Certain people (fools) are busy promoting cashless transactiions and
removing currency totally from the economy, without understanding the
#1 CASH / CURRENCY is a measure of the liability the Government has to
the people of India. In simple terms.CURRENCY is a measure of how
much the Government owes to the citizens.Removing Currency implies
that Government owes people nothing and can do what they want and
print money at will.
MORAL -> FASCIST Govts desperately want currency and autonomous
Central Banks eliminated.
# 2 CURRENCY Notes must statutorily be exchanged for "value" - ie.
valuable coin. Previously this was gold, now its a mix of metals like
copper and stainless steel. The difference between the intrinsic value
(ie. metal price in open market) of the coin and its face value is the
Govt's tax (called "seignorage"). Typically whenever seignorage
exceeds 25-30% the public rejects paper currency in favour of stronger
currencies and there is monetary inflation. At present India's
seignorage is 70%. No wonder the India Rupee has depreciated 100%
against Dollar because smart Indians are "exporting" their value.
MORAL -> A Rafale fighter jet costs 2x what it did during Congress
time because we now have a chaiwala as PM instead of a former RBI
# 3 If there is no currency, then there is also no need for RBI (whose
only role is to regulate currency and money supply). If there are no
Indian currency notes then people will devise ways and means (also
called Internet APPS) to ensure that transactions take place on
foreign websites in foreign currency but goods are "magically"
delivered in India. This is already happening Udtaa Punjab.
MORAL --> Why would anybody pay in Indian rupees on Indian websites if
a foreign supplier will anonymously deliver the goods to you without
bill after you have paid in dollars or Yen or BITCOIN ? The whole
online Pharmacy racket works on this principle.