Hi to all my blogger frnds !!!!!!!!!
This blog is abt a major economic prob dat our country is facing i.e. FAKE CURRENCY NOTES.
According to recent reports, dis prob is in a grave state, as it can destabilize our economy. And it is impossible for a common man 2 differentiate b/w a real n a fake currency notes coz of their similarity by up to 95%. Even trusted sources like bank ATM's r yielding fake notes n d bank refuses 2 change dem.
I noticed dis prob when 1 of my relative noticed a fake note in his pocket n he didn't knew abt d source 4m where it had come? Now he was in a fix what to do wid dis note?
Fortunately he has a frnd who works in a reputed bank n had knowledge abt such prob. He deposited d note with RBI but i dont think my relative got anything in return.
So my ques is
"WHAT SHUD A COMMON PERSON DO WID A FAKE CURRENCY NOTE?"
"SHUD HE KEEP CIRCULATING DAT NOTE IN D ECONOMY?"
OR
"SHUD HE SUFFER A MONETARY LOSS OF HIS HARD EARNED MONEY 2 PROTECT HIS ECONOMY??????????"
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2 comments:
Hi Ajay!! Interesting Topic!! So what to do with fake currency notes?
Actually there are two different situations which keep on altercating in my mind while thinking about the possible solution.
1st Situation: Thinking from the point of view of an INDIAN As a responsible citizen, I would definitely be showing my altruism and bestowing the fake note (Say of Rs. 500) in the hands of RBI. RBI would impound it and i would therefore suffer a monetary loss of Rs.500! But... than I would in someway contribute in limiting the fake currency circulating in the economy!
2nd Situation: I am an Entrepreneur
Here i am Picking up a scenario from my personal business. Presently via the bridge of slowdown we are working at a margin of 1.40% (1.3986 to be precise). This means when we are making a sale of Rs.50,000; we are earning Rs.700. Now assume, while receiving payment i get a fake currency note of Rs.500. Ahh... Suuuperbbb… Now what??
Now, I can gift this fake note to RBI as a Birthday Present, who will take it happily without even giving me a return gift. In this situation I am left with Rs. 200. Assuming I have few hardworking employees, noisy fans, whitening tube lights, tring tring phone etc etc. . . . I do need to chuck out another Rs.20 note. How can I forget the 30+ % tax?? So after adding, multiplying, subtracting and dividing I have Rs.124 left. This means on making a sale of Rs.50, 000 I am earning .25%. Bravo!! I think you get the answer here, that i would surely try to pass this fake note to someone else!!
I think RBI and government needs to support common public by not impounding upon the fake currency note, rather giving them the option of swapping fake note with the genuine one. But in this way we are somewhat encouraging the fake note “ARCHITECTS” to publish some more currency notes which effect economy in its own way via the route of increased money supply. Interesting would be to widen the matter to discussion to the topic “Effect of fake currency notes on Economy”. Just Express!!
Hi Vaibhav!!!
Well dis is a theory of 2 solutions dat u hv provided n a person can choose any 1 of dem depending on his characteristics n his state of well being.
Let us put it dis way dat u r an INDIAN and a budding entrepreneur as well. Now which 1 of dese solutions u wud choose practically if u get a 1000 rs fake note today n how wud u justify ur step.
Coming towards d solution u hv suggested dat govt shud exchange dese notes. Well its not feasible 4 govt as it is already facing a huge fiscal deficit of around 6 percent of GDP n as u have already suggested dat it ll encourage fake currency makers.
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