1) The document discusses the history of currency in India from ancient times to modern times. It describes the evolution of currency from commodity money like gold and silver in ancient texts to early coinage systems in places like Indus Valley civilization and Mahajanapadas.
2) Paper currency was first developed in China in the form of flying money during the Tang dynasty. Later, the earliest banknotes emerged in Europe issued by the Swedish central bank in 1661.
3) In India, the rupee originated from the silver coin rupyaka and was the standard currency during Mughal rule. After British East India company took over administration, the coinage system evolved further with rupees and mohurs
History of Currency : Ancient Coinage, paper, Indian Rupee
Evolution Coins, to paper to Bank Money
Financial Inclusion
Reforms - Adhar cards,Jan Dhan Yojana, GST
Benefits of GST
Why demonetisation is needed?
Suggested by Dr. Ambedkar
Benefits - Unearthing Black Money, Revenue to Govt., Shift to Bank Money
welcomed globally.
Short-term pains
History of Currency : Ancient Coinage, paper, Indian Rupee
Evolution Coins, to paper to Bank Money
Financial Inclusion
Reforms - Adhar cards,Jan Dhan Yojana, GST
Benefits of GST
Why demonetisation is needed?
Suggested by Dr. Ambedkar
Benefits - Unearthing Black Money, Revenue to Govt., Shift to Bank Money
welcomed globally.
Short-term pains
This Presentation is prepared for the Graduate Students. A presentation consisting of basic information regarding the topic. Students are advised to get more information from recommended books and articles. This presentation is only for students and purely for academic purposes.
history of money, history of china money, chinese money history, money history, report on history of money, History of money by TAYYAB FAROOQ (TSINGHUA UNIVERSITY), world oldest history about money, china coins and cloth money history, intorduction to history of money
The Kuṣaṇas started their ruling under Kujula Kadphises in central asia and centre of power was Gandhara .
The Kuṣaṇas apparently introduced the very first anthropomorphic representations of Indian gods for their coins in Gandhara, even before an iconographical canon for these deities became standardised
The PPP is for the students of UG & PG not for my API and not even for the commercial purpose.
The *slide 50* of this PPP is wrongly typed the name *Samudragupta instead of Chandragupta II*. so kindly correct in your notes.
Around 3000 years ago, we found some changes had taken place in the ways in which rajas were chosen.
Some men were then recognised as rajas by performing very big sacrifices.
Ashvamedha or horse sacrifice was one such ritual in which a horse was let loose to wander freely and it was guarded by the raja’s men.
If the horse wandered into the kingdoms of other rajas and they stopped it, they had to fight.
If they allowed the horse to pass, it meant that they accepted that the raja who wanted to perform the sacrifice was stronger than them. These rajas were then invited to the sacrifice.
The raja who organized the sacrifice was recognised as being very powerful and all those who came brought gifts for him.
The rajas who performed big sacrifices were then recognised as being rajas of janapadas rather than janas.
The word janapada means the land where the jana set its foot and settled down.
Archaeologists have excavated a number of settlements in these janapadas such as Purana Qila in Delhi, Hastinapura near Meerut, and Atranjikhera near Etah.
“The stupa was one of the most characteristic remains of the Buddhist world; they are not found in Hinduism at all.
In function we may view them as a specialized type of tumulus:
They were circular in shape, with a domed top.
They were built to cover the relics of the Buddha, his earlier followers, or some other essential symbol of the Buddhist religion.
It might be recalled that the Buddha was Śākyamuni (‘Sage of the Śakyas’, i.e. the Sakas)….
To the stupas were carried offerings, often letters, while the devoted performed their rituals, walking around the shrine keeping their right shoulders (pradaksina) toward the stupa.
The stupas spread with Buddhism to China and Japan and linguistically, Sanskrit stūpa gave Prākrit thūpo which the Chinese variously treated as *tabo or *sutab/po, now simplified to tā ‘pagoda.’”
As more and more transactions go digital, or plastic so to say, we look towards the future with a model that does away with currency notes and coins altogether and yet keeps alive the essential principle that money serves, without attaching any tangibility to it.
This Presentation is prepared for the Graduate Students. A presentation consisting of basic information regarding the topic. Students are advised to get more information from recommended books and articles. This presentation is only for students and purely for academic purposes.
history of money, history of china money, chinese money history, money history, report on history of money, History of money by TAYYAB FAROOQ (TSINGHUA UNIVERSITY), world oldest history about money, china coins and cloth money history, intorduction to history of money
The Kuṣaṇas started their ruling under Kujula Kadphises in central asia and centre of power was Gandhara .
The Kuṣaṇas apparently introduced the very first anthropomorphic representations of Indian gods for their coins in Gandhara, even before an iconographical canon for these deities became standardised
The PPP is for the students of UG & PG not for my API and not even for the commercial purpose.
The *slide 50* of this PPP is wrongly typed the name *Samudragupta instead of Chandragupta II*. so kindly correct in your notes.
Around 3000 years ago, we found some changes had taken place in the ways in which rajas were chosen.
Some men were then recognised as rajas by performing very big sacrifices.
Ashvamedha or horse sacrifice was one such ritual in which a horse was let loose to wander freely and it was guarded by the raja’s men.
If the horse wandered into the kingdoms of other rajas and they stopped it, they had to fight.
If they allowed the horse to pass, it meant that they accepted that the raja who wanted to perform the sacrifice was stronger than them. These rajas were then invited to the sacrifice.
The raja who organized the sacrifice was recognised as being very powerful and all those who came brought gifts for him.
The rajas who performed big sacrifices were then recognised as being rajas of janapadas rather than janas.
The word janapada means the land where the jana set its foot and settled down.
Archaeologists have excavated a number of settlements in these janapadas such as Purana Qila in Delhi, Hastinapura near Meerut, and Atranjikhera near Etah.
“The stupa was one of the most characteristic remains of the Buddhist world; they are not found in Hinduism at all.
In function we may view them as a specialized type of tumulus:
They were circular in shape, with a domed top.
They were built to cover the relics of the Buddha, his earlier followers, or some other essential symbol of the Buddhist religion.
It might be recalled that the Buddha was Śākyamuni (‘Sage of the Śakyas’, i.e. the Sakas)….
To the stupas were carried offerings, often letters, while the devoted performed their rituals, walking around the shrine keeping their right shoulders (pradaksina) toward the stupa.
The stupas spread with Buddhism to China and Japan and linguistically, Sanskrit stūpa gave Prākrit thūpo which the Chinese variously treated as *tabo or *sutab/po, now simplified to tā ‘pagoda.’”
As more and more transactions go digital, or plastic so to say, we look towards the future with a model that does away with currency notes and coins altogether and yet keeps alive the essential principle that money serves, without attaching any tangibility to it.
Cashless Society (Cashless Economy, Online Transactions, is india moving towa...Jeet Amrutiya
Pros and cons of cashless society.........
India's current Position on cashless
Is india moving towards this or not.......
How demonetization affected ........
History of Currency : Ancient Coinage, paper, Indian Rupee
Evolution Coins, to paper to Bank Money
Financial Inclusion
Reforms - Adhar cards,Jan Dhan Yojana, GST
Benefits of GST
Why demonetisation is needed?
Suggested by Dr. Ambedkar
Benefits - Unearthing Black Money, Revenue to Govt., Shift to Bank Money
welcomed globally.
Going Cash-Less
Lets learn and Teach Digital Cash
Role of Technology in driving Financial Inclusion 2016 - Part - 5Resurgent India
The banking sector has made rapid strides largely because of the rapid advancement of technology. Automated teller machines, internet and mobile banking, payment wallets, and other advancements have made significant improvements to consumer experience and have also helped banks widen their reach.
Training presentation on How to use BHIM SBI Pay UPI, SBI Buddy/Paytm wallet ...Gaurav Кumar
This is training presentation to give training on How to use BHIM/SBI Pay UPI, SBI Buddy/Paytm wallet and USSD payment methods. Users can use this presentation for giving training and encourage everyone to use Digital Payments Methods.
The current situation of overnight demonetisation of 500 and 1000 Rupee notes has created havoc in the country.
In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective on 9th November , Tuesday midnight. This was one of the boldest movements by the Government of India.Overall, this scheme is going to impact the businesses, the common man, and financial institutions – all at some level or the other.
Digital Cash Transfers and Financial Inclusion in IndiaCGAP
Developing a digital payments architecture in India:
Creates efficiencies and lessens leakages in government, by building digital rails in some of the hardest to reach and poorest areas of India;
Saves India $20 billion a year, or 1% of its GDP;
Achieves financial inclusion for millions of beneficiaries who can receive payments on time, access basic financial services, and use technology to provide feedback to government on those services.
Demonetisation of ₹500 & ₹1000
Content
Need of the study
Introduction
In a bid to cut corruption, the Prime Minister of India, Mr. Narendra Modi has announced the ban on Rs. 1000 and Rs. 500 currency notes. What is being an unpredictable move by Modi, he announced during his special address to the nation that the currency notes of Rs. 500 and Rs. 1000 will be illegal starting mid night of 8th of November 2016. "Currency notes of Rs 1,000 and Rs 500 will be just paper with no value, " announced by PM Modi.
This move from the Indian Prime Minster is his strike against the ever increasing black money in our country. • While this announcement was met with shock and confusion by many, there are others who termed this as the Surgical Strike on Black Money. • Let us have a look at the reasons for the ban and how this can affect our economy going forward.
CONTINUED........• As the economy of India is cash based, such circulation of fake currency notes has become a menace. • So, to contain the increase in fake notes and black money, the scheme to ban Rs. 500 and Rs. 1000 currency notes has been introduced by the government.
These notes can now be exchanged for the same value of money at the RBI offices or at various bank and post offices.People can deposit their old currency till the 30th of December 2016 in their respective bank accounts. • Most of the ATMs across the nation are closed on the 9th and 10th of November and the withdrawal limit from the 11th of November is Rs. 2000 and the same would be increased to Rs. 4000 per day.
Continued….
CONTINUED…
What RBI and world bank says about Indian economy.!In the last two and a half years with the support of 125 crore Indians, India has become the “bright spot” in the global economy. It is not just we who are saying this; it is being stated by the International Monetary Fund and the World Bank.
Conclusion
Bibliography
It is the basic concept of the digital india.. its all about what the digital india is.. about its 9 pillars its challenges its impact and its methadology..
As ordinary Indians, what can we contribute to make our country more cash efficient? We need to understand the cashless ecosystem first. Here is an attempt to understand the cashless options and how to go cashless.
India, a land of diverse cultures and ancient civilizations, boasts a rich numismatic heritage that spans several centuries. Old notes collections serve as fascinating artifacts that not only showcase the evolution of monetary systems but also provide invaluable insights into the socio-economic and political history of the subcontinent.
The literature in the books which gives us important information about the past is called literary source. The Vedas, Upanishads, Smritis, Ramayana, Mahabharata and the Sangam literature throw light on the political, social, economic and religious conditions of early India.
The file contains short notes from the 12th standard textbooks of History(NCERT). Contains 15 chapters of different eras. From ancient history to Framing of Indian Constitution. Suited for competitive examinations and students giving board examination. A quick way to recapitulate.
Asian civilizations embrace, learn from, and respect one another with the objective of common progress and prosperity, resulting in the flourishing of individual civilizations as well as the establishment of a "community with shared future for mankind" where countries come together and join.
Title_ Ancient Indian Coins of Foreign Rulers_ (1).pdfNovelemporium
Introduction:
Ancient India is a land rich in history, culture, and diversity. Throughout the centuries, it witnessed the rise and fall of various empires, attracting foreign rulers from distant lands. One of the intriguing aspects of this period is the numismatic heritage left behind by these foreign powers. Coins minted by these rulers provide valuable insights into their reigns, their interactions with Indian society, and the fascinating blend of local and foreign influences. In this blog, we will embark on a numismatic journey, exploring the ancient Indian coins of foreign rulers and unraveling the stories they tell.
In ancient times, various foreign empires, such as the Romans, Portuguese, British Empire also ruled over India. During the Roman rule, they introduced their own coins for trade and commerce, known as Roman Empire coins. We possess a collection of currencies from different foreign kingdoms of Portuguese, British, Roman, and others. We have rare currencies and ancient coins such as the Silver Denarius in their period.
1.The Indo-Greeks: The Indo-Greeks were among the first foreign powers to establish their presence in India. Their coins, issued during the 2nd century BCE, serve as a testament to the cultural fusion that occurred during this period. We will delve into the designs, inscriptions, and artistic influences that characterize these coins, shedding light on the cross-cultural interactions between the Greeks and the Indians.
2.The Kushanas: The Kushan Empire, originating from Central Asia, had a significant impact on ancient Indian history. Their coins, minted from the 1st to the 3rd century CE, showcase a blend of Indian, Greek, and Persian artistic elements. We will examine the unique features of Kushana coins, such as the portrayal of rulers, deities, and the introduction of the Brahmi script.
3.The Indo-Scythians: The Indo-Scythians, also known as the Sakas, ruled parts of North India during the 1st century BCE to the 1st century CE. Their coins display a distinct Scythian influence while incorporating Indian motifs and deities. We will explore the fascinating iconography and historical context behind these coins, highlighting the cultural amalgamation that occurred under the Indo-Scythian rule.
4.The Gupta Empire: The Gupta Empire is often regarded as the Golden Age of ancient India. The Gupta coins, minted between the 4th and 6th centuries CE, exemplify the pinnacle of artistic and metallurgical achievements. We will analyze the intricate Gupta coinage, which features Gupta rulers, mythological figures, and elaborate inscriptions, and discuss its significance in the context of Gupta society and culture.
5.The Islamic Dynasties: With the advent of Islamic rule in India, a new chapter unfolded in numismatic history. Coins issued by various Islamic dynasties, such as the Delhi Sultanate and the Mughals, showcased a unique blend of Islamic calligraphy, Persian influences, and Indian artistic elements. We will explor
Dr. BhimRao Ambedkar's speeches are replete with stimulating economic thoughts. He is probably the first thinker to analyse ancient Indian commerce and economic dimensions of social maladies in India.
Pl see his economic views in this downloadable PPT
Dr, Ambedkar has written very good thesis on Ancient Indian Commerce.
Bharat had very well developed Agriculture, manufacturing, trade and services since ancient time.
Sustainability Criteria and Indicators.
Need for Sustainable Livelihoods for India.
Livelihood Assets.
Case of a Landless Female Agriculture Labour.
The Sustainable Livelihoods Framework.
Sustainability in Business
“Sustainability should be a touchstone for all innovation …In the future, only companies that make sustainability a goal will achieve competitive advantage. That means rethinking business models as well as products, technologies, and processes.”
Businesses employing Sustainable Management and Strategy .
Sustainability issues and impacts in Business.
Cost Volume Profit (CVP).
Introduction
Fixed costs
Variable costs
Semi variable costs
Contribution margin
Break even point
PV Ratio
BEP ANalysis.
break even point
Cost-volume-Profit.
Introduction to cost managerial accountingVaradraj Bapat
Cost Accounting.
Cost Accounting Objectives.
Cost Accounting advantages.
what is cost?
Cost Classification:
By elements
By function
As direct and indirect
By variability
By controllability
By normality
By relevance
Elements of cost.
Introduction /Concepts of GST
Existing & Proposed Tax Structure in India
Model/Components of GST
Benefits under GST
Applicability & Rate in GST Regime
Impact of GST
GST Set off Chain & its methodology
Functioning of GST
Others Areas of GST
Key Amendments in Bill
Sector Wise Impacts
Flaws of the GST Model
Conclusion.
Education is the manifestation of the perfection already in man.”
- Swami Vivekananda
Indigenous Education.
Our goal should be making education for all free of cost.
Commercialization of Education.
Government Funding.
Corporate Funding.
Funding from Society.
Good Governance and Transparency in Education.
Education Loan.
Technology Enabled Learning (TEL).
Bridging Social Gaps.
Learning with earning.
WE want the Education by which character is formed, strength of mind is increased, the intellect is expanded, an by which one can stand on one's own feet.
corporate goverance Gobal models.
There are 4 Models.
ANGLO-US Model.
Japanese German model.
China Model.
Indian Model.
Salient ideas and thoughts on principals of governance as revealed by our ancient scriptures.
Basic values of Indian principals of governance.
India is not a story from Rags to Riches.
Strengths of India
The magic mantra of ‘Demographic Dividend’
The Integral Approach .
Domestic Consumption drives growth.
All about dr.ambedkar .
summary of thesis book of amedkar.
Ancient Indian Commerce.
National Dividend of India-A Historic and Analytical Study
"The Evolution of Provincial Finance in British India",
"The Problem of the Rupee: Its Origin and Its Solution".
Administration and Finance of the East India Company
SMALL HOLDINGS IN INDIA AND THEIR REMEDIES.
"States and Minorities"
"Buddha or Karl Marx“.
COMMERCIAL RELATIONS OF INDIA IN THE MIDDLE AGES OR
THE RISE OF ISLAM AND THE EXPANSION OF WESTERN EUROPE
world economic history.
India is not a story from Rags to Riches.
Dr. Ambedkar considered both Capitalism भांडवलशाही and Communism मार्क्सवाद as incomplete models.
Post 1990
Communism lost completly
Capitalism got converted into Consumerism.
In india, we should stop cpying failed Western models (Both Communism and Capitalism).
we need a model based on Indian ethos.
Personality development according to punchakosh 2016Varadraj Bapat
Personality development according to punchakosh
there are five types of koshas
Anamay kosh, Pranamay kosh, Manomay kosh, Vignayanmay kosh, Aanandamay kosh.
Ekatm manav darshan mulbhut chintan as in integral humanism. This is about basics principals, explained in Hindi. Concept put forth by Deen Dayal Upadhyay ji.
Rashtra, Dharma, Arth, Punch mahabhut.
ekatma manav darshan ke margadash sutra
vaykti, samaj, akatma.
sukh,taayg,sayamit jeevan.
vavyavhar,vikas.
Environment.
Golbal needs like pollution, poverty, unemployment, Self alienation.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
2. Dr. Varadraj Bapat
CA., CWA., M.Com., DISA, PhD.
School of Management
Indian Institute of Technology, Mumbai
Teaching Interests: Financial Accounting, Management
Accounting, Indian Economic Model
Research Interests: Financial Accounting, Financial Inclusion,
Corporate Finance
Others: Yoga, Spirituality, Sanskrut, Bharatiya Sanskriti, ABVP
2
5. Education• London School of Economics
•DSc, 1927, "The Problem of the Rupee: Its
Origin and Its Solution", (is a magnum opus
and seen as a major contribution to the field of
monetary economics)
• http://www.ambedkar.org/ambcd/28H.%20Problem%20of%20Rup
ee%20CHAPTER%20VIl.htm
6. What is Currency?
Currency is a form of Money which is generally accepted & includes coins and paper
notes, issued by a government to be circulated within an economy.
As per IMF definition of money, money can be anything that can serve as a:
• Store of value, which means people can save it and use it later—smoothing their
purchases over time;
• Unit of account, that is, provide a common base for prices;
• Medium of exchange, something that people can use to buy and sell from one
another.
Money can be broadly classified into following categories:
Paper money
Bank money
Electronic Money
7. History of Currency : Ancient Coinage
The first use of currency in the world has been mentioned in one of the oldest
literature of the world- The Rig Veda.
The Rig Veda although (earlier believed to be around 1500 B.C) is much older than
that. The exact vedic era is unfathomable but some scientists estimated it to be well
before 25000 B.C., as per recent estimates. The knowledge have been passed on
from generations to generations.
Dr. David Frawley, (Source: Minisobooks.com, Yuga theory of Sri Yukteshwara in The
Holy Science, pp. 4-8, 2010)
8. History of Currency : Ancient Coinage
Due to unsuitable medium (like Cows) for store or as the object of high value, an
alternative medium Nishka (an ornament) was introduced by the Vedic people.
References in Vedas:
• As mentioned in Rig Veda, Rishi Kakshivat recieves a present of 100 Nishkas
with 100 horses and 100 bulls from Raja Bhavayavya (Rig Veda, I.126.2)
• In the Atharvaveda, another poet describes how his generous royal patron gave
him a 100 Nishkas, 10 necklaces, 300 horses and 10000 cows. (ArthavVed,
XX.127.3). When the poet prays for 10 Hiranyapindas or 100 Nishkas, they
obviously seem to have asked for 10 or 100 articles of uniform size, value and
weight.
9. History of Currency : Ancient Coinage
The use of Nishkas as
currency is quite clear from
the Vedic texts (Vedic Index,
I.455), the Jatakas and the
Satapatha Brahmana.
A snapshot from the book: Vedic Index
of Names and Subjects, Volume 2
-By Arthur Berriedale Keith
10. History of Currency : Ancient Coinage
Other references
• Manu defines Nishka as equal in weight to 4 Suvarna or 320 Rattis (Laws of Manu
(VIII, 137). Its relative weight is equal to 1 karsha or 80 Gunjas (140 grains).
• The use of commodities like Gold as a mode of exchange dates back to the era of
Mahabharata and Ramayana, as mentioned in the ancient Indian epics.
• There are references of exchanging uniform weights of Gold and Silver which
establishes the fact commodity money was being used in that era and Gold was
generally accepted medium of exchange.
• Based on Dr. P.V Vartak’s astronomical dating, Ramayana era can be around 7000
B.C and Mahabharata war was fought around 5500 B.C. Hence, the use of
commodity money can be traced back to 7000 B.C in Indian sub-continent.
11. The Indus-Saraswati Valley Civilization (more than 3500 B.C.)
• The Indus Valley economy was heavily based on trading, it was one of the most
important characteristics of this civilization.
• Evidence of trade between between Harappan and Mesopotamian people.
• Exchange of pottery, seals and other objects through middlemen from Dilmun.
• Eminent Scholars debate the fact that Harappan seals were currency.
• Existence of organized weight system, familiarity with gold as a precious
commodity & a sophisticated system of trading point to existence of a definite
form of exchange system in the period.
History of Currency : Ancient Coinage
The Mohenjo Daro and Harappan
seals of Indus valley Civilization
Source: RBI
12. The Iron Age (1500 B.C. - 500 B.C.)
• Indian Sub-continent consisted of 16 Mahajanpadas.
• Each Mahajanpada issued a unique coinage with
varied symbols punched on the coin as a symbol of its
sovereignty for circulation in its own jurisdiction.
• These coins are thus called ‘Punch Marked Coins’ by
modern numismatists named after the unique
technique of using multiple punches to strike various
symbols on the coins.
A silver punch marked coin,
600-500 B.C.
Length : 11.3mm / 0.44
inches
Weight : 11.25 gm (100 ratti)
Gandhara Janpada
History of Currency : Ancient Coinage
Source:
http://www.columbia.edu/itc/mealac/pritchett/00routesdata/bce_500back/janapadacoins/janapad
acoins.html
13. The early coins in Lydia, 6th Century B.C
• One of the earliest coins (parallel to later Vedic period in
ancient India) are found mainly in the parts of modern
Turkey that formed the ancient kingdom of Lydia
• Made from a naturally occurring mixture of gold and
silver called Electrum.
• The denominations ranged from one stater (weighing
about 14.1 grams) down through half-staters, thirds,
sixths, twelfths, 1/24ths and 1/48ths to 1/96th stater
(about 0.15gm)
The Mauryan Coinage
• Consisted almost exclusively of silver Karshapanas of
roughly 3.4 gm
• Almost all Mauryan coins have five punches, as did the
Magadhan coins before them
• The economy must have been very prosperous, as the
coins seem to have been minted in the millions.
• Arthashastra, written by Chanakya, 340-290 B.C
mentions silver coins as rupyarupa. Other types of
coins including gold coins (Suvarnarupa), copper coins
( Tamararupa) and lead coins (Sisarupa) are also
mentioned.
History of Currency : Ancient Coinage
Silver karshapana used during Mauryan empire
14. Post-Mauryan period of Indo-Greek influence (200 B.C. – 55 B.C.)
• After decline of Mauryan empire, under King Demetrius-I emerged a new kingdom in North of Hindukush
& North-western parts of India referred to as ‘Indo-Greek Kingdom’ by modern historians.
• Demetrius issued a bilingual coinage using Greek script on obverse and North-Western Indian script of
Kharosthi on the reverse
• His successors, Agathocles and Pantaleon issued a bilingual coin using Greek and the North Indian script
of Brahmi
A coin during the Indo-Greek kingdom,
the inscription on the left face is in
Greek, and on the right is in the Indic
Kharoshthi script
The Indo-Greek period left an indelible mark upon the numismatic traditions of the Indian sub-continent long after
the disappearance of the Indo-Greek kingdom.
History of Currency : Ancient Coinage
Source:
http://www.columbia.edu/itc/mealac/pritchett/00routesdata/bce_199_100
/indogreekcoins/indogreekcoins.html
15. Dynastic coinage post Indo-Greek Kingdom
• The coinage after the decline of Indo-Greek period evolved with ruling dynasties.
• Western Kshatraps: ruled Western India between the 1st and 4th Century AD. The legends on the coins were gene
in Greek and Brahmi.
• Gupta: Gupta coinage (4th-6th centuries AD), depicted the king on the obverse and a deity on the reverse.
The deities were Indian and the legends were in Brahmi.
History of Currency : Ancient Coinage
Some Coins of the Gupta Dynasty
The Coins continuously evolved over a period of time and were adopted across various countries in various desig
The 7th century saw first use of Paper Money
16. The first paper currency
Paper currency known as ‘flying money’ was first used by the Chinese, during the Tang Dynasty (618-907 A.D)
— mostly in the form of privately issued bills of credit or exchange notes — and used it for more than 500 years
before the practice began to catch on in Europe in the 17th century.
Flying Money
These notes, known as “flying money”, were similar to modern
day bank drafts. The vouchers were strictly limited for use in
mercantile transactions between distant places. Merchants
deposited cash at the point of origin in return for paper
(flying money) guaranteeing reimbursement in distant provinces.
Thus a double transfer of cash was made without any physical
transfer between points. The picturesque term “flying money”
evolved from this practice, as though the cash had “flown” from
point of origin to destination.
This one kwan note was issued during the reign
of emperor Wu Tsung (841-846 AD)
History of Currency : Paper Currency
17. Real paper currency, as we know it today, first made its appearance in China’s Szechuan province early in the
Sung dynasty. Printed in black and red from copper plates the notes contained various scenes of village life.
Denominations were applied to the notes using a brush and black ink, ordinarily for one string (1000) of cash.
This note is perhaps the earliest paper money ever
discovered. Called “hue-tsu”, it is a Sung government
issue dating from 1023 AD. During excavation,
several brass plates used in the preparation of this
early Chinese paper money were unearthed
Marco Polo astonished the Western world when he, in his book, described the use of paper currency
throughout Khubilai Khan’s Yuan dynasty in China.
History of Currency : Paper Currency
18. The first proper banknotes in Europe were issued by Sweden. They were introduced in 1661 - some thirty-
three years before the creation of Bank of England notes - and came about because of a reduction in the
weight of copper coinage which created a shortage.
Sweden issued the first European banknotes in 1661
but very few are known to have survived. Most of
those that do are dated 1666 and are hand-signed
by various officials including Palmstruch, who
founded the Swedish Stockholm Bank and had first
suggested, without success, using paper money as
early as 1652. This note is for 50 Daler Silvermynt,
dated 1666. (Courtesy of Spink)
These first banknotes of Europe were ‘credit notes’ (‘kreditivsedlar’) issued by the Stockholm Bank. They
were issued in denominations of 5 to 1,000 Copper Dalers.
History of Currency : Paper Currency
19. The origin of the word “rupee” is found in the Sanskrit rūpya “shaped; stamped,
impressed; coin” and also from the Sanskrit word “raupya” meaning silver.
The original rūpaya was a silver
coin weighing 175 grains troy (about
11.34 grams). The silver coin
remained in use during the Mughal
period, and later during the British
rule.
History of Currency : Evolution of Indian Rupee
20. Some excerpts from “THE PROBLEM OF THE RUPEE: ITS ORIGIN AND ITS SOLUTION” by Dr. B.R
Ambedkar
• Under the Hindu emperors the emphasis was laid on gold, while under the Mussalmans silver formed a large
part of the circulating medium.
• Since the time of Akbar, the founder of the economic system of the Moghul Empire in India, the units of
currency had been the gold Mohur and the silver rupee. Both coins, the Mohur and the rupee, were identical
in weight, i.e., 175 grs Troy and were supposed to have been coined without any alloy.
• In Southern India, to which part the influence of the Moghuls had not extended, silver as a part of the
currency system was quite unknown. The pagoda, the gold coin of the ancient Hindu kings, was the standard
of value and also the medium of exchange, and continued to be so till the time of the East India Company.
History of Currency : Evolution of Indian Rupee
Name of the Rupee Weight
in pure
Grs.
Name of the Rupee Weight in
pure Grs.
Akbari of Lahore 175.0 Delhi Sonat 175.0
Akbari of Agra 174.0 Delhi Alamgir 175.0
Jehangiri of Agra 174.6 Old Surat 174.0
Jehangiri of Allahabad 173.6 Murshedabad 175.9
Jehangiri of Kandhar 173.9 Persian Rupee of 1745 174.5
Shehajehani of Agra 175.0 Old Dacca 173.3
Shehajehani ofAhmedaba
d
174.2 Muhamadshai 170.0
Shehajehani of Delhi 174.2 Ahmadshai 172.8
Shehajehani of Delhi 175.0 Shaha Alam (1772) 175.8
Shehajehani of Lahore 174.0
The table of the assays of the Moghul rupees shows
how the coinage throughout the period of the Empire
adhered to the standard weight of 175 grs. pure.
21. Coinage of the British East India Company
• In AD 1600, the East India Company was founded and set up trading settlements on the coast of India.
• They Started with using Silver coins and gradually moved on to minting Bronze-gilt and Gold Mohurs as well.
• In 1858, after the Indian Mutiny, the East India Company was disbanded and administration of India was
transferred to the
British government. As a result, the coinage no longer carried the name of the East India Company, but the British
monarch.
East India Company
silver Rupee, 1639
East India Company gold mohur,
1835
Victoria as Queen, gold Mohur, 1862 Victoria as Empress of India, silver rupee, 1877
History of Currency : Evolution of Indian Rupee
One Anna coin of East India Company, 1616
22. A Victorian Hundi with duty of 3
Rupees
Hundis: The first form of paper currency (Bills of Exchange) in India
• A Hundi is a financial instrument that had evolved on the Indian subcontinent during 16th Century and was used
in trade and credit transactions as a bill of exchange or an IOU. It was also used as a remittance instrument to
transfer funds from one place to another.
• Technically a Hundi was an unconditional order in writing made by a person directing another to pay a certain
sum of money to a third person, named in the order.
• Difficult to say about the first use of Hundis, but writing about 1596, Abul Fazl, the greatest historian of medieval
India, has given a detailed account of hundi from which it appears that the instrument was quite well-known by
that time, and frequently used in monetary transactions.
• In the 1760s, the English Council at Bombay asked for a loan from the merchants in Murshidabad which was to
be sent there by Hundi. The amount was estimated to be around 4 Lac rupees.
History of Currency : Evolution of Indian Rupee
Hundis, being a part of the informal system have no legal
status and are not covered under the Negotiable
Instruments Act, 1881.
23. • According to the Central Banking Enquiry Committee (1931), money lending activity in India could be
traced back to the Vedic period.
• The existence of professional banking in India could be traced to the 500 BC.
• Kautilya’s Arthashastra, dating back to 400 BC contained references to creditors, lenders and
lending rates. Banking was fairly varied and catered to the credit needs of the trade, commerce,
agriculture as well as individuals in the economy.
• Bank of Hindostan was established in 1770 by an agency house in Calcutta (now Kolkata).
Bank of Hindostan & First Banknotes
• Bank of Hindostan, issued the first banknotes of India
in 1770. The lowest denomination in early issued
banknotes was Rupees Ten and the highest
was Rupees Ten Thousand.
• The early banknotes were exchanged for silver or gold
coins or vice versa.
• There were banknotes with denominations of Rupees
Four, Rupees Fifteen and Rupees Sixteen.
• Sixteen silver coins were equivalent to One Gold
Mohur of equal weight.
• One Gold Mohur weighed 11.59 grams.Sixteen sicca Rupees
History of Currency : Evolution of Indian Rupee
24. • The Government of India took over the issue of banknotes in 1861 from the Private and Presidency Banks.
• The Paper Currency Act of 1861 conferred upon Government of India the monopoly of Note Issue bringing to
an end
note issues of Private and Presidency Banks.
• The Uniface or one-sided notes of Government of India were in circulation from 1861 to 1930.
Government of India - Twenty Rupees -
Uniface with Portrait of Queen Victoria
Green Underprint- The first Rupees Five notes
were Uniface and issued in 1871 by
Government of India
The Victoria Portrait series was withdrawn in the wake of a spate
of forgeries and replaced by the unifaced 'Underprint Series'
which were introduced in 1867.
The first set of British India notes were the 'Victoria Portrait' Series
issued in denominations of 10, 20, 50, 100, 1000.
History of Currency : Evolution of Indian Rupee
25. Small Denomination Notes
The introduction of small denomination notes in India was
essentially in the realm of the exigent. Compulsions of the first
World War led to the introduction of paper currency of small
denominations. Rupee One was introduced on 30th November,
1917 followed by the exotic Rupees Two and Annas Eight. The
issuance of these notes was discontinued on 1st January, 1926
on cost benefit considerations.
King's Portrait Series
Regular issues of this Series carrying the portrait of George
V were introduced in May, 1923 on a Ten Rupee Note. The
King's Portrait Motif continued as an integral feature of all
Paper Money issues of British India. Government of India
continued to issue currency notes till 1935 when the
Reserve Bank of India took over the functions of the
Controller of Currency.
History of Currency : Evolution of Indian Rupee
26. Reserve Bank of India
• The Reserve Bank of India was formally inaugurated on Monday, April 1, 1935 with its Central Office at
Calcutta.
• It began operations by taking over from the Government the functions hitherto performed by the Controller
of Currency and from the Imperial Bank the management of Government Accounts and Public Debt.
• First note issued by RBI, January 1938, the first Five Rupee note was issued bearing the portrait of
George VI.
• This was followed by Rs 10 in February, Rs 100 in March and Rs 1,000 and Rs 10,000 in June 1938.
Rupees Five - First Note issued
by Reserve Bank of India
The George VI series continued till 1947 and thereafter as a
frozen series till 1950 when post independence notes were
issued.
The Frozen Series 1947-1950
This represented the currency arrangements during the transition
period upto the establishment of the Indian Republic.
The Monetary System remained unchanged at One Rupee
consisting of 192 pies.
1 Rupee = 16 Annas
1 Anna = 4 Pice
1 Pice = 3 Pies
History of Currency : Evolution of Indian Rupee
27. Republic India Issues
The Anna series: This series was introduced on 15thAugust, 1950 and represented the first coinage of
Republic India.
History of Currency : Evolution of Indian Rupee
29. Financial Inclusion
• Account Penetration
Globally, more
than 2.5 billion
working age adults
(~50% of adults)
do not have a
account at a
formal financial
institution
30. Financial Inclusion
• Issues – Inadequacy of Opportunity to Save and
Transfer Money and get credit and financial
services for the poor.
• Concept of Financial Inclusion - process of
ensuring access to financial services and timely
and adequate credit where needed by vulnerable
groups such as weaker sections and low income
groups at an affordable cost (Rangarajan, 2008)
31. Adhar cards
• The Unique Identification Authority of
India (UIDAI) has generated 100 crore
+ Aadhaar numbers for residents in
India
32. Jan Dhan Yojana
• Pradhan Mantri Jan Dhan Yojana (PMJDY), the ambitious financial
inclusion scheme launched by the government, to open 10 crore bank
accounts by 26 January 2015. On 20 January 2015, the scheme
entered into Guinness book of world records setting new record for
'The most bank accounts opened in one week'.
• The number of accounts opened under the scheme reached 22 crores
(including 57 million zero balance accounts) by 18 May 2016.The
amount of deposits rose to ₹380.47 billion (US$5.7 billion) by April
2016.
• 19 lakh householders have availed the overdraft facility of ₹2.56
billion (US$38 million) by May 2016.
33. GST Historic reform
• "August 8th marks a crucial step towards freedom
from tax terrorism," the Prime Minister said, while
recalling that this was the day in 1942 when Mahatma
Gandhi had sounded the bugle of 'Quit India' which
marked a major step towards the country's
Independence.
"GST can't be seen as a victory of a party or
government. It is the victory for democratic ethos of
India and a victory for everyone," he said, while
noting that the measure was being supported by all
parties, irrespective of different ideologies. The Prime
Minister said the new indirect taxation regime,
which will subsume 7-13 taxes, will help end
corruption as traders will be compelled to give proper
bills and the consumer will be the "king".
34. • The Constitution (122nd Amendment) Bill, which was passed by the Lok
Sabha in May 2015, and the Rajya Sabha in August 2016. the Lower
House passed the bill with all the 443 members present voting in favour.
• It is likely be implemented w.e.f 1St April 2017.
•
35. Introduction/Concept of GST
• It is a tax on Goods & Services with comprehensive & continuous Chain
of Set off benefit from producers to retailer point.
• In other words, GST is an Indirect tax which is levy on manufacture, sale
& consumption of all goods & services.
• It substitute most of the indirect taxes like excise, VAT, Service Tax,
Entertainment Tax, Luxury Tax, CVD as well as SAD.
• It is based on the VAT principles .
36. 36
Benefit under GST
Single taxation point.
Uniform tax rate
Common market.
Reduces Transaction cost.
Eliminates the cascading effect of taxes.
Reduces corruption.
Transparency.
Increasing the tax base & raising compliance.
37. 37
Simplified tax laws.
Increase in exports & employments.
GDP Growth -HSBC estimates an 80 basis point rise in
GDP growth over 3-5 years. NCAER pegs this at 0.9-1
International competitiveness Go Up by about 5%.
Increased FDI
Growth in overall Revenues.
Prevention of unhealthy competition among states.
Reduction in purchase price.
40. Why Demonetisation Was Needed?
• This move was long overdue. Cash to GDP ratio – 12%. Though, this
should be going down as new banking habits pick up, it is increasing.
Growth in high denomination currency (as high as 87%)
• High corruption.
• This has led to distortions in the economy, especially in real estate, gold
prices, usurious lending to small and micro businesses. This is also
partly a failure of the banking system.
• The fact is cash economy has moved deep into the Indian economy.
Studies estimate that 50% of Indian economy is in cash. This has
resulted in huge cash hoardings.
• This situation had to be handled. Only a strong prime minister could
have taken this decision.
41. • Out of the total circulation of currency about 16.6 lakh crores, 87
per cent is in Rs 500 and Rs 1,000. How much of this finances
genuine economy versus the illicit economy is not very clear.
• India has globally one of the highest levels of currencies in
circulation at over 12% of gross domestic product
42. “It was way back in 1923, Babasaheb (B R Ambedkar) in
his book titled ‘Problems of Indian Rupee’ had
recommended that the Indian currency should be replaced
every 10 years to end the menace of hoarding of rupees
and checking inflation.
• London School of Economics
• DSc, 1927, "The Problem of the Rupee: Its Origin and Its
Solution", (is a magnum opus and seen as a major
contribution to the field of monetary economics)
• http://www.ambedkar.org/ambcd/28H.%20Problem%20of%20Rupee%20CHAPTER%20VIl.htm
43.
44.
45. Effect of Faulty Taxation System & High Denomination Currency:
Every year, the fiscal deficit triggers a fresh bout of tinkering of the taxation system. Rather than any real
analysis and corrective action, incremental and superficial changes are tried on the same old failed system.
Years of such tinkering has resulted in a completely flawed taxation system, which naturally encourages
evasion.
High denomination currency of face value 100 Rs. and above, is introduced to bridge the deficit. Let us take a
look at the effects of this currency. The basic advantage of high denomination currency is that it makes high
value cash transactions easy, since a large amount can be carried with great ease. In addition to this ease, cash
transactions are by definition, non traceable, since unlike in the bank, they leave no footprint. These properties
of high denomination currency make it the preferred currency for storing black money created out of tax
evasion. It also enables corruption and serves as the life blood of the parallel economy. The other terrible
consequence of high denomination currency is grossly reduced use of the banking system in vast tracts of our
country. The direct result of this is the poor credit formation and inadequate capital supply to the economy.
Corruption and the breakdown of formal systems of governance together fuel further social insecurity. The
prevailing high cost of capital and the flawed taxation system, together lead to high input costs, rendering our
local industry uncompetitive and leading to more unemployment.
50. History of Demonitisation
January 1946 Rs 1,000 and Rs 10,000 notes
discontinued
Later, in 1978, the Morarji Desai government that took
over after a resounding vote against the Emergency in
1977 demonetised the big value notes, to target
corruption..
The European Central Bank has announced
that it will phase out the €500 mega-note.
51. Benefits
• Fake currency
• Fake currency directly affects security of India. Estimated to be
coming from Pakistan and BanglaDesh.
• The new currency will eliminate counterfeit currency. The
denomination in which counterfeit currency operates is in Rs 500s
and Rs 1,000s.
52. • On Terror Funding
• There has been a sudden drop in unrest – it means this has had a very
positive impact in a very sensitive place like Jammu and Kashmir.
• (For instance, 3 per cent of total money deposited in the banking since
demonetisation began was in Jammu and Kashmir banks. The extremists
had threatened the people not to go and deposit the money. But people
queued up in the banks! )
• The Naxalite funding is through normal currency. According to one
estimate, about Rs 50,000 to Rs 60,000 crores of the extremist funding is
in the form cash. It will be very difficult for them to deposit – their funding
is designed for cash economy. Left extremism will receive a very, very
serious setback because of this.
53. • Crackdown on Black Money
• Unaccounted Money hoarded
• Illegal transactions
• (other measures Black money abroad, Foreign Treaties, Real Estate)
• Black Money (Undisclosed Foreign Income and Assets) and
Imposition of Tax Act, 2015 was enacted to pursue black money
stashed overseas. The Act levies total tax exposure to as high as 120 per
cent along with a provision for imprisonment for a maximum term of 10
years. Last year, the government had said the total disclosures under the
compliance window for foreign assets was 644 while the total illegal
foreign assets disclosed were worth Rs 4,147 crore.
54. • Boost deposit base and savings
• Global agencies have pegged the size of the parallel economy in
India at close to 23% as of 2007. Basis this, we estimate
unaccounted cash in the economy to the tune of ₹4500 billion, of
which a certain significant proportion will make its way to the banks,
thus boosting deposit base as well as financial savings:
• The banks' deposit base is expected to receive a fillip of 0.5-1.4% of
GDP.
• In turn, financing savings can be expected to rise by close to this
proportion due to switch from savings from unproductive physical
assets to financial assets.
55. • Improve monetary transmission and reduce lending rates
• A rise in deposit base will allow banks to lower the blended
cost of funds as higher CASA (current accounts, savings
accounts) deposits help to replace the high cost of borrowing
and lower overall cost of funds. We expect banks to reduce
deposit rates by ~125 bps over the next six months.
• The new regime of MCLR (Marginal Cost of Funds based
Lending Rate )will immediately take into account the lower cost
and will thereby lead to a decline in lending rates, which will
boost economic activity in the medium term.
56. • Ready, steady, now go: financial inclusion via Jan Dhan
• Over the last two years, while the number of Jan Dhan
accounts has recorded a stellar growth, the share of these
accounts in total deposit base of the banking system has
remained under 1%. The demonetization drive of higher
denominated notes should give a push to cash deposits in Jan
Dhan accounts, of which close to 43% so far have remained
dormant. In addition, the move will help to inculcate banking
habits among the large unbanked population in the country.
57. • Improvement in government finances
• Profit to RBI – Notes which will not come back
• (est. 15 Lack crores @ 20% = 3 lakh crores)
• Income Tax - higher income tax collections. 200% Fine.
• (Cash is being found in several raids)
• Excise, Service Tax – Higher sales/ services
• VAT and State Taxes
• Fiscal Deficit will reduce and more development funding and 7th
Pay
58. • Municipal finances
• The demonetisation of high-value currency notes has brought in
revenue windfall for the GHMC (Greater Hyderabad Municipal
Corporation). The city’s civic body has topped in tax collection
among 22 other cities in the country in the month of November (till
19). While the tax collection of GHMC was Rs 8 crores in
November 2015, it rose to Rs 188 crore this year in the first 19
days of the month. As per an analysis of the Ministry of Urban
Development based on the municipal receipts received by various
Urban Local Bodies (ULBs), 22 corporations across the States
revealed that there was 312.04% increase in revenues when
compared to the previous year.
• BSNL, MTNL and other bodies have also benefitted
59. • Positive impacts from a bond market perspective
• Improvement in bank deposit base leads to higher SLR (statutory
liquidity ratio) demand.
• Anticipation of monetary easing to further support bonds.
•
60. • Rise in GDP growth potential
• While there are short-term implications for growth in cash-
intensive sectors such as real estate, construction, and
discretionary household consumption in general, Sectors like
e-commerce and payment banks, payment gateways are set
to gain as transactions using cashless methods will increase
• Long-term benefits for GDP growth will outweigh the short
term transitional impact.
• We are now surely heading towards a 9%+ GDP growth by
FY2018-19.
61. WELCOMED GLOBALLY
• This is how international media responded to india’s currency ban which shows
the impact of this historic decision over world economy and how it is going to
stop corruption and black money in india!
• IMF, European Union, World Bank and every reputed international
organisations supported this move, World bank president even said, “I am a big
fan of Modi!”
*Forbes*: Five days after the decision, Forbes has published an article titled
“India’s Great Bank Note Switch Appears To Be Working – $30 Billion In Rs
Deposited In Banks.” The article notes that a move of this magnitude would
result in “obvious chaos”, but points that “so far at least it looks as if it is
working.” The article goes on to call the scheme “rather well done, a clever
plan.”
62. • *New York Times*: A New York Times quoted an expert saying it was a wise move. “The plan, top secret
until Mr. Modi’s announcement, was hailed by financial analysts as bold and potentially transformational
for India. It is also a high-stakes experiment,” the article said.
*Washington Post*: It called PM Narendra Modi’s initiative as ‘ambitious’ and in keeping with his election
time vow to initiate a crackdown against black money. The Post said black money in India ‘is estimated to
total from $400 billion to more than $1 trillion’.
*The Independent*: This Singapore-based paper published a glowing article on the move titled “Modi
does a Lee Kuan Yew to stamp out corruption in India.” Lee Kuan Yew was the Singaporean Prime
Minister for several decades and is considered the architect of modern Singapore. “Government leaders
feel that the sudden move by the Indian Prime Minister has brought new respect for him.
*Bloomberg*: In an article published in leading American financial journal Bloomberg, Swiss global
financial services company UBS Group AG said that Australia should follow India’s lead and scrap its
biggest bank notes.
• *“Removing large denomination notes in Australia would be good for the economy and good for the
banks,”* UBS analysts led by Jonathan Mott said in a note to clients on Monday. Benefits would include
reduced crime and welfare fraud, increased tax revenue and a “spike” in bank deposits.
• A senior Indian government official even equated Mr Modi to Singapore’s first Prime Minister *Lee Kuan
Yew*. From making up his mind to rolling it out on 8 Nov, a new Lee Kuan Yew is born in India. It will be
reflected in the legacy of this Prime Minister,”
• Deloitte report said, emphasising that “the long-term outlook remains positive”.
•
63. Short term-pains
• Queues, Waste of Time, Cost of new notes
• The demonetisation of Rs 500 and Rs 1,000 notes will hurt agriculture,
informal sector workers—about 482 million people who earn cash incomes—
and disrupt India’s consumption patterns for at least the next quarter.
• The informal economy includes workers in small and medium industries,
grocers, barbers, maids, bar dancers, hotels, underworld...
• Roadside vendors, cab drivers, small kirana stores are affected.
• People who do not use debit or credit cards, access the internet or use mobile
banking and e-wallets will be the worst hit.
•
64. Road ahead
• We need to develop e-Banking and M-Banking habits.
• Use apps like PayTM
• Teach others to use Debit cards and Mobile apps to make
payment
• Shift to Cash-Less Economy
• Benefits
• Audit trail, speed, credit history
65. Road ahead
• Role of Teachers (and Students) in the movement
• Using
• Teaching
• Developing demand
• No bank account, no mobile? You can still go digital
Open a Jandhan account in the nearest Bank – get RuPay
card or Take a prepaid card from employer and PIN
66. Going Cash-Less1
• No bank account, no mobile? You can still go digital
Open a Jandhan account in the nearest Bank – get RuPay
card or Take a prepaid card from employer and PIN
• Have a bank account, no mobile? You can still go digital
• Ask Bank to issue RuPay card Swipe your card for all
purchases
• Have a bank account, only a feature Phone? You can still
go digital
• Use RuPay card where there is a PoS Use USSD for
where there is no PoS
67. Going Cash-Less2
• Have a bank account & a smart phone? You can go digital
• Use RuPay/Debit card - PoS Use Mobile wallets
• Students
• Understand/adopt all the cashless modes of payment
• Train own family in using cashless modes
• Adopt 10 households and teach them digital payments
• Register as Volunteer on http://mhrd.gov.in/vabhiyaan/
68. Going Cash-Less3
• Select a market place in the nearest locality
• Meet all shop-owners: canvass digital payments
• Help small vendors in setting up USSD/UPI/eWallet
system
• Interact with customers using cash for payment
• Come…become an agent of change Join Vittiya
Saksharata Abhiyaan (VISAKA) today