E .. Money

The issue of black money becomes very rampant in these days and it gets more worsened when the keepers of exchequer caught red handed. Recent flow charts like Kalmadi, A.R.Raja, Kamimozhi, Maran, Yeduriyappa etc. It now reaches Kerala and is apparent when the raid ended in the houses of film stars Mohanlal and Mammooty. It is an unacceptable truth to realize corruption, bribery and black money a widespread syndrome and people are now more courage to evade tax. Lok Janapal, Lokapal and the Lokayuktha together work for curbing corruption but it is not yet reached any conclusion. The menace of corruption remain exists as an unanswerable question. When the report of Swizz bank assumes a deposit around $2.5 billion from India and it augments only when it revises. It is heartening to know, poverty in India can washout if whole black money deposited by India people in Swizz bank withdraws. 

Technology develops and even now it fails to control corruption. But still it is capable to curb corruption effectively. This is possible only through technology that can control, monitor and assess the flow of money. In order to find a solution to this issue, Government shall introduce the concept E-money. Electronic money is broadly defined as an electronic store of monetary value on a technical device that may be widely used for making payments to undertakings other than the issuer without necessarily involving bank accounts in the transaction, but acting as a prepaid bearer instrument. People shall be provided with a ‘card’ so that they can use it whenever they require any transaction or money deal. A system shall be installed in shops and offices to make it practical. The same transaction can be recorded through a centralized system. Government should withdraw all the currency above 100 denominations from the market and it can be limited with a denomination of maximum 200. So people will require more space to accommodate/transfer/transport​ huge amount of money. It itself will diminish the chance of keeping black money. For the convenience of poor people Government can print money below 200 denominations and it should stop after a period of time. So that, gradually our economy shall reach a point called ‘zero currency economy’.
Addition to this Government can gazette that all the denominations above 200 should deposit in bank within 6 months and people can collect card. It will entrap those who keep black money with them.
So a systematic and effective use of technology is the only solution to arrest frauds and bribery. The facts discussed above it prove that E- Money can control it successfully.