The earliest currency used in commercial transactions appears in Egypt and Mesopotamia by the third millennium BC. It consists of gold bars which need to be weighed to establish their value each time they are exchanged. Later they are supplemented by gold rings for smaller sums. In about 2500 BC an extensive trade, at Ebla in modern Syria, is based on currency of this kind in silver and gold.
The earliest known coins in the western world come from the city of Ephesus in Ionia (in western Turkey) in about 650 BC.
Many of the units of currency in use today derive from Roman originals, and more specifically from versions of the Roman coins minted during the Middle Ages.
Paper money is first experimented with in China in about910, during the Five Dynasties period
It’s time we made our money-electronic.
Let us see what are the advantages to the nation as a whole if money is made electronic.
Corruption The country ranks a dismal 84th in a list of 180 countries, according to Transparency International's 2009 Corruption Perceptions Index, a measure of domestic and public sector corruption.
Corruption in India is a major issue that adversely affects its economy. A study conducted by Transparency International in year 2005 found that more than 62% of Indians had firsthand experience of paying bribes or influence peddling to get jobs done in public offices successfully.
Begging Begging is one of the most serious social issues in India. In spite of its rapid economic growth, India is a poverty-driven country, which is also leading to the growth of beggars in the country. Most of them come from Bangladesh and some of them are from India. There are few beggars in the country who actually are the real ones, who beg because they are handicapped, because of their inability to work or because they are old or blind or because they really need money for basic needs. There are many others who live far below the poverty line and opt for begging to earn their livelihood.
But poverty is just one side of the story. Poverty is real in India but not begging. Begging in India has become a big racket in the country. For many, begging is just like any other profession. They go out to earn money, not by working, but by begging. In fact, there are begging gangs in cities like Delhi, Noida, Gurgaon, Mumbai, Kolkata etc. These gangs have their own gang leaders. Each leader allots a particular territory for a group of beggars and the day’s earnings are shared among them. The gang leader keeps the larger share. These beggars are so involved in begging that they don’t want to work elsewhere. It’s strange but true that some of these beggars earn in thousands and lakhs, much more than a normal middle class worker.
It is estimated that half a million people in India are beggars.
Thieves We can’t always eliminate thieves but always reduce them. Thievery is banned in almost all religions and all constitutions, but it is ‘practised’ by few people everywhere in the world.
Many Cards/Certificates Ration Card, Voter ID Card, College ID Card, Bank ATM Cards, Visa, Aadhar card, Credit cards of various banks etc...We have so many cards...Birth certificate, 10th class pass certificate, 12th class intermediate certificate, Driving Licence, Marriage certificate, Life certificate etc...so many certificates...Land documents, Property documents, etc...we have so many documents...Facebook accounts, Gmail, Twitter account, Linkdin, Whatsapp etc...so many accounts in social media...but still:
- People come to every house at every 5 years and take census.
- It takes 10 to 15 days for anybody to confirm the status of any common man in India. E.g.: If one applies for visa today how many days does it take to get it sanctioned? If police wants to find where a certain person is at this particular time? How much time does it take?
- There are fake accounts and certificates of everything and anything.
- There is no website which says in India ‘Which land in India belongs to whom’ (and which are in court). So that people who buy land can but it without having any problem.
- There is no website in India which says ‘The educational status of each person ‘in India.
What is e-Currency? Well it is making all transactions only and only in e-Form.ie:
- There will be no 100 rupee or 500 rupee notes or 50 rupee notes, there will also be no 5 rupee or 2 rupee or at least 1 rupee coins.
- Every transaction done will be done in e-Form.
- Even nowadays we have bank credit cards which are accepted in various shops.
- In a similar fashion there should be a card, from the Reserve bank of India (consider, the name of the card, as ASH card-It need not necessarily be a card, it could be a mini smart phone too, or an app too), and no cards from any other bank, in India.
- All the money which the person has should be present in that card. The person may have money in various banks, but they all should be linked and should be present in one place and the card holder should have the privilege to choose between the bank and account.
- The person can use the card to buy or sell in the same way as a credit card is used nowadays
- All purchases, Salary/Income, Place of purchase, Item purchased, Time etc should all be recorded.
- Every person in India should be given such a card. A baby as soon as he is born should be given a card, and should be taken back when he dies.
- All important information about him should be stored and referred to the persons ASH card like
- His Birth Certificate details
- His police records
- His 10th certificate
- His digital signature(and fingerprint)
- His mail, and other social media accounts(actually if an OS containing whatsapp and facebook can be incorporated into this card or app itself then we need not do this step)
- His visa
- All property documents.
- Train, Flight, Bus tickets which he has booked for the future.
- His Birth Certificate details
India is a country where IT sector and the Engineering sector is growing. India is also becoming a smart country. So we can think smartly to solve all our problems.
Money, one of the earliest and most significant inventions of civilization, is essential to the development of trade. Without it there is only barter, a relationship between two people each of whom has something which the other wants.
Corruption There cannot be any corruption as all the money exchanges are transparent and recorded.
No shopkeeper can sell any item for a price more than MRP.
No person can simply take money without being noticed by the whole world.
No person can have Black Money
Begging There will be no begging, at least in the current form as no money can leave unaccounted for.
Beggars can also be identified and be sent to special homes or given moral lessons.
Thievery Thieves can only steal the ASH cards, but it will be of no use as, if the victim complaints to the police, the police can catch the culprit within seconds, if the thief uses money anywhere, as the location of the card can be detected.
The number of internet hackers will obviously increase.
No fake notes One thing which can really become a thing of the past is fake notes.
e-Pehachan This one card can make the person have an e-Pehachan. This will help the person in many ways. Fake social media accounts can be eliminated. Also one will not be able to make fake collage certificates or fake driving licences.
The property, marital status etc will all be known and no fake identification is created to cheat girls with false claims.
If a person will change his residence, he will not be needed to re-apply for voter ID, get their address changed in all official documents banks and in numerous government and private agencies. E.g.: The gas and letters which was booked earlier will come to their new residence.
Easy and effective policing As the police have all the fingerprints, and location records of every person, they can locate the culprit of any crime more easily.
They can also detect where they are and catch them. (Just put a GPS type technique on the card)
They can also easily watch for foreign terrorists. Terrorism and Maoists from Indian soil can be detected and removed.
There will be no future civil cases as the land details will be all in one place and available for all people to see.
The traffic police can send, receive, record and collect fines quickly and maintain traffic smoothly by giving warnings to the people effectively as the money, the vehicle registration number, the age of the driver, previous road history, his and his parents phone numbers etc are connected effectively.
In time new crimes will start. The police should start a good e-Batch which consists of ethical hackers and coders working for the government.
Real and live statistics As the producer will know which kind of people bought their product, the age group, gender, where it was bought in what percentage etc...The companies will also be able to develop their products based on their consumer s. Market research will also become easy.
The government can sell this information to the companies and earn revenue in great amounts. The amount of money spent in maintaining the records can be recovered to a certain extent.
The government need not reveal the names of people if necessary, only their gender and percentage and other information. (Due to reason of freedom)
Government of India can also get live statistics of the number of literate people, the people under the poverty line, the number of men and women, GDP, medical health of all people and various other details.
Connectivity The whole of India can be easily connected. Foreign companies like Facebook or Whatsapp will not be necessary.
To implement this we need wi-fi and internet connectivity to all houses, which will automatically make India, connected.
Good Governance Governance can be done quickly and effectively. The people who should be benefitted from various government policies can be benefitted directly. There can be additional features where a person can give complaints directly to the government. The government can be effective in receiving comments and making their programmes go to the public. Various bills like electricity bills, telephone bills etc and taxes can be quickly and easily paid by people.
Effective Implementation To implement this method in a country, as big, and as diverse, as India, is really difficult.
First the 1000 and then the 500 hundred rupee notes should be abolished in India. Banks should be able to credit that amount in the persons account instead.
The government should stop producing money in form of notes and coins
The Reserve Bank of India should start merging accounts, and making cards and card readers and start distributing to the public for free.
The use of card readers in shops and all commercial establishments should be made compulsory
Then the government should slowly remove 100 rupee notes and 50 rupee notes.
The government should then ban the use of coins and other forms of currency and barter.
NOTE: The people who have corrupt money should be allowed to keep a certain percentage of that money and give the rest to the government of India. There should be a certain period of time when people are given chance to show their true money and properties. Their names should not be released to public. Otherwise, as even politicians are corrupt, they will never allow anything good to happen in the country. ‘Yatha Raja Tatha Praja’. The right time to do such a process should be thought of.
Problems In a short run there will be number of problems. They are not mentioned.
Obviously even after government bans coins and notes, there can be only a poor system of money transfer where all the data cannot be stored many things like GPS on the card etc cannot come in the first stage as the country will not be a wi-fi country by then, nor can the government afford the amount of money of the effective implementation or convince the public initially.
As the money, black money comes into India’s hands, Some reports claim a total exceeding US$1.4 trillion are stashed in Switzerland. It can then have no monetary problems in effectively making this scheme possible.
Though complete India is not connected by wi-fi, Almost all of India is connected by mobile services; either government or private. Use of those services should be thought of.
In a long run, new types of crimes will emerge. They should be stopped before birth. Also the safety of the data in the servers of the government should be taken care of.
There are two types of solution for every problem,(in a computer engineers terms) first, check all the viruses present in the existing system and remove them, second, create a new system and use it, carefully not letting any virus inside.