This Kerala priest has an E-way to combat currency troubles
By lekshmi vijay | First Published Nov 13, 2016, 6:42 AM IST- Mulamoottil is a strong proponent of Electronic money.
- The priest has penned a book on electronic money titled 'E-rupee to Reinvent India'.
- Mulamoottil says electronic money can deal with inequality in the society and hoarding of money.
As the whole country is reeling under the problems posed by demonetization, a priest in Kerala has come up with an innovative means to solve the problems plaguing the currency system.
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Abraham Mulamoottil, a senior priest of Syro-Malankara Catholic Church, suggested that the best way to keep a tab on black money and corruption is to switch over to 'E-Rupee.' India could trigger an economic revolution if it implemented the system, he says.
Mulamoottil, the author of the book 'E-rupee to Reinvent India', says that the government can effectively deal with illegal money through the new technology gateway. All fund transfers, bills and payments could be channelised through authorised and convenient electronic interface, secured by private passwords.
The Reserve Bank should stop printing currencies of higher denominations and limit it to ₹100 and ₹200 notes for the convenience of the public. The higher transactions should strictly be made through E-money, Mulamoottil suggests. By shifting to E-rupee would also check corruption in the country more efficiently.
The E-rupee can save money spent on printing currencies too. Installing servers for the E-rupee facility would cost only one fourth of the money being spent on minting money, said Mulamoottil who was the Administrator of Mar Athanasious College for Advanced Studies (MACFAST) and Pushpagiri Hospital.
The priest also feels that by scrapping ₹500 and ₹1000 notes the government has taken the first step towards digitalisation of Indian currency. With the help of technology, the government could make sure that people are not divided on the basis of wealth.
Mulamoottil is currently working on his second book on 'Blockchain Technology,' an innovation of Bitcoin that makes e-transactions more secure. Incidentally, his first book on E-rupee was released by Finance Minister Arun Jaitely in 2014.
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