One
Small Step for a Man .....
Remember
the words of Neil Armstrong when he stepped onto the moon ?
"
One small step for a Man ; a giant step for the Mankind "
That
brings me back to Revenue Secretary, Shri Adhia's remarks in Hindustan Times (
20 May 2016 )
While
referring to Government plans to crackdown on huge cash transactions, he said :
"
This will strengthen archaic laws and improve enforcement actions
More
checks and barriers will stop illegal fund flow into and out of the country and
help more in search and seizure operations "
He
was referring to the requirement of giving PAN , as announced by the government
, in past few months , in the following cases :
#
cash transactions above Rs 2 lakh
#
sale / purchase of immovable property beyond Rs 10 lakh
#
paying of hotel and restaurant bills of Rs 50,000 and above
#
purchasing gold jewellery above Rs 2 lakh
#
buying / selling of shares of an unlisted company, of Rs 1 lakh and above
The
government is now looking to
*
increase the usage of PAN and AADHAR numbers to include more
transactions
*
declare cash transactions above a certain amount as " illegal "
*
require tax-paying residents to inform the government before opening a
bank account overseas
RESULTS
SO FAR :
*
Found Rs 21,354 Cr worth of undisclosed income
*
Surveys yielded Rs 22,475 Cr
NOW
COMPARE THIS ACHIEVEMENT WITH :
*
Our nominal GDP is approx Rs 140 lakh*crore
*
Black Economy is estimated at 70 % of GDP ( ie: Rs 100 lakh*crore )
*
Between 2003-12 , Indians siphoned out $ 440 billion abroad
( Rs 31 lakh*crore )
So
, after enormous administrative effort , we have managed to recover , a
mere 0.2
% of
the BLACK MONEY in our economy !
Instead
of taking endless number of small steps over next decade , I once again urge
NDA government to take following one SMALL step , which will prove to be that
GIANT STEP for the entire mankind :
# Internet of Things ( IoT )
As each currency note of Rs 500 / 1000 , is getting printed , embed it with
microscopic RFIDsensors
Besides communicating with each other , these sensors 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 !
Here
are the most important BYE - PRODUCTs :
*
No more possibility of fake / forged / counterfeit , currency notes !
*
Plastic currency notes will last 10 times longer !
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 , RBI will need to allow 6 month's time to the owners of current paper
currency notes of Rs 500 / 1000 , to get these exchanged with new plastic notes
before withdrawal of the old notes from circulation
Now ,
would not that distribute the hidden , unaccounted wealth ! - a welcome fall
out !
But
then such transparency might lead to break-down of social order / chaos
It may
be a better / safer / saner solution for such balloons / tag clouds to appear ,
on a secret Mobile App , available only to the officers of Enforcement
Department ( ED )
You
may want to call this app , " BLACK-MAIL " !
Of
course , my suggestions may become outdated with the arrival of mobile wallets
based CASHLESS SOCIETY , by 2030
In
the meantime , should Shri Arun Jaitleyji and Shri Ravi Shankar Prasadji , want
this implemented , it can be done in 6 months , at one tenth the cost of MoM (
Mars Orbital Mission ) , ie approx Rs 43 Crores
All
they have to do , is to tell the bureaucracy :
"
Since we need not depend upon Opposition parties to pass a bill in Rajya Sabha
, please go ahead and implement this - in less than 6 months "
-----------------------------------------------------------------------------------
hemenparekh.in / blogs
20
May 2016
hemen
parekh
Marol
, Mumbai , India
(
M ) +91 - 98,67,55,08,08
No comments:
Post a Comment