Section 1 : Preamble
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This Act is to create a less nexusprone procedure to replace Regulators in Central Govt.
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| Section 2 : Format of the act 2.1
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Many of the clauses of this law are procedures or instructions, which may be an order or a request. The clause has list of persons for whom that procedure/instruction is meant for.
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| Section 3 : Issuing New Rupee 3.1
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The RBI shall address the currency of India as "Citizens’ Legal Tender of India" or "Citizens' Rupee" or just "Rupee". ALL RBI documents MUST refer to Legal tender as it as "Citizens' Rupee", and symbol will be "Cr". | 3.2
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RBI will confine itself to only three functions ---- |
3.3
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The RBI will recognize only 2 forms of Citizens' Legal Tenders in the country |
3.4
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Unless the Parliament has declared a war, the RBI-Governor will increase the sum total of legal tender, i.e. LT1 + LT2, ONLY after a vote from Parliament where over 25% of citizens must DIRECTLY register a YES. If the Parliament has already declared a War, the MPs can ask the RBI-Governor to issue new legal tender without the consent of citizens. | 3.5
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The RBI-Governor will be allowed to convert RBI-notes into RBI-balance and vice versa, after all 5 Directors' permission. | 3.6
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Depositing legal tender in a bank
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3.7
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If any bank officer tries to loan money deposited in a CLT-account, the Jurors will considered it as theft and the Jurors may imprison him for upto 5 years. The Jurors may also confiscate his property not more than 10 times the amount he had loaned. | 3.8
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The Finance Ministry, using wealth tax, will pay interest on CLT-accounts of senior citizens. The interest rate will be decided by the Parliament. | 3.9
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Officers of government bodies will accept a check ONLY if the account is a CLT-account. If any person passes a non-CLTA check as an CLTA-check will be considered a crime equivalent to forgery of RBI notes. | 3.10
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All Central, State and District Govt. agencies and owned even partly by Govt will keep all their deposits in CLT-accounts only, and will accept CLT-checks ONLY. | 3.11
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No Govt. agency, including RBI and FM, will give any form of insurance to any account which not a legal tender account, including money in non CLT-accouts in nationalized banks. | 3.12
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RBI will not issue any loans to any nationalized bank or private bank or GOI or any private company. | 3.13
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No Government body can take a loan from private body or a person. The Jurors can impose a prison sentence of upto 5 years on the Chairman, directors and the treasurer of Govt a govt body if the take any loan from a private or even a partially private body. And if a Govt body gives loan to another Govt body, the interest rate will be equal to the rate at which supply of money was raised by RBI. | 3.14
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Insurance on Deposits
RBI will insure money in an CLT-account against robbery, theft, fraud etc. for free if the account is owned by a citizen. The RBI-Director will use RBI's funds to repay for robbery, theft and fraud. RBI Directors may decide a fee on checking transaction to create this fee.
| 3.15
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The account holder can write a paper check against his deposits in an CLT-account. The credit can be given ONLY after bank that issued the check deducts the balance and transfers deposits the money in RBI's account of the bank that gave the check. |
| Section 4 : Reducing the use of cash and increasing use of card/check 4.1
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The SBI Governor MUST open an SBI branch in ALL towns with population above 5000, and it must open one branch in every Tahsil. The SBI Governor MUST allow ANY citizen of India to one bank account in any branch in District where he lives or neighboring Districts, with no balance requirement. | 4.2
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The RBI Governor may impose a cash-processing fee of upto 1% above yearly cash withdrawals/deposits exceeding Rs 100000 from an account. The RBI Governor may impose a surcharge of upto 1% on bills, above certain limit, of phones, electricity, rents, cable and a list of items approved by Parliament. |
| Section 5 : Other Details 5.1
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If the officer does not execute a procedure or ignores an instruction stated in this Resolution/Act, a citizen can file a complaint before the Grand Jurors. In case there are is no Grand Jury, the citizens can appeal to the PM to setup a Grand Jury. But under this law, a citizen cannot complaint before PM, Corporators, PM, MLAs, PM, or MPs.
| 5.2
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The Jurors will judge this Act, guidelines, intentions as well as the facts related to the case
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