Nearly 27 days have elapsed. India's currency note crisis has not receded. Many people including Senior Citizens have died in ATM queue lines and outside Bank Branch gates. Latest in the sequence is, in Kanpur District, Punjab National Bank, Jhinjhak Branch, a pregnant woman in ATM queue has delivered a baby girl. Here is the link to read the news report: Click to go to http://www.hindustantimes.com/india-news/kanpur-woman-delivers-baby-inside-bank-while-waiting-in-queue-to-get-cash/story-rzU5CLeEYHUsSTyt4qLM1H.html. Her name is 'Sarvesha', age 30. It was said to be her second day in the Bank's queue. ON the first day, she could not draw cash. On the second day, she has delivered a baby girl in the queue, with the help of onlookers and customers who took her into the Bank, and assisted her in the delivery. Later, a police Jeep came and shifted her to hospital.
ybrao-a-donkey: The above news report pertains to December 3, 2016. Today is 6th December 2016. There is not much change in the situation. At Chintalapudi, Godavari District of Andhra Pradesh, disgusted people were reported to have sat on the Highway to express their resentment.
Now, going back to the Old Rs. 500 and Rs. 1,000 currency notes does not appear to be practicable, because most of the notes have already entered Bank(s) vaults, and will finally reach RBI for incineration.
LURKING DANGERS OF GREAT DIFFICULTIES IN AGRICULTURE, SMALL BUSINESS, SMALL INDUSTRY SECTORS, APART FROM UNCONTROLLABLE LAW & ORDER PROBLEMS
India's Security Presses, even after working 24x7x365, do not seem to have adequate capacities to meet the demand for currency notes in the near future. But then, Indian Agriculture, Indian small businesses, and Indian Small Industries have reached their maximum stretch-ability. Neglecting them further, can lead to steep fall in production in goods. There is also a lurking danger of uncontrollable law and order problems. Airlifting CRPF or Army in areas of unrest does not appear to be a correct sensible solution.
Reserve Bank of India is reported to have started airlifting currency notes, where States have come forward to send chartered planes at their own cost.
HIGH TIME, WE IMPORT CURRENCY NOTES
There are many countries in the World, which have surplus currency printing capacities, with all the required security features which India may specify. India can get into touch with the Central Banks of those countries, to place orders for IMMEDIATE PRINTING OF RS. 500 AND RS. 1,000 DENOMINATION CURRENCY NOTES.
Right now, we do not have a foreign exchange scarcity situation to bear the cost of printing of currency notes abroad. When compared to the risks of loss of production, fall in GDP Growth, law and order problems etc. importing currency notes, seems to be sensible.
Notes which, if India imports from abroad, can have a design distinct and different from the indigenously printed notes in Indian Security Presses. The need for a different distinctive design is 1) to withdraw them from circulation when India is fully ready with its Cash-less transactions. When India is fully ready for a Cash-less transaction regime, imported notes can be withdrawn first. If any counterfeit notes come for imported notes, identification also becomes easy.
Many countries in the world, particularly the underdeveloped countries, do not have their own currency presses, and they place orders abroad with reputed currency presses situated abroad. In the circumstances, global currency printing presses working on orders have developed some standard security practices to ensure that neither they nor their employees indulge in counterfeiting. They have developed required expertise. They instal modern machineries and technologies from time to time to guard against counterfeiting.
One word of caution: India should not get addicted to print currency notes abroad. This idea of import of currency notes, is intended only as a one-time measure.
The global printing presses can be requested to directly airlift the currency notes printed by them to the designated Local Head Offices of State Bank of India, at Centres where International Airports are situated in India. Of course, details of each consignment can be furnished to Reserve Bank of India, for control and monitoring their due receipt.
As BJP Government seems to be particular about NATIONALISM AND NATIONAL HEROES, imported currency notes can have pictures of Subas Chandra Bose, Babu Rajendra Prasad, Lok Manya Tilak, Maulana Abul Kalam Azad, Shaheed Bhagat Singh, Chandra Sekhar Azad, Basavaraj Raj Guru, Ras Bihari Bose, Lala Ljapat Rai, Dayananda Saraswati, Mira Bai, Tulasi Das, Kabir Das, et al (This list is incomplete), and Historical Locations like Jalianwalah Bag, Andaman Central Prison. We can also have on currency notes, images of Bhilai / Rour Kela / Visakhapatnam Steel Plants. If it does not violate security, we can even have Kudankulam Nuclear Power Station, Srihari Kota Satellite Launching Complex, on our currency notes.
This comment has been removed by a blog administrator.
ReplyDeleteReason for deleting the above comment: Bot-generated spam.
ReplyDelete