I just returned after buying some items of stationery. The amount payable was 653/-. I offered to pay by debit card or credit card - whatever was acceptable to the vendor. Vendor stated that I shall have to pay 2% over and above the bill. On my query as to why, vendor replied that he is being charged 2% by the debit / credit card companies. I insisted on paying through card as I did not have enough cash and that I won't pay extra 2%. I told him that there was a waiver of such charge for six months. He insisted that SBI was charging him 2% on payments received through debit cards.
Anyway, seeing me adamant he agreed to charge the actual bill amount.
Here the story begins.
First he took my card and recorded complete detail of my debit card on the computer and printed the cash memo. I objected to this. He then offered to delete the details from the printed copies!
I again objected to that saying those details still existed on the computer file.
He then told me that he deleted the file (as per his version - though I am not very sure if he actually deleted the card details from the computer).
Now the most interesting part. He inserted the card into the machine and fed the amount which is not visible to us. I entered the pin. And there you are - payment successful!
I got the SMS alert from the Bank. I just wanted to show to him that I had got the SMS alert - thus proving my bonafides.
And then came the horror. The amount charged was 6530/- instead of 653/-.
It could be a genuine mistake. It could well be, in the hands of a dishonest vendor, an intentional fraud.
What if the card details still exist in the computer?
What if cyber crooks hack details of my card as also details of cards of other buyers existing in the computer?
What if Bank SMS alert did not come in time?
What if I had not checked the SMS alert?
What, if after making the payment, I had walked away, had I been a temporary visitor in the station?
I had always maintained that the Banks, Paytm and other such like Portals charge transaction fee. The vendor also told that to transfer money from Paytm account to his Bank account something like 4 to 5% charge is levied by Paytm.
In cash transactions such like mistakes rarely happen. One counts the cash, any discrepancy is settled there and then.
The vendor offered to pay back the difference through. cheque - which I declined as I am leaving for outstation. He then paid the difference through cash.
Do you feel the gullible farmer / daily wage earner / unorganised industry labour / small time worker who is rather illiterate or not well educated will not fall prey to such frauds, if the vendor is dishonest?
Sent from my iPhone
On 06-Jan-2017, at 2:08 PM, Madhav Nalapat <email@example.com> wrote:
Almost 80 per cent of black money flows through banking channels. Through methods such as under invoicing and over invoicing. Through multiple accounts now made easier via Aadhar. Cash forms a very small part of the total. What has happened is that those laundering illicit cash have kept 15 to 20 per cent from the holders. Those who regard the November 8 move as having reduced the black economy are in a dream world
Sent from my iPhone
On Jan 4, 2017, at 21:28, Samir Srivastava <firstname.lastname@example.org> wrote:Hi,First let me clarify my understanding of cashless transaction and economy. When one pay by ATM/Debit/Credit Card or Cheque, then that is cashless transaction. When Cash is COMPLETELY out of the ECONOMY of a geographical area then it is (COMPLETE ) CASHLESS ECONOMY.#1) We can have similar accountability to govt in Soft Earning Unit (SEU) also. My proposal is maintain everything as such just remove the cash completely from the system.#2) SEU must statutorily be exchanged for "value" . If someone finds SEU is of lesser value, then instead of keeping it with earning keeper, one can invest in SEU of other geographical area or precious metals etc.#3) RBI can regulate SEU also. IMHO, please go through the paper and slides on my blog http://samirsrivastava.typepad.com/ carefully. The thing which you described as magic cannot happen without HELP from customs/ govt officials. If hard currency is gone, then these magic will not happen. Moreover if you want when the internet traffic goes out of the country to "suspected web-sites" that can be avoided ISP need to implement policies.IMHO, The parallel economy (due to un-traceability of hard currency) is biggest hindrance in making effective economic policies. In SEU you can make effective economic policies.I am refraining from commenting on other political noises.ThanksSamir SrivastavaOn Wed, Jan 4, 2017 at 8:47 AM, Sarbajit Roy <email@example.com> wrote: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.
WWW : http://indiaagainstcorruption.