Digital Currency

In a blog ,titled ; An Open Letter To Nandan Nilekeni,a new concept of DIGITAL CURRENCY was suggested.Here an attempt is being made to expand the idea.
The model is based on virtual money taking over the existing financial system and replacing the paper and plastic currency ,in circulation at the moment.It has a tremendous advantage over the existing money as it could create transparency in all transactions and hence could eliminate corruption which is now effecting all spheres of every day life of people in India and most of the nations on this part of the globe.
The flow chart of this new economic activity is as under ;-
CENTRAL FINANCE GRID ---> STATE FINANCE GRID --->DISTRICT FINANCE CONTROLLER,this controller at district level will have three arms under its control viz:PERSONAL,BUSINESS AND GOVT. the govt. one will be having two categories:STATE AND CENTRAL.The district finance controller will be a Nationalized Nodal Bank,under whose watch full eyes all transactions will take place.
The device employed for monetary transactions will be a mobile phone instrument with some added features and soft-wares.At every level there has to be a fool-proof security code which must be dynamic by nature so that after every transaction it automatically gets locked.
Every time a transaction is done,it will attract, flat 5% as exchange charges of which 1/2 % will go to the Nodal Bank and another 1/2% will be credited to the Operative Bank.This way we can totally do away with the tax regime and at the same time the exchange charges so collected will swell the state and central coffers, at the same time the new finance regime will eliminate tax evasion.CORRUPTION WILL THUS MEET IT'S OWN END.
International trade,Imports and Exports will be routed through Central Finance Grid and activities of money laundering and manipulation of import and export bills will become impossible.People with billions stacked away in foreign Banks will have just one option to bring back the black money or leave,there by get exposed to be tried and punished.
The necessary technology is there ,it needs some,rather quite a lot of guts to take the bull by its horns.TILL SUCH TIME ;-

Common-Man Going For Action

The man in the street welcomes the decision of National convention of Central trade unions to go for country-wide strike on 7th of Sept'10 against unprecedented price rise,rampant violation of Labour-Laws,contractualisation of workforce,disinvestment of profit making public sector and for provisions of universal social security for unorganised sector workers.The convention was also attended by representatives of several independent federations of state and central govt.employees,banks,insurance ,defense establishments and other service sector establishments for all section of workers .
It is unfortunate that despite remaining together in all joint programs and being in agreement to this General Strike,BMS opted out - citing some organisational issues,it is expected that they may extend their support to this people's action.
The present phase is another step by all section of work force in a decade long struggle of united movement,cutting across political divide,against neo -liberal policies,the economic crisis resulting in insurmountable miseries of peasants and workers of our country.If anybody is to be held responsible for this show down, it is the govt. which never once bothered to give its ears to the justified demands of the people,not only it remained unresponsive but it unleashed further sufferings on common man by increasing prices of petroleum products,allowing employers to blatantly violate law of the land.
In such a back ground the call for; GENERAL STRIKE IS AN IMPORTANT STEP IN HEIGHTENING THE UNITED MOVEMENT OF WORKING CLASS OF THIS COUNTRY AND IT MUST CONTINUE TILL THE AGENDA OF LOOT BY U P A UNDER THE LEADERSHIP OF M M S IN NAME OF ECONOMIC POLICY IS NOT CHANGED ,THIS POLICY OUGHT BE DEFEATED IF COMMON MAN SEEK RELIEF.
What do you say friends ? will have to take sides,sitting at fence,no more please.