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
! "
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hemenparekh.in / blogs
07 March 2016
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Make
Yourself Heard
Dear Visitor :
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Out of the box suggestion. Great thought.
ReplyDeleteOut of the box suggestion. Great thought.
ReplyDeleteSanjay : 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
ReplyDeleteDo you know a lawyer friend who will do this for FREE ?