Replace the Indian currency i.e. the existing notes/bills in circulation with the new ones instantaneously and eventually scrap paper money for good.  

This Petition is to:

Curb corruption,Black money, to save time, to save trees, to stop infection.  

                                               THE PETITION

REPLACE THE INDIAN CURRENCY I.E. THE EXISTING NOTES/BILLS IN CIRCULATION WITH THE NEW ONES INSTANTANEOUSLY AND EVENTUALLY SCRAP PAPER MONEY FOR GOOD.  

This could be done in phased manner.

Phase l: The new set of Paper money/currency be replaced by Reserve Bank of India.

Phase II: The Paper money be discarded altogether and superseded with e-money.

In Phase l: New design/color Paper Notes from environment friendly products, with additional security , if possible raised fonts or Braille feature be added, date of printing and the date of expiry is could also be printed to replace the existing one, particularly for bills/notes of denomination of Rs.50/- and above. It is need of present time.

Whereas, Paper money with premeditated fixed denominations of desired notional value had significantly replaced barter and other contemporary trade systems in the past. It was need of that time.

But now, with advent of e-money, e-commerce, e-banking, e-trade, e-transfer,  the advanced monetary control and transfer with modern systems and devices, including credit/debit card, online-transfer, internet, computers bio-metric identification and the Bitcoins coming big way,  Paper Money is no more required in this new world order.

 In Phase II: Let’s do away with Paper money. It is need of future.

Paper money has its own vices and virtues. Almost all it plus points are taken care by e-money. Some of the drawbacks of Paper Money can be negated by E-Money are that it is:

·        Costly to Print, store & maintain.

·        Bulky and difficult to carry.

·        Time taking to transport.

·        Cumbersome to count.

·        Risky to carry; risk extends beyond value of paper money including tricking/swapping, robbery, life risk etc.

·        Error or purposeful wrong counting cannot be easily proved or rectified later.

·        The possibility of fake or counterfeit currency.

·        Exact amount and minute fractional tendering difficult.

·        High chances of getting soiled, lost, burnt or otherwise destroyed.

·        Limited Shelf-life.

·        It is not be easily tracked.

·        It can be illegally hoarded.

·        Political, administrative territorial limitation.

·        Source of infection and an everyday unavoidable epidemic source.

·        Waste of human resources and manpower/hours.

·        Waste of natural resources in its making as pulp usage means degeneration and deforestation.

·        Promotes cult worship, printing their picture on it dictator’s worldwide use it as tool to impose their or their idols entity or ideology on users mind.

However, it may not be best to do it overnight but should be done in time phased manner.

So, while the paper money is still in use we can replace the existing notes/bills of the Indian currency with the new ones instantaneously in Phase I in a devised in ‘Fair Replacement Value Doctrine’:

Situation 1: Any citizen can get certain amount of old/current Paper Money i.e  Rs.X- replaced with new Paper Money on producing Adhaar Card or any bio-metric identity without any question.

Situation 2: Upto value i.e. Rs. Y, or righteously acquired money no questions be asked.

Situation 3: For replacement of Paper Money above the sum of above two Rs.X[i1]  + Rs.Y  (situation 1 and Situation2), person has to prove legitimacy and get replaced.

OR

Situation 4:Those who have no reason or simply are not inclined to prove legitimacy may also be treated fairly; get certain present say Z% of the replaced.

The difference between total amount presented and the amount repatriated i.e. Z%, can be transferred to Government Treasury or/and RBI.

 

RBI/government shall print new notes equal to current notes in circulation in phased manner.  

Catchphrase, the Paper Money has played its innings, so let it retire; gracefully decorated with farewell attire.

Variables:

·        RS.X/- can have any value, the value suggested by proposer/petitioner is Rs. 30,000/-.

·        Righteous or Y Money can have any value, the variable suggested by proposer/petitioner is Four months average income of last three years or amount equal to direct taxes paid in last three years, what so ever is higher.

·        The proposed variant value for Z% be 50%.

·        Time Variable The period for replacement shall be fixed after studying replacement mechanism and time reqired, the ‘PROPOSED AT THE COUNTER REPLACEMENT PERIOD’ be three to seven days to approach replacement counters established at banks Post offices etc., however after counter replacement period is over old currency/paper notes can be valid and till next three to six months but in this period when old Paper notes are deposited at bank etc. shall be mandatorily replaced by bank or such  bodies after categorizing it in Situation 1 or 2 or 3 or 4 with additional service Charge of 1% for Situation 1 or 2 or 3 and 10% for situation 4.

This proposal is for actual paper notes, not for money in any other form like Deposits, Certificates, etc.

·        The ultimate withdrawal period for PAPER MONEY or the period between Phase I and Phase II, be three years after final validity day/expiry date of the old Paper Notes.

RAVI RANJAN SINGH

LIVE VALUES FOUNDATION

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