Sunday, 6 March 2016

There is a Simpler Way !

A study by Harvard researchers ( led by former Standard Chartered Bank Chief , Peter Sands ), recommends doing away with the most popular banknotes used to evade the banking system : the US$ 100 note / the 500 Euro note / the 1000 Swiss franc note and Britain's 50 pound notes

If those large bills were eliminated, argues the Harvard University study, the drug dealers , arms traders , terrorists and tax cheats would find it a whole lot more onerous and risky to move their cash around undetected , carrying huge sacks of small denomination notes

Apparently Harvard researchers did not know that , tax cheats of India have,

*  Siphoned away Rs 34.4 lakh*crores to foreign banks in past 10 years

*  Stashed away (my guess) TEN TIMES as much (Rs 500/1000 notes) in local bank lockers

Had they known , they would have whole heartedly agreed that my following suggestion is a far  SIMPLER / FASTER / SURER method to eliminate BLACK MONEY , forever :

*  Discontinue paper-based currency notes of Rs 500 and Rs 1,000

*  Introduce plastic currency notes of Rs 500 / 1,000 which are embedded with RFID sensors ( far thinner than a human hair  ! ) , always broadcasting their presence to Internet of Things ( IoT )

*  Assign to each such note, a IP V 6.0 address , linked to its unique note number

*  Set up a IT-enabled Technology Platform which will constantly monitor any accumulation of Rs 500 / 1000 RFID embedded notes in excess of Rs ONE CRORE within an area of ONE square meter

Only 2 days back , Mumbai police caught a van carrying Rs 500 / 1000 currency notes worth Rs 2.84 Crores , hidden in a secret compartment below the floor board

If my suggestion is implemented , who would want to be followed / tracked on Google Map ,
( on the law-enforcer's mobile App ), with a balloon inscribed with the value of those notes ?

I wish Shri Ravi Shankar Prasad would tell Shri Narendra Modi :

" Modiji , this is the ONLY foolproof way to solve the problem of BLACK MONEY , without worrying about introducing a MONEY BILL in Lok Sabha

And our bright young Start Ups are capable of implementing this within 6 months 

Please , give me a GREEN SIGNAL  !  "

----------------------------------------------------------------------------------------- / blogs

07  March  2016


Make    Yourself    Heard

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It is time for YOU to speak up - and demand that YOU are heard

By emailing this suggestion - incorporating your OWN improvements - to the following Policy Makers

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  1. Out of the box suggestion. Great thought.

  2. Out of the box suggestion. Great thought.

  3. Sanjay : Glad you liked it . One commentator suggested that I file a Public Interest Litigation petition in Supreme Court , since politicians with " Vested Interests " are unlikely to act on this
    Do you know a lawyer friend who will do this for FREE ?