Yes, we do need paper money and it will be in existence for a long time. Though there is a trend of plastic, e-money, but it is difficult to replace paper money completely with the help of plastic money. There may few problems or inconvienience in using plastic money in case of some system breakdown or improper knowledge of using it or any other may be....but, on other side a person can immediately give cash and solve the problems... According to me paper money has a big importance still and will have in future too...and i feel that nothing can replace a thing like paper money....and actually nothing should.....
By
Anuj Rajpurohit, Business Development, Neesa Technologies P. Ltd.
| 10 06 2009 01:28:47 +0000
Future is uncertain. May be a time willl come when we will be having plastic cards in hands in place of paper. But looking at different perspectives it seems impossible. Firstly, the cost involved in manufacturing of cards and card machines in billions in india alone where the millions are below poverty line people. and then keeping track of all these transactions u need an enormous connectivity(speed). and what if the system stops functioning even for a minute resulting in loss of record of billions of transactions in that minute only in india. and there are lots of situations in which we cant do without immediate money in hand. suppose i am on a way to college and i lost my single card. how will i board a bus? how will i pay for lunch? till i will get a new card how will i spent my life? blah blah blah..............we need to develop a lot before even thinking about this but this is highly innovative idea...
By
wasim akbar lone, Master in Finance and Control(MFC)
| 10 05 2009 19:22:57 +0000
Yes, Paper Money is there to stay for decades to come, despite the Plastic Money. Barter exchange will always remain, inspite of transmission exchange I met money one day. I said, "You are just a piece of paper." Money smiled and said, "Of course I'm a piece of paper, but I haven't seen a dustbin yet, in my life
By
Veejay Bhatia, Administration Manager / Recruitment Coordinator, French Firm dealing in Oil & Gas, Dubai (UAE)
| 09 22 2009 20:01:48 +0000
Please provide your suggestion for better and peace full generation.
By
Hemanth , Incident coordinator,
| 09 20 2009 15:55:24 +0000
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we don't need money :: hard cash , plastic etc.....etc... WE NEED TO REVERT TO BARTER SYSTEM :: THE SYSTEM IS FULL OF ADVANTAGES :: OLDIES ARE IN REAL SENSE GOLDIES THOSE WHO INVENTED BARTER SYSTEM ::
By
Ajay Ziz, Dy. Registrar,, University of Jammu
| 10 05 2009 09:14:11 +0000
Money made up merely by metals like coins will make it very tough to carry. But Paper money also is not long lasting. Thus, I believe instead of paper money, plastic money should be used to get rid of both the problems.
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Rakesh Chakraborty, Sr. Associate, ING
| 10 05 2009 08:31:36 +0000
First the plastic which will be used , will not be wasted.. so there is no question of polluting the environment. Plus the quality will always be maintained. With security strips it will be great boon to this world. The only challenge will be impleamenting the same.
By
Prashant Nazare, Accounts Manager, ATC India Tower Corporation
| 10 04 2009 14:15:06 +0000
Yes printed money should be replace by plastic money to an extent. But evironment should not be comrpised.
By
Betzi Miriyam Kuriakose, HR Section Head, The commercial real estate company
| 10 04 2009 08:06:41 +0000
Good one...saves a lot of money which is otherwise involved in printing the currency notes
By
Balaji Nagarajan, Head - Market Analysis, CURA Healthcare
| 09 29 2009 10:32:30 +0000
Replacing paper money by plastic cards is a great thought. Paper money has small life cycle and cannot be recycled but plastic cards have long life cycle and can be recycled for further utilization. Plastic money are also secured and cannot be copied. So I hope transforming to plastic money helps in curbing the terrorism and black money in India.
By
Niranjan Meena, Actuary Manager, LIC
| 09 29 2009 09:09:15 +0000
I am tempted to say that only plastic - our life will be in vibrant colours and no black money. I congratulate Charles for going deep into the matter and narrating different instances which can not be brushed aside. We will be there for some more time to come using paper currency.
By
SR Sham Sunder, CEO/MD/Director Technoaid
| 09 23 2009 12:08:12 +0000
As I mentioned any High tech is welcome.But never at the peril of environ ment. Moreover we are now thinking that we have the best fool proof system going to be in place.Always we have to remember that Thieves are one step ahead of any legal system. I see that you have listed the advantages of plastic money If a list of the disadvantages in terms of function/usage and see the weightage of each side ,we may end up with a solution to the question. CAn this card be never stolen Can it not be lost. W hat will happen between the time of a card lost /stolen and recovery.How will the person transact? What is the security level of the card? Is that also biometric?/or just another card? what is the level of transaction that this card can take? Can we imagine every induvidual in India taking care of this card without spoiling? How mwny will not morgage the card for monetary gain? think of the card from a village rustic point of view.think from below poverty level people/homeless/beggars Will homeless and beggars also have money?how will they operate? CAn we imagine world without beggars and homeless? We are all thinking from affluent point of view only. what about the people called Cattle class(term used by Shashi Tharoor not me), The same fruit vendor and the wayside cobbler/newspaper boy or tyre puncture man on the way side needs to be given a card and get to know the consequences The gap between the haves and have nots is large now .Imagine their problems with only plastic money and the problems for a meal if the card is lost? How many will take advantage of the card and deceive Lets start with answers to these questions in practical terms
By
Charles davison, Project Manager, Douglas OHI LLC
| 09 21 2009 16:25:08 +0000
Thank you vry much sir. I apprecaite your view. But i have few things to discuss here. 1. I agree the term you are saying about plastic. But if you see the malpractice ,hawala,black money are being carry forward by the people this being leading to the Terrorrism. 2. As we all know that verry soon may be down the line in next five year every citizen will have the Unique identification PIN number. Which will have entire detail of the person. with SIEBEL SYSTEM. 3. This will help out the government for a human identification. No more forjury or malpractice with bank and it will be centrally operated by the government. 4. Few example ..If anyone has to proceed further in land matters,getting liecense or hospital or traffic police. people offer open bribe. SO with this system it will curb the BRIBE. 5.From where the terroristy are getting money. No one was able to find out till date. No matter how power full nation it is.No idea from the moeny is flowing. 6. Very important thing..I checked with few fruit selling,Flower selling people, Auto guys. This people will not get loan from the bank coz they dont have their identification.Possible they take loan and runaway. But with this system they can be traced out with any transaction. However, i getting carried away, this people take money from the small money lender on daily basis and just imagine what interset rate they paying to them? The reason bank dont trust them and they dont have any identification. 7. How many people are being paying the TAX, if we have this card system Govt can have the track of the revenue flow in the country. SO there is no chance of black money. 8. As per the recent survey Govt is getting 40% TAx with which it can survive next 2years. Just imagine if this comes into the picture. So this is all my thought about the better generation.
By
Hemanth , Incident coordinator,
| 09 21 2009 14:28:06 +0000
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