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Notes on tech

Notes on technology, business, enterpreneurship, economy, markets along with interesting general tidbits.

Fa Piao

3/26/2006 08:23:00 PM, posted by anand

Fa Paio is a receipt that you get when you purchase something or avail a service in China. You can ask for a Fa Paio for pretty much anything - whether you take a cab, eat out in a restaurant, do grocery shopping etc. It is different from the bill they hand out at the end of a transaction. The bill is issued by the establishment, while the Fa Paio is more like a government issued receipt. So you got to ask for it. It is issued in currency like denominations.

The Fa Paio is used by the Chinese government to track down the transactions and make business owners pay the taxes. Now the ingenious idea here is that each Fa Paio has a stratch lottery on it. You scratch off the covering thing and you might win a lottery. This incentivises people to ask for a "Fa Paio" at the end of a tranasaction. Smart, isnt it? In a place where cash is the king, its a great way to keep track of transactions by the government.

Wouldnt it be nice to have such a system in place in India?
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3/27/2006 3:31 PM, comment by Blogger Manish

What a brilliant mechanism! As you said, it'd be really great for India to reign in some accountability. A good note and a great observation,Ands.    

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