I believe demonetization is an eyewash. It has been exactly a month since demonetization was announced and the govt in the meanwhile has adopted various narratives on this issue,the most prominent among those narratives have been destroying black money, combating terrorism & eradicating corruption. I will separately deal with each one of these narratives in my answer.
- Destroying Black Money : As far as destroying black money is concerned it seems as if the govt is not serious whereas the people who are supporting demonetization do not possess even a rough understanding of black money.
The term black money refers either to the revenue that is generated through illegal practices or to the amount which is supposed to be paid as tax but has not been paid. It also refers to property,stocks and other resources that have been acquired through illegal means such as tax evasions,over invoicing,under statement and other fraudulent practices.
The Data from investigations carried out by the Income tax department between April 1 to October 31 reveals that of the declared 7700 crore rupees worth of ill-gotten wealth stashed by black money holders the cash component stood at only 5% of the declared wealth.
Now does it seem fair enough to demonetize 86 percent value of cash in circulation to render a minuscule proportion of the total available cash entirely useless?
Source : Why govt’s demonetisation move may fail to win the war against black money
- Eradicating Corruption : Not withstanding the panic and inconvenience it has caused,solely based on their belief that the ruling dispensation is determined to fight corruption there are some people who believe that demonetization was worth the effort. Quite interestingly barely 2 days after demonetization was announced the central government approved changes to the existing anti graft law in order to protect public servants from getting probed by investigation agencies.What it means is that investigation agencies will not be able to investigate a public servant accused of corruption without being granted a prior approval by the government. So my question is can corruption be eradicated by undermining whatsoever autonomy investigation agencies are left with?
Source : Centre okays changes in anti-graft law, ‘shield’ for employeesGovernment’s unwillingness to eradicate corruption is apparent from the following observations:
a) Reluctance to legislate provisions that make funding of political parties more transparent through means such as RTI act and electoral reforms.
b ) Diluting Foreign Contribution Regulation Act (FCRA) thus enabling political parties to receive funds from such companies that they were previously barred from receiving.
It would be worthwhile to mention that BJP along with the congress were held guilty by the Delhi HC for accepting funds in violation of FCRA .
Source: Revealed: Jaitley Redefines ‘Foreign’ as ‘Indian’ to Get BJP, Congress Off the Hook for FCRA Violation
- Combating Terrorism : The US dollar is the most counterfeited currency in the world in spite of that there have not been any major terror strikes in the US since 9/11 whereas multiple terror strikes across India have taken place. What must be understood is once fake currency enters into the system it ceases to exist the moment it is identified as fake. This government has quite a penchant for associating almost any kind of dissent with a threat to national security I wonder how come the government doesn’t view participatory notes as a threat to national security. Participatory notes allow foreign investors to buy stocks listed on our exchange without having to identify themselves. Enforcement agencies have repeatedly expressed their concern regarding participatory notes while addressing the issue of money laundering and terror financing.
Source:Govt will not take any knee-jerk decision on P-Notes: Jaitley
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The internet of things (IoT)
Is the network of physical devices, vehicles, buildings and other items—embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data.In 2013 the Global Standards Initiative on Internet of Things (IoT-GSI) defined the IoT as “the infrastructure of the information society.” The IoT allows objects to be sensed and controlled remotely across existing network infrastructure,creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy and economic benefit; when IoT is augmented with sensors and actuators, the technology becomes an instance of the more general class of cyber-physical systems, which also encompasses technologies such as smart grids, smart homes, intelligent transportation and smart cities. Each thing is uniquely identifiable through its embedded computing system but is able to interoperate within the existing Internet infrastructure. Experts estimate that the IoT will consist of almost 50 billion objects by 2020.
How is it implemented in the market :
There are several planned or ongoing large-scale deployments of the IoT, to enable better management of cities and systems. For example, Songdo, South Korea, the first of its kind fully equipped and wired smart city, is near completion. Nearly everything in this city is planned to be wired, connected and turned into a constant stream of data that would be monitored and analyzed by an array of computers with little, or no human intervention.
Another application is a currently undergoing project in Santander, Spain. For this deployment, two approaches have been adopted. This city of 180,000 inhabitants, has already seen 18,000 city application downloads for their smartphones. This application is connected to 10,000 sensors that enable services like parking search, environmental monitoring, digital city agenda among others. City context information is used in this deployment so as to benefit merchants through a spark deals mechanism based on city behavior that aims at maximizing the impact of each notification.
Other examples of large-scale deployments underway include the Sino-Singapore Guangzhou Knowledge City; work on improving air and water quality, reducing noise pollution, and increasing transportation efficiency in San Jose, California; and smart traffic management in western Singapore. French company, Sigfox, commenced building an ultra-narrowband wireless data network in the San Francisco Bay Area in 2014, the first business to achieve such a deployment in the U.S. It subsequently announced it would set up a total of 4000 base stations to cover a total of 30 cities in the U.S. by the end of the 2016, making it the largest IoT network coverage provider in the country thus far.
Another example of a large deployment is the one completed by New York Waterways in New York City to connect all their vessels and being able to monitor them live 24/7. The network was designed and engineered by Fluidmesh Networks, a Chicago-based company developing wireless networks for critical applications. The NYWW network is currently providing coverage on the Hudson River, East River, and Upper New York Bay. With the wireless network in place, NY Waterway is able to take control of its fleet and passengers in a way that was not previously possible. New applications can include security, energy and fleet management, digital signage, public Wi-Fi, paperless ticketing and others.
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