Black money is one of the major causes for the economic back lag in India. Black money within the economy is growing as if the normal economy grows. Present black money holds around 20% of the country’s economy.
Effects of Black money:
- Encourages “Rich get Richer, Poor get Poorer” concept.
- Depletes the country’s growth.
- Develops inequality among the population.
- Develop Social evils like theft, robbery, murder, etc
“NO CURRENCY” Formula:
What is “NO CURRENCY” concept?
India is a country with Rupee (INR) as its currency. Black money developed because of failing the currency tracking inside the economy. All the transactions using the currency are not track-able and accountable. If there is no currency in the economy, then there would be no black money.
How to transact without currency?
Electronic transaction is the best way to get rid of Currencies. All the transactions must be electronic.
How to make it happen?
Electronic accounts have to be created with 2 important Ids.
- Aadhar Unique Identification ID
- PAN Card. This can be used as the account number of the person.
What is the use of Aadhar and PAN card?
These are the 2 Ids which are unique for a person and have all the details like Address, Date of Birth, Photograph and other physical details. Also these cards are invalid if someone else uses it as it does not have any relationship with the other person.
How to track the account?
Using the electronic transaction, even a single rupee transaction will be accounted. No illegal transaction can be done.
What is the Flow of Action?
Submission of all the currencies to each person’s account.
Conversion of currencies to new value electronically.
Providing a card (like debit card) which can be used for all transactions.
Equipping all shops and houses with a Card swiping machine which is directly connected to the bank.
- Income tax can be deducted automatically without filing.
- Profit and Loss of a company can be tracked.
- No Indian currency can be deposited in foreign banks.
- No illegal transactions between countries.
- If foreign currencies are coming inside that can also be tracked.
- Make life easier and smarter.
- As it is electronic, there are some problems like server capability, security, electricity.
- Upgradation of people with new technology.