Facility of storing money in small size (high denomination notes) makes it easy for corrupt people to store their wealth acquired from unethical means. Expenditure on election campaign by the candidates is another reason for corruption. A solution is needed for these 2 issues. Prior preparations are must to resolve these issues. I would take high denomination solution first.
Money transfer by cheque appears to be a good solution. However, arrangements are required for easy and secured transfer. First requirement would be development of software and creating centres for this transfer. Such centres should be available not only in bank but at all places where trading takes place. Therefore, every shop, every office, every hospital, school wherever transactions take place money transfer through cheque facility must be available. Every place should have unique identity and cheque amount should get deposited in that account only. The procedure should be payer hands over a blank cheque with his signature and or thumb impression to payee for money transfer. Payee fills in his/her name and amount and and checks availability of adequate credit (not exact credit) in the account. If adequate credit is available the cheque is returned to the payee for signature and or thumb impression for carrying out transaction. This way there would be no danger of false cheque or incorrect money transfer. This method shall be much safer than the credit card or cash transaction.
In order to follow this procedure, payer must have a bank account. The government should issue orders for bank account with zero balance. Banks should not be worried as all transactions shall be through the account there shall be money deposited in that account in due course of time.
After these preparations are ready all citizens should be asked to deposit paper money with denomination
` 100 and above. Banks should accept all notes without any immediate check. All received notes should be stamped and account number in which deposits are made is noted on all notes. Account holder also should put his/her thumb impression on the notes. Notes should be thoroughly checked and if found in order should be credited to the account. Also information should be sent to income tax department for deposits above a certain predetermined limit. In case some currency note are found false then suitable action should be taken against the depositor as per existing rules.
All these actions should be planned and executed at correct time. Example is the currency notes may not be withdrawn right now. First action should be taken for carrying out transactions through bank, and then adequate time should be given for depositing currency notes and so on. This way there shall be no need to print low value currency notes. The existing quantity shall be sufficient.
After taking this action more is required as given here.
After taking this action more is required as given here.
6 comments:
Wonderul Idea ! Let us share it on facebook as well. Thanks, Om Shanti
I have placed my views on facebook @ http://www.facebook.com/topic.php?topic=18025&post=284921&uid=76429890015#!/topic.php?uid=76429890015&topic=18025. I feel people should read my views and give their opinion or suggestions to make a system which would enable people to fight against corruption without any fear.
We believe in that the religion has 4 pillars. This is true for corruption also. The difference is the pillars are not the same. I can list these as under.
1. Election expenditure by a candidate contesting elections.
2. High denomination currency notes.
3. Taxes on income rather than expenditure.
4. Non availability of speedy and secure bank transactions.
I have put my views on this under different articles where details are available. I would be glad if others go through these and place their individual views so that a workable solution is found.
http://janahitwadi.blogspot.com/2010/11/propaganda-for-candidates-contesting.html
http://janahitwadi.blogspot.com/2010/10/indian-money-in-swiss-banks.html
http://janahitwadi.blogspot.com/2011/01/direct-tax.html
http://janahitwadi.blogspot.com/2011/01/new-bank-accounts.html
Karan Malik sent a message on facebook as under.
One is individual corruption and other is systemic corruption (like mass swindling of money , 2G, CWG, mining mafia, all public distribution schemes, NREGA, kerosene subsidies, forced land acquisition @throwaway prices to sell to private business , defence imports, kickbacks). These are all which only media says, not only me. these are growing with helP from senior people in popwer. Why wud they incorporate your steps to remove certain currencies. Step , rules etc are okay but to implement we need honest people. Who will do so??
There your steps are theoretical which even if incorporated can only stop inidividual corruption not systemic which can devise ways bend rules to always get away.
My reply
I agree with you that culprits can devise ways bend rules to always get away. However, this should not be an obstacle in devising means. For examples with large denomination currency notes its easy to transfer money. Reducing denomination it could be made difficult and impossible. Secondly if all transactions are made compulsory through cheque there shall be proper record available. I still feel that this would work. In case a modification is needed that could be thought over by one and all and solution found. My views are not a total solution. Its is just a start.
Surendra Singh Negi SENT THIS COMMENT ON FACEBOOK:-
Dear Jana Hitwadi your all suggetions / adice is not only worth reading but practical too. I do beleive that punishment is of no use to cure any mal-practice. The most important is Value based Education system and the reforms as suggested by you. They may go simultaneously hand in hand for uplift of our Moral Value added Education. Purity of thoughts is of prime importance. Otherwise mere Laws are of not any use. The corrupted thoughts will always produce corrupt ways which are difficult to curtail by making Laws only. Only the honest can deliver the good with purity. Our stress must be on Truth, Service to all, Love to all, Honesty with self......and that system of Education is need of time. You are from that pure thought creating and well wisher to all category. Success to you in life is gurranted by Law of Karma. Om Shanti
i THANKED HIM:-
Thank you for understanding. I love your thought There is always a way found by corrupt mind and hence purification of mind is more important.""
Hope others see this.
For getting rid of corruption efforts have to be made from various angles. First is small volume needed to store currency. We should insist on currency noted Rs. 50.00 and less only. The government should make rules (a) an individual can have his/her bank account in only one bank in the world. He/she can have different types of account in the same bank and branch. (b) Government must give facility for transfer of money from any bank and branch any where in the world to any account in any bank and branch any where in the world (Initially it could be any where in India and then transformed for transaction in the world). Whatever currency noted possessed by any one in India must be signed buy the account holder and deposited in the bank. Bank should verify the signature on every currency note deposited and temporary add to the balance at that moment. At the end of the day Information about the deposits shall be given to Income Tax Officer of the area for checking authenticity of the amount help by the account holder. Simultaneously bank should verify currency notes for authenticity and finally modify the balance. This should be procedure followed for depositing high denomination currency notes. The government shall prepare a procedure for destruction of notes. The government should develop a method to transfer money instantly from payer's account to payees account securely. For this purpose a debit card which need to be authenticated by 3 means may be used. Suggested means are thumbnail, eyes and some mark on wrist. The government should make such an arrangement for payments say Rs. 100.00 & above and lower the limit to Rs. 0.01 in due course of time. (b) Government must develop new bank accounts for different type of earning as given here: http://janahitwadi.blogspot.in/2011/01/new-bank-accounts.html#more
For more details check connected links to present link
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