That's right..!! I want a cash stripped India. Then what is the alternative for cash ? We have the answers ..!!
We use it almost everyday (at least most of the salaried class do). So what is it ? very simple .. CREDIT and DEBIT CARDS
This is the road map I can think of that can be first followed and the results analyzed.
1> Let the concept of debit cards being used everywhere instead of money first be followed in the cities and towns only.
2> Where ever money is being used, these cards can be used instead. Most of the business establishments (big and small) already have this feature. so why not completely remove the concept of giving cash ??
3> As an added security feature, we must be made to enter the pin code every time we use the card. This will help in controlling the use of cards which are stolen.
What are the advantages of using this system ??
1> every transaction is recorded as the money passes from your bank account. Hence the income and expenditure is very transparent.
2> Corruption will come down by 80%. Why ? How is the money going to come into the account ? The source of the money will be known, the reason would be asked by the IT Department. The money that will be spent will be tracked by the IT department as well..!!
3> Transparency and hence greater efficiency. It will bring about a sense of accountability to everyone.
4> People would have to start registering with the banks. Hence we would know the exact count of the population and other related statistics in a second. Easy to track the movement of terrorists and criminals.
5> Any suspicious purchase can be monitored. Greater tracking facility for cops.
6> cops are one of the most corrupt people in our society. This system will put an end to their "extra" income completely.
This may not be a fool proof system. But its definitely a start. If you are traveling into a village which does not use this system, then draw the money and use it there. Even that can be monitored.
Many more advantages and many other scenarios I might have overlooked. Open for suggestions .. :)
8 comments:
Good thinking, but these machines run on electricity. India is known for power cuts.Villages are yet to see electricity. how do you solve this problem ?
That is still a long way to go. That's why I have clearly specified that this should first be implemented in cities first. We still don't know the problems we might face in the cities, let alone in villages. Villagers can use cash.
interesting idea...well though transactions can happen thro use of card, corrupt officials can stil ask for money, whic public wud hv to shell out... showing use of cards, it might as well help police to show tat they r transacting everything thro card and nothin else is accepted...
then, the look and feel of having crisp currency notes will also be missed .. ;)
Hi samurai,even if corrupt officials ask for money, who would pay them ? and where will they spend it ? they need to use cards for every purchase they make, as everything is through either online transfer or cards, cash as a whole will loose its value. My case is to make the use of cash in cities obsolete.. :) crispness of currency is a small price to pay for the end of corruption, don't u think so ?
hey gud idea to adopt buddy.. way to influence market with domestic projects as well.. one just need a courage & an investor to bring it into reality dats it.. one can make tis possible.. the technology ll be available cheaper if its brought into al major cities.. its not just to avoid corruption and also to get modernized..
being cashless can never stop corrupt ppl from doing their jobs. So who will decide which one is genuine? For example the Police can ask offer the same person with two options 1) Pay 500units to Govt or 2)Transfer 100units to his own account.
Even if the IT department looks at every extra money, how will it deal with people with multiple jobs? A business man can crete unexisting projects and show it in his acoount. That's what is happening now with or without cash.
So the biggest challenge is who will scrutinise every pie? IT can only Tax them but not stop corruption.
The main problem with the country is this "let-someone-else-do-it" attitude.
While your points are very crisp, very well brought out will we see this done is the question.
I hope you get that seat in the parliament soon man! I for one will vote for you. But be sure to retire before your self set retirement age too! :D
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