Eradicate Black Money, Fake Currency

Finance
The biggest of problems faced by the world are earnings through illegal means, concealing black money and using fake currency. The economic system of any nation is getting destroyed by these factors. As a result, the living standards of the people are not developing even after all these centuries of human progress. There are three ways to eradicate all these factors from the world:

First Method

A citizen should be granted only one Bank Account, which should be used for transactions across the world. The Bank Account should be provided at the place where the individual has Voter ID. Only this account can be used for the person to deposit money and make transactions throughout the world.

Example: An individual has various accounts in Deutsche Bank, HDFC Bank, State Bank of India, etc. It becomes difficult to keep track of all the records of his transactions for years. Therefore, all the accounts must be cancelled and the individual is asked to create an account in any one of the banks of his choice at the place where he is registered as a “voter”. By doing this, there won’t be any question of corruption and black money.

Second Method

New ordinance should be passed facilitating the Government to survey the properties and belongings of the citizens. Most corrupt people use anonymous names and other trusted individuals to convert their black money into white money. The survey would restrict this loophole used by the aristocrats and prevents the spread of corruption.

Example: A village consists of 100 acres of land. In it, 20 acres are owned by the Government, 40 acres are owned by the people who are living in the village and most people are not aware of the ownership of the remaining 40 acres. The survey helps to find out the details about the owners of the land, to which country or state or district they belong to and how they acquired the concerned property.

This helps to know the complete details of property in the village. Further, the Revenue Department can send public notices for those lands whose ownership is not claimed. By announcing that the lands will be taken under the control if the owner doesn’t come forward, there is a great chance for the individual to come forward and give out his properties list. If no one claims ownership, then the lands can be distributed to the people in the village to use for agriculture.

The same method should be implemented for houses, companies, businesses, etc. Further, the survey should be done in every village, county, district and so on till every individual in the country is involved in the survey. If there is unwillingness to reveal property or absence of owner for prolonged period of time, the Revenue Department can seize the property and use it as needed.

Third Method

Instead of doing a mandatory survey, the citizens of a country are asked to submit the details of the property out of good will. Mass awareness is created to make the people realize the harmful nature of fake currency, black money and corrupt earnings. This method can yield mixed results as most of the corrupt won’t show up. But, when implemented with the first method where an individual is granted only one Bank Account, this method could be very productive. Let us see how it is possible 

A citizen is allowed to have only one Bank Account in the area where he/she is eligible to vote. 

A bank is established in every ward of a town and in every village. Bank Accounts are created when the individual submits the voter identification card with the address related to the village. Further, the bank needs to check if there is any other fake voter ID card associated with the person. After checking and clearing the name, the individual is given a Bank Account. 

An individual can only use this Account for financial transactions. Especially, deposits are allowed only into this account where as withdrawals from this account can be made through any bank. The citizen is not allowed to have a second bank account anywhere in the world. This restricts the individual to save money elsewhere and helps in the economical development of the country. Money is accounted for to the last cent and the burden on the Government decreases immensely. The money that has not been taken into account by the Government [as they are hidden in foreign accounts] can be brought out. Further, any individual who deposits fake currency can be detected automatically through the personal bank account thereby eradicating fake currency as well.

For every small village there should be a bank. For large villages and towns banks must be placed for every 2000 individuals. The banks are taken care of by the newly hired youth who are eligible and looking for jobs.

Chartered Accountants must be appointed to inspect and control the financial matters of the bank and the accounts in it. This plan can keep in check the corruption in employs, workers, companies, individuals, etc. and ensure that everything is done legally. The CAs will submit the financial transactions of the accounts of a bank to the various departments of the Government. The Government will know about the transactions of every citizen and it minimizes the use of loopholes in the system to earn money illegally. If properly employed in a huge scale, this idea can forbid people to employ corrupt means and every country will become prosperous in a matter of days.

BY : A V V SATYA PRASAD BADDULA

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