Keep the change
Friday, August 31st, 2007Idea #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?

