Today’s Business Line carries following news :
Solutions being
considered :
* Notes should be of different
sizes
* Notes should have embossed
symbols for easy identification ( like braille )
* RBI to look into the feasibility of
developing a device or mechanism to help the
visually challenged easily identify currency
notes
The first two solutions
are fairly simple and straightforward
But , both will require
scrapping the current notes and re-printing with accepted solution
Persons opposed to “ device or mechanism “ solution say :
A very expensive proposal
for a small minority
And , this solution too ,
may require re-printing !
But , if the present notes
have to be scrapped in any case and new ones have to be printed , I suggest following
solutions which have a desirable “ bye-product “
of eliminating / reducing BLACK
MONEY as well !
SECURITY THREAD :
* The metallic SECURITY THREAD in the Currency Notes can be made
to store the
unique SERIAL NUMBER of each currency note , AND a simple Smart Phone can read
that number and transmit that data to any
government agency ( IT / ED / CVC etc )
This
will be coupled with a Mobile App which will SPEAK ALOUD the denomination of
a note
held near the currency note, using NFC / BLUE TOOTH
QUOTES FROM RESEARCH PAPER :
This is a completely electronic-free design ,
which means you can iron the smart fabric or put it in the washer and dryer. We
are using something that already exists on a smart phone and uses almost no power, so
the cost of reading this type of data is negligible
The team also demonstrated that the
magnetized fabric could be used to interact with a smart phone while it is in one’s pocket …
Scientists realized that this
off-the-shelf conductive thread
also has the magnetic properties that can be manipulated to store either digital
data or visual information like LETTERS or NUMBERS
“
I believe all currency notes come with a metallic SECURITY THREAD , capable of being magnetized
So, could that thread be able to store
the UNIQUE SERIAL NUMBER , assigned to each and every currency note , which ,
in turn , can be “ read
“ by the Smart phone , and “ transmitted
“ to the Central Server of the India’s Income Tax Department ?
If possible , this can track those high
denomination currency
notes lying in wallets / purses ( - assuming that a smart phone is also
next to those notes )
References
:
Technology >
Innovator >
RFID
SENSOR :
Read :
