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Curbing Black Money in India

My personal views on curbing black money in India!

As I read through the scams and all the publicity around black money, I was thinking of how we can prevent this from happening. I could think of an idea which could possibly nip it in the bud.

Three steps that are simple and achievable

  1. RBI should mandate that, any transaction anywhere in the country of value more than INR 20000 should be done through Cheque, online payment or credit/debit card.

  2. All bank accounts in the country should have an associated Aadhaar and or PAN card number attached to it.

  3. Every bank note above Rs. 100 in denomination should have an expiry date. This will force that currency to be in circulation.

This will significantly cut down the accumulation of black money and get more money into the economy. It will also give traceability of funds.

– Samuel Seelam

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