Black Money : CBDT declares designated Income-tax authority

How to conquer Corruption ?

There is only one sure – and superfast – way to get rid of corruption
By introducing :
* NEGATIVE MOTIVATION
Putting behind bars ( – and right away ; not after 6 years ) , every corrupt fellow and
immediately confiscating his ill-gotten wealth
* POSITIVE MOTIVATION
By abolishing Personal Income Tax and introducing Amnesty Scheme , incentivize
# converting of black money into white
# acceptance of all payments thru official channels

As far as providing ” Negative Motivation ” is concerned , I had sent following suggestion to our Hon Prime Minister / Finance Minister / other Ministers / Secretaries etc , on 4th Nov 2015 :

# INTERNET OF THINGS ( IoT )

As each currency note of Rs 500 / 1000 , is getting printed , embed it with microscopic
RFID chips ( with this , current cost of a RFID chip will fall from 50 paise to 5 paise )

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 !

# IP 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

* No thief would ever want to steal such currency notes which continuously announce their
location

* No one would want to make any ” Cash Deal ” . All payments will become official only !

* 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 ! Of course , visible only to IT officers ; not to general public !

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

Implementation of this suggestion , does NOT require passing of any BILL in Lok Sabha or being held to ransom in Rajya Sabha !

And it can be implemented in India , within ONE YEAR

But if Chinese President Xi Jinping comes to know about the practicality of this suggestion , he might implement it in 6 months !

How come ?

Simple ! Xi Jinping has the political will ! And no historical baggage !

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hemen parekh

22 Dec 2015

( Also read blog ” Network of Currency Notes ” at : hemenparekh.in>Blogs )