Lakh & Crores

Lakhs & Crores

India is going through one of the most debated financial turmoils that could transform India either way. By demonetizing 70 to 80% of its currently used currency notes with a view to combating black money and striking at tax-evaders, the underworld, hoarders and terrorist organisations all in one go, the Government seems to be fighting an uphill battle to see that the move doesn't accentuate the pain on an ever growing number of its middle class and poor, who suddenly find themselves in never ending queues waiting endlessly for the Good days that has been promised. The opposition makes merry during this difficult period for the government.

I observe this from my perch in Africa, slightly distant from the turmoil. Not directly affected, but certainly concerned as business associates predict uncertain times.

While listening to arguments from both the pro demonetization, pro Modi lobby and the opposition, have been hearing of huge sums of money being either squandered or lost or recovered (depending on which side of the argument we hear from)

But living overseas has also highlighted another problem ... One of an Indian attitude of simple ignorance!

I've always wondered, when have we adopted these denominations of numbers "Lakhs & Crores"!! . I'm sure it's somewhere from our rich, deep culture from our glorious past, and am equally convinced that they'll continue to haunt us in our promised glorious future too.

While in India, it seemed most natural to hear of Lakhs and Crores of Rupees (and of the days of Lakhpatis & Crorepatis - (quite funnily pronounced "corrode-pathis"!! referring to an equivalent to Millionaire& Billionaire clubs),  I'm often fuddled at how, when we Indians travel overseas, we continue to use these rather 'exclusive to India' denominations to express monetary figures,  thus, most often leaving the foreign listener completely oblivious to the financial implications of the discussion.

And keeping in view, that we're considered the new financial whiz guys on the block, listeners nod in awe with all respect, possibly comprehending nothing.

I remember, recently, an Indian team of Experts training an African Chamber of Commerce on the importance of Export documentation procedures.. and every example they gave, highlighted profits and losses in "lakhs" and "crores" of dollars. The trainees went through the course with wide eyed seemingly dumbstruck awe.  The Training over, It was only when we questioned the team receiving training if they understood what these terms meant,  that did both the trainer and trainee realize the futility of the programme... all brought virtually to nought by our 'taken-for-granted-that-everyone-understands-us' attitude.

I wonder if we will ever be able to over come this and slowly merge with the internationally accepted norms of denomination.  Or, as has been happening over the last few decades, will we see Lakhs and Crores be accepted in English dictionaries ?  Or will the world of numbers and mathematics accept these terms as standard denomination for the future.

And while we aimlessly deliberate on the pros and cons of demonetisation... I'd like to clear the shroud of secrecy over this unique Indian denomination of demonetisation.

One hundred thousand is a Lakh

One Million is 10 Lakhs

Ten Million is 100 Lakhs or is a Crore!!

One Billion is 100 Crores!!

And what confounds even further is the unique placement of the separator, the comma,

One Lakh has 5 zeroes and is written like this : 1,00,000.

One Crore is 100 Lakhs and is written like this : 1,00,00,000.

HELP!

Monies deposited in Banks in the first few days of this Demonetisation drive was close to Fifty thousand Crore Rupees.!!!!

50,000 crores of Rupees is approximately 900 Crore Dollars or 9 Billion USD!!

I'm not sure how correct I am.. but it can't be too far away from "Loads of Money"!!!

Good quiz questions would be to ask 'How many zeroes are there in 50,000 Crore Rupees?', and here's the tougher one. 'How many separators (commas) are used?'

And until our Indian "implants" in Google (Sundar) and Microsoft (Satya) are able to inculcate these revolutionary numerical terms & indicators into common use internationally, trust readers will appreciate the education.