Dear Expert Economists :
I read about recent London
Summit , from where you sent a letter to World
leaders , arguing :
" Tax evasion weakens both
developed and developing economies and drives inequality "
You went on to demand that the veil of secrecy that
surrounds these tax havens , be lifted
While hoping - and wishing - that your letter not only gets
read by these World leaders , but also gets acted upon , allow me to suggest
another parallel measure (
my yesterday's blog below ), that has the potential to eliminate ( or at least
, vastly reduce ) tax evasion
In different wordings , I have sent my several earlier blogs
on the same subject to several cabinet ministers of India
hemen
parekh
www.hemenparekh.in >
Agenda for Reforms
Marol
, Mumbai , India
( M
) +91 - 98,67,55,08,08
PS
:
I would appreciate
your views on the feasibility of my suggestion
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Currency
Maps of India ?
When in 1949 , George Orwell wrote his
all-time classic " Nineteen Eighty Four " , he had not
envisaged Tablets / Smart phones
So , he imagined that TV screens
would keep a watch over mankind , 24 hours , like CCTV cameras
Nor did Tim Berners Lee ,
envisage IoT ( Internet of Things )
or BIG DATA analytic tools ( MapReduce / Hadoop), when he invented World Wide
Web
And neither did Robert Easton ,
envisage RFID sensorswhen he
invented GPS in 1967
But today , with wide-spread
usage/application of these technologies, it is not difficult to envisage :
CURRENCY
MAPS OF INDIA
No doubt , all of us have seen
following types of Maps ( for India / Asia or for the entire World ) , on TV
Channels and even on our tablets and smart phones :
# Weather Maps , showing :
* amount of rain fall ( inches / mm )
* location wise temperature intensity ( *C / *F )
* topography ( heights of mountains / depths of valleys )
* Cloud Formations and direction of Storms and landfall locations
* Wind Patterns ( velocity in km per hour )
* Ocean Currents in Atlantic / Pacific ( direction / speed )
* Ice Cover over Antarctica / Arctic Region ( sq km )
# Space Maps , showing :
*
Geological formations on Moon / Mars / Mercury / Asteroids
* Night illumination in different parts of world as seen from Skylab
* Galactic formations , billions of light years away
And of course , Google Maps of all types ( including
those peering into our bedrooms ! )
Given this state of art ( and of
science ) , it is not difficult to envisage ,
following types of CURRENCY MAPS of INDIA ,
showing aggregate value of Rs 500 / 1000 Currency Notes ( ie :currency density of Rs 1 million / 1 billion
/ 1 trillion / any figure of your liking ! ) in :
* Any given Street /
City / State
* Premises of any Car
Dealer / Jeweler Shop / Real Estate Agency / Mall /
Race Course
/ Builder ( any office / housing location of your choice )
* Any Airport ( a
million Rupees in Rs 500 notes weigh only 2.2 kg ! )
* Any Safe Deposit Vault
of any bank
With the existing technologies , it
is even possible to plot the movement of Rs 500 / 1000 currency notes ( just
one note or a thousand notes ) on a GPS map of India , to determine its
direction and velocity ( Currency Currents )
In real time , too -
24*7 !
All of the above is possible to
achieve within 6 MONTHS , by :
* Abolishing existing paper
notes of Rs 500 / 1000
* Replace these with plastic
notes , embedded with RFID sensors
( can be embedded into
existing 3 mm silver-colored security wire )
* Allot a unique IP V 6.0 address to each such note linked to
its serial no
* Develop / host a Technology
Platform , based on GPSmapping system
* All smart phones to
carry GPS locator ( cannot be
switched off )
( anyone carrying a Rs
500 note in wallet , also carries a Smart phone ! )
Of course , Currency Map App ( to be
named, " Currency-Cure "
? ), available to general public on their smart phones , will not be able to
zoom-in / drill down , under 1 sq km area, to protect individual privacy ( this
can be done , only by authorized officers of Income Tax Dept / Enforcement
Directorate )
If some of you think my suggestion
is impractical , consider following :
A division of Master Card ( called ,
MasterCard Advisors ), aggregates and analyzes
every day , 65 BILLION transactions from 1.5 BILLION card-holders in 210 countries
, in order to divine , business and consumer trends !
And only 2 days back , Shri Raghuram
Rajan , RBI Governor said :
" It is because money has
no odour, because it is the great equalizer , that so many people across
history have been able to acquire resources and invested them to make the world
we live in
Rather than prohibiting the use of
money and wealth , let us think about increasing society's tolerance for its
use "
Today's Hindustan Times quotes a
Income Tax officers as follows :
" The taxman will soon
start matching your IT returns with your possessions
The Government has started
collecting data from various sources and when this is done and the data has
been sifted through , action will begin
This drive is a salient feature of
the tax department's agenda to curb under-reporting of tax and expand the tax
payer base in the country "
And two days back , the person who
leaked PANAMA PAPERS ( 11.5 million digitized documents ) , remarked :
" Digitization will bring in a revolution "
I would like to add :
{ RFID
sensors in Currency Notes + IP
V 6.0 URL + GPS+ HADOOP } ,
will end BLACK MONEY and CORRUPTION , in India
( without needing to pass any bill
in Rajya Sabha ! )
I do hope , Shri Arun
Jaitley-ji will take note !
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www.hemenparekh.in / blogs
09 May 2016
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