country and I welcome for your good step for demonetization of 500 and 1000 rupees currency. As per my view with this step more than 50% of the corruption and black money will definitely get stopped which will help in rising economy of our country.
Sir, the purpose of writing a letter is that, I have got an Idea with which one can easily stop black money, corruption 100% without any difficulty and can keep record of 0.001 paisa transaction also.
What is my Idea?
My Idea is that the Government has to demonetize all small and big currency including coins and take this country to online transaction.
Your idea is also the same but as per new rules and regulation every person has to transact by using online or through credit / debit card or cheque, it is very difficult to make the habbit to the people to come under this category since many of the transaction of our daily use is done only by 10, 50, 100, 500 and 1000 notes including coins which results in black money and corruption etc.,
Your idea is superb for big transaction more than 1000 but it is not good for small vendors / shops.
As per your idea, for making this effect banks has to install swipe card machines in all shops, vegetable shop, auto, rishkaw and all small scale vendors / business etc which is not possible at all since it requires internet connection also etc., and also too much expenditure for adopting this all over the country.
What is the solution for this?
The solution is we have to start mobile banking system all over the Country.
What is mobile banking system?
Mobile banking system is the same as we do transaction through mobile either by placing call, sending sms, transferring balance from one mobile number to another mobile number etc.,
How it works? And what is required for working?
As you know that majority of our population is using mobile and network for placing calls and sending sms why not from mobile itself we can do all type of transaction.
Yes its true it is possible. And for this one should just has a common mobile phone like GSM / CDMA and not a smart phone and neither internet connection required.
How to make this possible?
For making this possible one should have a valid bank account (Now every one is having), another thing is a network provider like (BSNL, Airtel, Vodafone, reliance etc.,) this also majority of citizens are having and that’s all.
How it works?
The working is simple and easy to use. For eg:) We have to link our mobile number with our existing bank account by sending a simple message for linking (like we do linking for gas connection etc.).
Before this we have to change type of account with our bank as Savings account for common people and commercial account for small business like tea stalls, vegetable shops, auto drivers, taxi etc., or other business vendors which are operating in our country for their daily business and work / earning.
After that banks have to generate an easy ID number from our existing account like our mobile numbers with a maximum of 10 digits for easy use.
What changes does Banks has to do in their software?
All banks should have one common ID like?
State bank of India should have ID like 123
State bank of Hyderabad should have ID like 124
Likewise all banks should have separate ID’s.
How to do transactions through mobile banking?
Doing any transaction with mobile banking is easy and simple to use.
One has to just dial *123*987654321*20*777# for sending money and *123*2*123456789*20# for receiving money (the model is same as we transfer mobile balance from one mobile to another mobile).
What this above numbers contains?
*123* is our Bank ID (Eg. SBI bank)
*987654321* is sender account number (which is allotted by Bank)
*123456789* is receiver account number (which is allotted by Bank) and
*20* is the amount which is getting transferred
*777# is our pin number
For example if a person is purchasing a milk or any product in a small retail shop then:
A purchaser just has to dial *123*987654321*20*777# for sending money and
A Shop owner has to dial *123*2*123456789*20# for receiving money as a receipt proof.
What about small children, disables persons, old people and beggars those who are not having Bank account and cannot operate mobile for transaction?
For them we have to issue vouchers for a denomination of Rs. 1, 2, 5, 10, 20, 50, 100 this are same as coins and currency but this will be issued from the banks like cheque books from a person bank account who wish to keep vouchers and do transaction through vouchers.
How to use this vouchers?
For example, a small children/ beggar/ disables persons / old people want to purchase a milk or chocolate or something which they want.
They have to get a voucher from their Father / Son/ Guardian (which is issued by the bank through their Father/Son/Guardian account like bank issue cheque books) then they just have to give this voucher to a shop owner and get want they want like milk or chocolate etc.,.
How voucher looks like or what should does a voucher have?
A voucher should have the following things?
a. Display amount of voucher eg. 1, 2, 5, 10, 15, 20, 50 or 100
b. Bank Id on the voucher eg. If SBI (123), if SBH (124) like wise etc.,
c. One small number / pin number hidden (like in scratch card)
What shop keeper or shop owner do with this voucher?
They have to just type *123*1*987654*2#
What this above numbers contains?
*123* is the bank ID
*1* is the key that they want to transact from voucher (eg. *2* for accepting payment)
*987654* is the pin or number mentioned in the voucher after scratch etc.,
*2# is the amount of the voucher (eg. *5# for Five rupees etc.,)
By doing this or just typing some number which can be easily done by any common person they can transfer money from voucher to Bank account.
What if I lost my mobile phone?
If somebody lost his mobile phone then there is no chance of misuse since all transactions will done by using Pin numbers only, without pin number no one can misuse his mobile banking system. And he can easily change his Mobile number and pin by taking his credit card to ATM or by going to respective Bank.
What should be the limit for the mobile banking system?
Since, an average person use denomination upto 1000 for their daily use so either we can restrict this for Rs. 1000/- as daily limit or 5000. For the transaction above 5000 one can use swipe card or debit card and transactions above 50,000 one can use cheques.
This is the idea which I got which is very simple and easy to use and by adopting this the Government or income tax officials can monitor or keep record of 0.001 paisa transaction and there is a chance for stopping black money, corruption etc., completely from our country and can make this country free from corruption and Blackmoney and also can raise the economy of our country and can give benefits to the poor peoples in terms of providing education, houses, food and other benefits etc.
Share this message as much as you can so that Govt. can adopt this in our country. For more details you can contact me at rightsuportforme at gmail.com