Rounding off error

Government of India announced last year that the minimum currency is 50 paise and abolished lesser denominations, which means that i cannot have anything called 5 paise, 10 paise, 25 paise anymore.  When i get my broadband bill, it always says 500.67 and i end up paying 501 and lose 33 paise in the bargain

When i buy something from the medical shop, if the bill value is 49.52 (inclusive of all taxes), i end up paying 50 and lose 48 paise.  This is not the case of mine alone.  Each one of us end up paying the change and lose some cash on a daily basis.  Who gets this extra cash and where it is going

Government rounds off taxes to the nearest rupee of higher value as it does not want to lose revenue and the same logic is applied to all those people to whom i am paying and if government does not want to recognize smaller denominations of our currency, then why can't it round off everything to the nearest 50 paise or even abolish the 50 paise coins as it is very difficult now a days to recognize whether something is 50 paise or 1 rupee or 5 rupees as everything comes of the same size

At least i will lose the difference in cash knowingly rather than unknowingly, but whose listens to me

Change economy

Like any other salaried employee, i have my monthly commitments and EMIs.  Post all these expenses and sort of some savings, what is left in my bank account is amount less than Rs.100 (please don't laugh) or for example Rs.49.49 is left in my savings bank account.  But, that is not the challenge.  Challenge is that i cannot withdraw this amount from the ATM as they don't keep provisions for withdrawing this amount.  Even if i go to the nearest bank branch to withdraw this amount, they don't entertain as the minimum currency now is 50 paise

Though salary accounts of people working for bigger corporates are said to be 0 balance account, in actual practice, people do not withdraw these change.  Imagine what would be the end balance maintained by salaried class in the bank accounts and the money enjoyed by the bank.  Probably, this unclaimed balance might be bigger than the NPAs with the banks

Shrimathi Charitable Trust - Library

It is one of the proud moment for me as well as the trustees that Shrimathi is moving into a new direction.  As part of bringing value to the society, Shrimathi is starting a library/reading center from 7th September 2013 onward at Chrompet, Chennai

Magazines and Newspapers will be placed for reading along with a string of books on management, accounting, novels, religious books.  We are collating books from our sources and also trying to make reading a habit

We require your blessings and support to make this a useful venture