Fake: Notes and people ...

Fake notes. We encounter them every day: be it with local grocer, tea shops, supermarkets, even bank tellers and ATM machines. Finance Intelligence Unit reports a 250% rise in the fake-currency circulation (click article-1) and the Excise department turns to public for support. This is a welcome move from the Indian government. The article quotes that private banks seizes the most fake notes. I presume the private banks are diligent in seizing fake notes compared to the PSU banks which either does not report its seize or does not seize at all. Practically fear grips us in reporting it to the nearest police station or bank.

We tend to check and recheck the higher denomination notes and leave the lower denomination notes unnoticed. Fakes of Rs 5, 10 and 50 and lots of punched metal are circulated engraved with one and two rupee coin designs. These lower denomination notes even fake the watermarks, the silver thread and many other safety aspects incorporated in the currency notes. Even ATM machines and experienced tellers dispense them everyday. Its no good complaining: Click article-2

I blame ourselves: our selfish society rather than the government or the officials, for the latter are we and we are the latter. Faking ourselves, faking notes!

Where is the money draining?

Amused to see two incongruous news on the same page of Economic Times today

One was the move towards increase in taxes, the others was that of Mumbai under the crunch of poor infrastructure...

The professional tax levied in India is likely to be tripled from Rs.2500 per year to Rs.7500 this year. The professional tax is the 3rd largest contributor to the state tax kitty following the sales tax & VAT and the stamp duty (1). Where is all this tax money going…?

Is it funding urban development?
I think no…
Indian infrastructure is bleeding; a rain can overthrow the entire city into chaos, be it metros like Mumbai or Chennai or Tier-1 cities like Bangalore or Hyderabad or any other tier-2 cities like Coimbatore or Mysore.
One may argue about posh airports, flyovers or malls, but we need to concentrate on basic infrastructure such as sewage disposal and its treatment. Any flyover on a busy road in Bangalore takes 2-4 years to complete.

It funds rural development during political elections. The results are no good either.

I am putting across road infrastructure for example. We are under funding our every other system such as education, transport, agriculture and the like. And we are overtaxing our bonafide tax payers

Where is our money draining?

It is time to hone our financial management policies rather than hiking the taxes

Thoughts based on the news(1) from Economic times ‘Professional Tax may Pinch you more’ published in India

More thoughts and comments are welcome