NETWORK OF
CURRENCY NOTES ?
While inaugurating the International Conference on
" Networking the Networks " on Nov 2 , our FM Shri Jaitleyji said :
" Tax evasion and money laundering will become
extremely difficult in the next 1-2 years, with the global automatic exchange
of information system coming into effect on a real time basis "
To speed up this process and make it truly automatic /
real time , I suggest resorting to the following technologies :
# Internet of Things ( IoT )
As each currency note of Rs
500 / 1000 , is getting printed , embed it with microscopic
RFID chips
Besides communicating with
each other , these chips will also transmit their existence
location , through internet ,
to cloud-based servers of Income Tax Department
This will form a "
NETWORK OF CURRENCY NOTES ( NoC ) "
You may like to call this
Internet of Currency ( IoC ) , a sub-set of IoT !
# Internet Protocol Address System ( IP V
6.0 )
Each Rs 500 / 1000 currency
note must be assigned ( at the time of printing ) , its own
unique Internet Address ,
using IP V 6.0
This IP address should be
linked with the unique Serial Number printed on each note.
Since IP V 6.0 , will be
capable of assigning " 2 * 10 to the power of 128 ", no
of IP
addresses , there is no danger
of running out of addresses , even if we decide to extend
this idea to Rs 100 currency
notes !
This reform will enable the Central Government / Income
Tax Department , to :
* Continuously trace the movement of
each of these higher denomination currency notes
* Instantly locate any place ( using
Google Map based GPS ) , where there is an
accumulation of more than Rs 1
Crore worth of currency notes
Such accumulation will be made
to appear as a TAG CLOUD on the web site of IT Dept,
like thousands of balloons
floating on a map of India , capable of being drilled down to
within 1 Sq Meter !
On each balloon , will appear
a number announcing , " Amount of Cash here - Rs " !
This will vastly simplify the
task of Anti Corruption Dept / Enforcement Dept etc
Of course , my suggestions may become outdated with the
arrival of mobile wallets based CASHLESS SOCIETY , by 2030
In the meantime , experts may want to opine whether my
suggestions make sense , theoretically and practically ( if so , by when ? ) to
tackle the menace of black money generation
--------------------------------------------------------------------------------------------------
hemen parekh
04 Nov 2015
B2BmessageBlaster
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