Sunday, December 13, 2015

e-₹ for Developed INDIA! (Better alternative than replacing of old note)

The time has come, when India can replace its Paper Money i.e. notes  with e-₹ in digital forms. See how it can be implemented .

Need to link all bank accounts to AADHAR, so that user can make money transaction using their finger print or online/Debit/Credit card.

Proposed plan:

Phase-I : Start it from metro cities!
Provide all vendors fingerprint reader to receive payments in metro cities. Give 70-80% discount in taxes to customer and merchant if customer buy anything with e-₹ . Customer will just give finger print to reader and money will be transferred to merchant account.  It will decrease the use of Cash money so reduce the black money. People may ask if Govt. will give 80% discount in taxes, revenue of Gvt. will decrease?
No, as currently people eats taxes, they never pay, No local grocery and medical shops bills, donation in black cash etc! After e-₹ revenue will increase as there will be NO Black money.
After few years(1-2years), we can ban the cash transaction based on performance of e-₹.
Phase-II : If e-₹ works well in metro cites, implement it in other cities. And after 2-3 years in cities, implement the same in all villages of India as phase-III.
After 2-3 years of Phase-III, stop printing notes!
So If Government of India starts e-₹ from 1st Jan 2017, then by 2025 India will be paper-Notes free. We will save lots of paper and tree and money in printing of papers too!
Our country will be free of black money , corruption free and will get 100% tax payments!
Ultimately it will make us developed country and most advanced economy of world too!
    This is personal idea of writer.