Minimize Paper Currency; Maximize National Security

Prime Minister Narendra Modi surprised and shocked the nation by withdrawing old Rs.500 and Rs.1000 currency notes. He announced that this step is needed to root out the black money which has been the promoter of terrorism and parallel economy.

High denomination notes are easily faked and circulated by enemy countries. In order to destroy the Indian economy and society, enemies of India are working overnight through these faked currency notes. It is important to ensure the safety and security of the nation than looking at the rest of the issues.

Cutting across class and political lines, people welcomed this decision. But in the sudden somersault, the government has revealed that it is intending to reintroduce Rs.500, Rs.1000 and introduce Rs.2000 notes. This sounds illogical. Any amount of assurance that the proposed currency notes cannot be faked is totally unacceptable.

None can give assurance about the impossibility of faking of the currency notes. In the age of 3-D printing and hi-fi technology, anything is possible. In these circumstances, it is wise to minimize the paper currency. Let us look at the facts before us and steps to be taken immediately to ensure the safety and security of the nation.

We must be proud to have Jawans who are ever ready to sacrifice their precious lives for India. In every decision of the government, the sacrifices of the Indian armed forces and common public must come first.

Hundreds and thousands of the Indian Jawans who were martyred while safeguarding our border areas have left their spouses, children and parents. Many are just married, have pregnant wives, and have just-born kids, aged parents and young children.  Let their sacrifices not to be wasted by bringing back high denomination currency notes which are the real promoters of terrorists against our Jawans

Facts

1.    More than 40% of Indians don’t have any bank account

2.    The World Bank paper, "The Global Findex Database 2014 - Measuring Financial Inclusion around the World," says that 21% of the world’s unbanked people are Indians

3.    Prime Minister’s Jan DhanYojana(PMJDY) is an excellent step in enhancing the financial inclusion. This programme has brought 187 million Indians into the banking system

4.    Nearly Rs.25,000 crores were collected through PMJDY

5.    But only 15% of the bank accounts are active.Rest are dormant. India accounts 43% of the world’s dormant bank accounts

6.    195 million Indian bank accounts are dormant

Steps to be taken

1.    Issue Rupay debit cards to those who don’t have any bank accounts especially to those who are aged, women and physically challenged

2.    All the BPL card holders must get the Rupay card with the top up from the government

3.    Deposit Rs.500000/- in every Rupay card account

4.    These Rupay card accounts should also be allowed to operate in rural post offices

5.    Cap the monthly withdrawal of Rs.7000 per card in villages and Rs.10000 per card in cities

6.    Stop issuing currency notes above Rs.100

7.    Make sure that all payments except petty ones are paid through cards

8.    This card payment system can wipe out the black money by bringing everyone into the tax system

9.    Enemy plans to destroy our nation through fake currency notes can be defeated

10.                       It will breed an honest economy and society in India

Without these steps, India cannot get rid off the black money, terrorism, drug menace and parallel economy. Prime Minister Narendra Modi promised to deposit Rs.15 lakhs in every Indian’s bank account during his election campaign in 2014. Now it is high time that atleast he issues Rupay card to the BPL category with Rs.5 lakhs topup. If he loses sight by once again bringing high currency denominations, India will continue to face multiple challenges like fake currency, black money, terror funding, drug abuse and other serious national menaces. In this now or never battle, PM must succeed by once for all stopping higher denomination currency notes.