Remember the words of Neil Armstrong when he stepped
onto the moon ?
" One small step for a Man ; a giant step for the
Mankind "
That brings me back to Revenue Secretary, Shri Adhia's
remarks in Hindustan Times ( 20 May 2016 )
While referring to Government plans to crackdown on
huge cash transactions, he said :
" This will strengthen archaic laws and improve
enforcement actions
More checks and barriers will stop illegal fund flow
into and out of the country and help more in search and seizure operations "
He was referring to the requirement of giving PAN , as announced
by the government , in past few months , in the following cases :
# cash
transactions above Rs 2 lakh
# sale /
purchase of immovable property beyond Rs 10 lakh
# paying of
hotel and restaurant bills of Rs 50,000 and above
# purchasing
gold jewellery above Rs 2 lakh
# buying /
selling of shares of an unlisted company, of Rs 1 lakh and above
The government is now looking to
* increase the
usage of PAN and AADHAR numbers to include more
transactions
* declare cash
transactions above a certain amount as " illegal "
* require
tax-paying residents to inform the government before opening a
bank account overseas
RESULTS SO FAR :
* Found Rs
21,354 Cr worth of undisclosed income
* Surveys
yielded Rs 22,475 Cr
NOW COMPARE THIS
ACHIEVEMENT WITH :
* Our nominal
GDP is approx Rs 140 lakh*crore
* Black Economy
is estimated at 70 % of GDP ( ie: Rs 100 lakh*crore )
* Between
2003-12 , Indians siphoned out $ 440 billion abroad
( Rs 31
lakh*crore )
So , after enormous administrative effort , we have
managed to recover , a mere 0.2
%
of the BLACK MONEY in our economy !
Instead of taking endless number of small steps over
next decade , I once again urge NDA government to take following one SMALL step
, which will prove to be that GIANT STEP for the entire mankind :
# Internet of
Things ( IoT )
As each currency note of Rs 500 / 1000
, is getting printed , embed it with microscopic RFIDsensors
Besides communicating with each other ,
these sensors will also transmit their existence location , through internet
, to cloud-based servers of Income Tax Department
This will form a " NETWORK OF CURRENCY NOTES ( NoC )
"
You may like to call this Internet of
Currency ( IoC ) , a sub-set of IoT !
# Internet
Protocol Address System ( IP V 6.0 )
Each Rs 500 / 1000 currency note must
be assigned ( at the time of printing ) , its own unique Internet Address ,
using IP V 6.0
This IP address should be linked
with the unique Serial Number printed on each note.
Since IP V 6.0 , will be capable of assigning " 2 * 10 to the
power of 128 ", no of IP addresses , there is no danger of running
out of addresses , even if we decide to extend this idea to Rs 100 currency
notes !
Here are the most
important BYE - PRODUCTs :
* No more possibility of fake / forged / counterfeit
, currency notes !
* Plastic currency notes will last 10 times longer !
This reform will enable the Central Government / Income Tax
Department to :
* Continuously trace the movement of each of
these higher denomination currency notes
* Instantly locate any place ( using
Google Map based GPS ) , where there is an accumulation of more than Rs 1 Crore
worth of currency notes
Such accumulation will be made to
appear as a TAG CLOUD on the web site of IT Dept, like thousands of balloons
floating on a map of India , capable of being drilled down to within 1 Sq
Meter !
On each balloon , will appear a
number announcing , " Amount of Cash here - Rs " !
This will vastly
simplify the task of Anti Corruption Dept / Enforcement Dept etc
Of course , RBI will need to allow 6 month's time to the owners
of current paper currency notes of Rs 500 / 1000 , to get these exchanged with
new plastic notes before withdrawal of the old notes from circulation
Now , would not that distribute the hidden , unaccounted wealth
! - a welcome fall out !
But then such transparency might lead to break-down of social
order / chaos
It may be a better / safer / saner solution for such balloons /
tag clouds to appear , on a secret Mobile App , available only to the officers
of Enforcement Department ( ED )
You may want to call this app ,
" BLACK-MAIL " !
Of course , my suggestions may become outdated with the arrival
of mobile wallets based CASHLESS SOCIETY , by 2030
In the meantime ,
should Shri Arun Jaitleyji and Shri Ravi Shankar Prasadji , want this
implemented , it can be done in 6 months , at one tenth the cost of MoM ( Mars
Orbital Mission ) , ie approx Rs 43 Crores
All they have to do , is to tell the bureaucracy :
" Since we need not depend upon Opposition parties to
pass a bill in Rajya Sabha , please go ahead and implement this - in less than
6 months "
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hemenparekh.in / blogs
20 May 2016
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