NETWORK OF CURRENCY NOTES ?

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Of course , my suggestions may become outdated with the arrival of mobile wallets based CASHLESS SOCIETY , by 2030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

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hemen  parekh

04  Nov  2015

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