KINDS OF MONEY, GRESHAM’S LAW & RBI’s ROLE
Pawisa hi mihringte hian engtik aṭang chiahin nge an lo hman tawh tih hi hriat a harsa viau mai. Sumerians ho hi Mesopotamia rama hnam fing hmasa an ni a. BC 3000 kal taah khan pawisa an lo hmang tawh a ni awm e. Engpawhnise, pawisa hi tunlai mihringte nunah phei chuan a ṭangkai hle mai a. Pawisa hi hmang ta lo ila, thil buaithlak deuh tur chu thil inlei tawn hi a ni. Engkim mai kha a bungruain kan inthleng tawn a ngai vek dawn a. Bungrua leh bungrua emaw, bungrua leh hnathawh (service) emaw, bungrua leh ṭawngkam ṭha emaw, intiamna ṭawngkam leh bungruate kan inthleng tawn vel a ngai dawn a ni. Bungrua leh bungrua (thil leh thil) inthleng tawn hi a sap ṭawng lamah chuan “Barter” an ti a. Pawisa chelek lova Barter system hmang tur chuan thil lei tur chuan eng thil emaw neih a ngai a. An thil kan leisak turte khan kan leina tur thil kha an duhzawng a nih ve tho a ngai a. Kan mamawh a inhamtawng (coincide) tur a ni. Chutiang chu a sap ṭawng lamah chuan “Double coincidence of wants” an ti a. Chu chu thil awlsam a ni lem lo tlat. Puan leh buhfai inlei tawn dawn chuan puantahtu leh loneitu an inhmuh fuh a ngai a. Chutah puantahtu khan ei tur a mamawh a, loneitu khan thawmhnaw a mamawh bawk a ngai a ni. Barter ah chuan thil i hralh khan thil i lei ve nghal zel tihna a nia. Thil i lei paw'n eng emaw i hralh ve zel a ngai tihna a ni. Amaherawh chu tunah chuan chutiang chu a ngai tawh lo. A chhan chu thil lei leh hralh nana mi tinten kan pawm tlan vek theih a awm a. Chu chu pawisa hi a ni. Tunah chuan khawvel zawng zawngah pawisa kan hmang ta vek mai.
Pawisa hi a siamna hmanrua leh nihna hrang hrang hmanga thliar hran theih an ni a. Chu'ngte chu:
1. A siamna hmanrua aṭanga thliar hranin Paper money leh Metallic money an awm. Thira siam leh lehkhaa siam tih kha a ni mai a. Hriat a awlsam hle mai.
2. Legal Tender: Ram pakhat Danin pawisa atana a puan apiang kha pawisa chu a ni mai. India ramah chuan coins leh Rupee Note te hi Legal tender an ni a. India ram Dan in a delhkilh (legal backing) tlat a ni. Chumi awmzia dang leh chu tu mahin an pawm lo thiang lo a ni. Pawisa thir leh cheng khat Note te hi Government of India pawisa an ti a, Paper Note dang zawng zawng erawh hi chu RBI pawisa an ti bik a ni. India sawrkar aiawhin Reserve bank of India Governor-in hming a sign hnan thlap a ni.
3. Fiat Money: Ram pakhat sawrkarin hman atan a puan avanga pawisa lo ni ta mai hi Fiat Money chu a ni. Sawrkar thupek (Fiat) avanga pawisa lo ni ta a ni. Indopui thlen laite leh eng emaw hun khirhkhan thlen lai tein Fiat money hi hman a ni ṭhin.
4. Fiduciary Money: A hmangtu turten rinna an nghah avanga pawisa anga hman theih hi Fiduciary Money an ti. Amahah rinna kan nghah loh chuan pawisa hi pawisa a ni thei lo. Entir nan, thil lei nan Cheque lo hmang dawn ta ila, I leinate khan cheque an rin tawk loh chuan Fiduciary money a ni dawn lo a ni. Cheque ringtu hnenah erawh chuan I hmang thei dawn a, Fiduciary Money a ni mai dawn a ni.
5. Standard Money leh Token Money: Standard money hi chu hmanlaia pawisa an siam dan kalphung a ni a. Chu'ng hun lai chuan pawisa hi thir (metal)-a siam a ni a. Rangkachak leh tangkaruaa siamte an ni. Chutiang kalphung (system) ah chuan pawisa siam nana thil hmanin amaha hlutna a neihsa (intrinsic value) leh, pawisaa siam a nih hnua a hlut zawng (face value) kha a intluk chiah chiah zel a ni. Chutiang system a pawisate chu standard money an ti a. Mahse hun a lo kal zel a, rangkachak leh tangkarua hlir pawisa atana han hman reng kha chhan hrang hrang avangin a lo remchang ta lo va. A chhan an sawi pakhatah chuan rangkachakte hi pawisaa hman ralah chuan mi hrang hrang kutah a leng kawi lo thei lo va, chutia a kal kualna (circulation) ah chuan a hmelhem riral thei a, a uiawm a ni an ti. Chuvang chuan, heng precious metal aiawh tur hian thil danga pawisa siam ṭha tihna a lo piang ta a. Pawisa siam nana an thil hmanin intrinsic value a neih aia sangin, a siam chhuaktu sawrkarin face value an puttir ta ṭhin a. Chutiang chu Token money an tih chu a lo ni ta a ni. Amaha hlutna nei sang lutuk lote pawh hman a lo ni ta a, rangkachak leh thir dang chhun pawlh te, tangkarua leh thil dang so pawlh te, dar te, nickel leh suan inpawlhte hman an ni ta zel a. Chutiang pawisa chuan a tak taka hlutna an neih aiin pawisa an nih avanga hlutna an pek kha a sang zawk a ni. Token money hi a lo lar chho ta zel a, a hnu leh zelah phei chuan amaha hlutna nei hran lo Paper te pawisa atan hman a lo ni ta zel a. Khawvel zawng zawngin kan hmang ta a ni. China hi khawvela Paper money hmang hmasa ber a ni a. Kum zabi 9-naah khan an lo hmang tawh. India ramah chuan 1806 aṭang chauhvin hman ṭan a ni.
Gresham’s Law: Ram pakhatah pawisa chi hnih hman kawp lo ni ta se la, entir nan cheng 5 tlang rau rauah pakhat rangkachaka siam, pakhat thir leh nickel inpawlha siam nei kawp ta se la. An face value chu a inang reng a, a chhan chu cheng 5 an ni ve ve a ni. Amaherawhchu, rangkachaka siam chuan a taka hlutna (intrinsic value) a nei sang zawk ang a, miin an duh zawk ang. Chutichuan bazar ah thil lei nan miin thir leh nickel inpawlha siam zawk chu an phawrh zawk zel ang a, rangkachaka siam zawk chu an kawl ṭha daih ang a, an tawmim riau dawn a ni. Chutiang chu thil nih dan phung a ni tlat mai a. Pawisa chhiain pawisa ṭha a umbo (bad money chases good money out of circulation) an ti a, hei hi Gresham’s Law an ti a ni. Chutiang chu mihring rilru put hmangah hian a awm hrim hrim a. Lehkhaa siam pawisa kan hman hnu pawh hian, pawisa thar deuh ai chuan a hlui zawk hman chhuah hmasak kan thlang deuh zel a ni.
Heng a hmasaa kan han sawi hrang hrangte aṭang hian thil pahnih khat sawi zui ngai tak han phawrh zui ila. Chu chu Rs 10 thir (thira siam Rs 10) chungchang hi a ni. Mizoramah hian Rs 10 thir dawng duh lo te an awm ṭhin a. Amaherawhchu, kan hriat chian loh vang mai mai a nih hmel e. Rs 10 thir hi Legal Tender a ni a. Legal Tender a nih chuan tu mahin thil inlei nan an pawm lo thiang lo a ni. Mimal chang pawh ni lovin, Commercial bank te pawhin deposit atan, a ‘loose’ pawhin a ‘bulk’ pawhin an pawm vek tur a ni. Chutianga Commercial bank lamah harsatna kan tawk a nih chuan a kimchangin Reserve bank of India, Aizawl ah report tur a ni. Kan zavaiin pawm vek ila, cheng 10 Note zawr tak tak chhàwk zangkhaina a ni mai a, a ṭha em em a ni.
Thil dang pakhat leh chu; Gresham’s Law te kan hre tawh bawk a, Pawisa thar leh pawisa hlui chungchangah hian RBI hian hna (Role) pawimawh tak a nei a. Pawisa hlui zawr chhe tawhte hi Commercial Bank ah pawisa tharin a thleng theih a, a hlutna ngai renga thleng theih a ni. Chutiang ti tur chuan RBI hian Commercial Banks te hi mawhphurhna a pe a. Bank zawng zawngten pawisa chhia leh hlui an thleng theih thu hi an Bank-a Notice Board ah an tarlang tur a ni bawk.
Amaherawhchu, Dan fel tak an nei a, a hmingah Note Refund Rules 2018 (NRR) an ti mai a. Chutiang dan ang chuan kalpui erawh a ngai thung. A zawnga zaa sawi kim vek sen a ni lo ang a, Pawisa Note chhiat dan azirin a tlangpuiin hetiang hian an ṭhen a : (i) Soiled Note (Note zawr chhe pangngai, hman nasat tawh vanga zawr tawh; bung hniha chhum hial tawh; mahse bel zawm theih, a hmelhmang la bo lo ang chi) te, (ii) Mutilated Notes (Note tih chhiat, a ṭhen lai kim tawh lo, thler hrang tawh leh rem khawm theih ang chi) te, (iii) Extremely Brittle, Burnt, Charred, Stuck-Up Notes (Pawisa mawih, khawih hleka darh mai tur ang chi leh kang sawr/ kang bung) tih te. A pathumna ang hi chu Bank ah a thleng theih tawh loh va, RBI-a Issue Office ah kalpui theih a ni. Soiled Note hi chu a hlutna ngaiin a thleng theih a, Mutilated Note erawh hi chu a Note hlut zawng (denomination) leh a chhiat dan azira thleng dan pawh a awm hrang ve thliai a ni. Tin, thil pakhat hriat ngai em em chu; pawisa Note-ah hian Slogan emaw, politics leh sakhaw lam hawi thuchah engmah ziah awih a ni lo. RBI hian Clean Note Policy a nei a. Chumi avang chuan pawisa Note ah engmah ziah awih a ni tawh lo. ‘Zu lei nan chuan min hmang lul suh’ tih ziahte kha awih a ni lo. Chutianga thil a inziah chuan kha pawisa khan Legal tender a nihna kha a hloh nghal a, hman theih a ni tawh lo a, bank-a deposit atan erawh an la pawm thei a ni. Pawisa hlui leh thar hi bank-ah thleng theih ni mah se, kan dikna leh chanvo ve réng anga ngaih a ni lo va, khawngaihnaa ruat a ni, tiin RBI chu a intlawh khalh a ni.
(With prior consultation of GM & Officers of RBI Aizawl)
- Dr. PL Ramliana, plrama03@gmail.com