Keep the change
Idea #4 - start a ‘Keep The Change’ foundation and fund projects of social importance.
Idea Courtesy : Babu Prakash (My manager)
I go to a Lifestyle store and buy a shirt for say Rs. 599. Practically it will mean 600 bucks for me since I consider that one rupee as a change.
What if i am given an option, to give away that one rupee to an account called ‘Keep the change’ a/c?
I should have this option when i pay all my billls - from my petrol bill in Shell to the bill in Rathna cafe.
For starters, let’s restrict the amount to under one rupee for each transaction.
We should get into a tie-up with all leading banks and credit card networks so that people can transfer to their KTC a/c as part of their transactions. That is, if i pay Rs. 399.95 for my BATA chappal through my credit card, the showroom guy can take only Rs.399.95 and the remaining 5 paisa should go to the credit of Ktc a/c. The credit card statement should reflect the same.
In quick time, there will be “hajaaaaar money” (in my manager’s parlance) to deal with. People will be donating without ever realizing they are doing some charity. What’s more, it’s an everyday affair since we eat out or buy stuff all throughout the year.
Now coming to the administering part, the KTC a/c will be administered by a trust headed by people of known integrity aka Abdul Kalam or NRN or people they trust.
The funds in the KTC a/c will be utilised for non-profit projects or projects of immense social significance like:
group insurance scheme for the old age in a chosen region,
social security schemes for the old age,
drinking water provision in a town or village,
building a school in a village etc.
any other project the trust feels important to take India to the next level.
The Trust will take the final decision on what projects to fund and who will supervise it.
Now, as a contributor, I should know how much money goes into the account every single day and every single minute.
We should have a portal which tracks the donations and disbursements by the fund on a real time. Something not very different from the ticker in Google Mail Login page which indicates the space available.
Essentially, the contributors should know how much money the trust holds and what projects the trust has taken up and what are in the pipeline. In short complete transparency is the keyword. I dont want to go into writing the bye-laws of the trust at this level, so I stop here.
Does this make sense?
August 31st, 2007 at 11:39 pm
This is really a great idea worth implementing!
September 1st, 2007 at 12:20 am
Great one da. KTC looks very promising da. I think this might really work if the banks and the credit card companies get together. Bank of America has such program and I’ve enrolled in it — here the money is for yourself, it is put into your account every month.
September 1st, 2007 at 12:25 am
LOL! wht an idea… I really wonder how it’ll go!
September 1st, 2007 at 1:47 am
initially we can have NRN and APJ, later on it willl be filled with Lalu and Mayawati and of course our Amma. plus me
September 1st, 2007 at 3:59 am
vatsan
Since its not public election, I doubt if politicans like you have a chance!
September 1st, 2007 at 8:59 am
Hey
thats the sweetest of idea so far. thats nice. man. lets c somebody can see this n make it happen .. thought CreditCard/Debit Card system is not grt8 in india but we can definitely make that happen. truest of your ideas.
ROTL// hajaar .:)
hopefully shankar grab your idea and cook another 50C sivaji crap.. just for joke
good man.
September 1st, 2007 at 9:56 am
Here in the US, there is already a scheme called ‘Keep the Change’ offered by Bank of America.
The change is funneled into a separate savings account.
This you can decide whether to save for your kids or donate.
September 3rd, 2007 at 7:51 am
PK,
Super idea! It will definitely benefit many. Urpadiyana idea.
September 4th, 2007 at 4:10 am
Brilliant idea PK.
i thought of asking ‘room pottu ukkandhu yosikaraya’… then i got the answer from your post itself..
September 4th, 2007 at 9:23 am
Prabhu,
Similar idea is being implemented already. Bank of America has one such option. Only this is it doesn’t donate it to some charity, it rather directs it to ur savings a/c.
Moreover they additionally give 5% of what you save
http://www.bankofamerica.com/deposits/checksave/index.cfm?template=keep_change&adlink=000302027g850000c336
September 4th, 2007 at 2:26 pm
Your manager must have gotten this idea from Bank of America. Like someone else here said, BoA is offering this for almost two years now. See http://www.bankofamerica.com/ktc. And they have a patent pending for this. FYI, I’m enrolled.
September 4th, 2007 at 9:47 pm
aparna,
thank you!
gopi,
thank u:)
preethz,
me no clue either:)
September 4th, 2007 at 9:52 pm
mahesh,
thanks for the pointer
balaji sir,
thank you
chakra,
ama en manager idea dhaan adhu
cipher and IR_Fan,
Anna naan padikadha paamaran, enakku theriyama pochu, mannichukunga:)
i dont claim any complete originality to the ideas posted here. i did make this explicit in one of my earlier post.
whatever i feel like worth posting will be posted here.
the intention is more to spread the ideas than to claim ‘only i thought about it first’ funda!
After all these years of vetti blogging, i thought it would make some sense to write about one topic but i could not figure out anything in particular, hence this idea concept.
September 16th, 2007 at 12:31 am
to come up with the Portal, the IT guys will charge twice what is generated by the KTC project…
the idea is great. the implementation cost should be low. then it will work in India.
also, like your idea of making some trusted Junta handle the money.. but that is also not an easy thing, anywhere in the world!