Saturday, 23 January 2016


Government is encouraging use of Credit / Debit cards , in order to reduce cash payments , which , currently account for nearly 80 % of all payments

Measures ( Positive and Negative ), being considered / announced , include :

*  Elimination of transaction charges on purchases of Petrol , using Credit Cards

*  Income Tax benefits for individuals making payments thru Debit / Credit Cards

*  Disclosure of PAN for

   #   cash transactions above Rs 2 Lakhs

   #   settling hotel bills that exceed Rs 50,000

   #   booking air tickets  / tour packages , exceeding Rs 50,000

   #   opening a bank account ( except for Jan Dhan Yojana a/c )

*  Incentives to shop keepers and traders to accept electronic payments

While announcing these measures , revenue secretary , Shri Hasmukh Adhia said :

" collect information on certain types of transactions from third parties in a non-intrusive manner , the income-tax rules require quoting of PAN where the transactions exceed a specified limit "

Are we missing the woods for the tree ?

What can be more " non-intrusive " than embedding Rs 500 / 1,000 currency notes with RFID micro-chips , thinner than a hair ? Each sensor, continuously broadcasting its location to the Income Tax Authorities , even as it moves from one hand to another ?

And " shouting from the rooftop " each physical location, where there is an accumulation of Rs ONE CRORE worth of such notes !

And assigning a  UNIQUE  Internet Protocol ( IP V 6.0 ) Address to each and every such high denomination currency notes ? - which could , even be its Currency Note Number  ?

Why bother to " incentivize " citizens to use electronic payments  ?

Why bother to introduce rules / regulations and make life difficult for everyone - including for those officers responsible for enforcement ?

Just implement this and watch 90 % payments being made thru electronic means / devices , within 6 months !

I had sent my above mentioned suggestion to Shri Arun Jaitleyji , when Govt had put out a paper ,

" Draft Proposals For Facilitating Electronic Transactions " ,

and sought public comments

Implementing this does not require passing any bill in Rajya Sabha !

If you have a better idea to dramatically reduce the menace of BLACK MONEY and CORRUPTION , in a single stroke , I request you to rush it to Shri Jaitley-ji , before 29 Feb 2016 ( Budget date ) at...

''  /  ''

Or , just forward this to him

A recent news report spoke of printing of 30 Crore notes of Rs 1,000 denomination , WITHOUT that identifying silver thread

Some of these defective notes even went into circulation !  Rest had to be destroyed

This would never happen if a RFID micro-chip ( much thinner than that Silver thread ) were to be embedded in each note

A Inspection device , costing no more than a few thousands of rupees and  sitting on the Printing Line would immediately detect any note WITHOUT the RFID

A bell will ring and a robotic arm would pick up and set aside such a defective note

And if this was to happen to 10 notes in a row , the printing press will automatically shut down  !

This technology is already working in hundreds of factories around the World

And embedding a RFID chip is much simpler than inserting that Silver thread  !


hemen  parekh

24  Jan  2016


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