Banking & Insurance Professionals
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Activity:
25 views;
last activity : 05 20 2011 04:41:21 +0000
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Mitigate systemic flaws
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Mobile payments will make cash redundant
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Transperant System
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Real estate transactions are the biggest contributor to generation of black money.
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One Citizen - One Social Security Number! For all purposes, only that unique ID to be used and the information about the citizen should be central to all the departments. Every bit of information linking to all the departments, be it Banking, IT, Excise, Sales Tax, Insurance, Hospitality, Health Services, Travel, Education, Passport, Driving Licence, road taxes, trading, land details, census details, everything should be made available in one place. Then we can have more stringent traceability in financial transactions. The law makers would then also leave some loopholes in the revised system for their benefit!
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Yes, your idea will serve the purpose. I support your views, Murlidharanji.
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India has over 750 million mobile phone connections, and growing at 15 million per month. Over 500 million invididuals are believed to have mobiles. In a few years, mobile telephony could touch most of India's adult population. It is now possible to link one's mobile phone to a bank account. |
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I don't think it will help much. There is a cheque payment system in vogue which allows traceability. But of what use? There is an Income Tax Dept and PAN Card.. The IT people can find transactions of a person having PAN Card. The black money is routed through havala system. We pay money here in Hyderabad and the operator gives me a code number and telephone number. Within 15 minutes you call the number and the money is delivered to you (provided you tell the code number to him)..very simple, no records, no vouchers..It works on trust. What we need is a transperant system, a sense of belonging (to the country) and a commitment to make India better.. Will it happen ever? I am a chronic optimist Adrija !!
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I will agree with mr. suryanarayan murthy that we should have a transparent system in money transactions.if we are more transparent less will be the corruption
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I agree with Adrija that Cash economy is generating black money and I also agree that UID will help a lot in bringing transparency in the financial system but it will not help much in curbing the menace of black money. In my view the Real Estate transactions is one of the biggest source of black money. Even an honest person is unable to buy or sell the property with white money only because of outdated laws. I have two solutions: 1. Everywhere in the country there is a notified circle rate or guidelines for the rate of property in a particular area. I feel that the stamp duty/registration fee should be limited to that rate only even if the sale consideration is more than that. 2. Secondly capital gain tax should be abolished. If the above mentioned measures are undertaken, nobody will go for cash transactions and money will be in circulation and generation of black money will be curtailed. |
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We all know that lot of black money is lying out therein Swiss Banks.. Now our government is on... |
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2068 referals
43 arguments,
1261 views
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Prime Minister Manmohan Singh said that there is "no instant solution" to bring back black money... |
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823 referals
26 arguments,
386 views
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Though there is so much opposition to allow foreign investment in retail sector, as we have... |
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787 referals
11 comments,
485 views
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139 referals
2 votes,
60 views
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When we are watching news channels or any other channel or reading news papers you bump upon... |
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2022 referals
11 votes,
200 views
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we all know the perils of talking on cell phones while driving. besides being hazourdous to... |
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290 referals
2 votes,
36 views
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Mam, when someone publishes a study or research it means there is fair amount of truth into it. You just cannot brush off the matter saying it is fake. If so then you should resonate. |
Thanks Manish btw many here are too old for this :) MR. Murthy the link of your blog :) |
As such I am not satisfied by the sides given. But the question that should be raised is that why should there be an increase. They already have enough what more do they want? |