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 :
" ...to
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...
* 'ajaitley@del5.vsnl.net.in'
/ 'ajaitley@sansad.nic.in'
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
www.hemenparekh.in
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