Hello,
Another Saturday night and another idea took birth inside my
jobless brain. It’s something to do with decreasing ‘black’ money.
So, I’m an Indian citizen and one of the problems my country
faces is the increasing percentage of black money. It is just regular money but not kept record of and paid taxes for.
So, I read this article where our Finance minister P. Chidambaram
urged the Swiss banks to share information about account holders. Anyways, away
from all this crap, here’s the idea:
Currently currency is physical (the way you use it in your
daily life). You go to a shop and would like to buy something, you pay cash.
You could have also paid using your debit/credit card but the merchant would
have to pay around 2% of the amount as transaction costs.
What if, RBI came up with something like Google Wallet™: You
install an app on your phone, link it to your bank account. You use it to pay
any fees whatsoever (similar to Google Wallet™). The merchant gets the money
transferred directly to his bank account. No transaction fees, no bull crap.
Just like a ‘physical transaction’ except the cash is missing.
Constraints:
Make everything extremely secure and take care of security
and stuff. Urge people to use it.
I know, it’d take some time for people to get used to it but
it doesn’t hurt to give it a try. I mean every transaction can be tracked. It’d
make the work of Income Tax Dept a lot easier and eveybody’s happy (except ffor
the politicians of course). So, what do you think about it?
Do comment if you have anything interesting to share.
