Will E-Rupee tackle India's black money problem

[vgane]

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This would require all of the 50 crore unbanked Indians to open an account. Not an easy task. But corrupt will always find a loophole to circumvent law!


A priest’s idea to tackle black money: e-rupee

Radhakrishnan Kuttoor

Abraham Mulamoottil



Arun Jaitley to release book on e-rupee tomorrow


Union Finance Minister Arun Jaitley will release a 57-page book, E-rupee to Reinvent India, at the North Block of Parliament House in New Delhi on Friday.


The book is by a Catholic priest, Fr. Abraham Mulamoottil. Rajya Sabha Deputy Chairman P.J. Kurien, who wrote the preface, will preside over the function, to be held at 4.15 p.m.


Talking to The Hindu, Fr. Mulamoottil suggests introduction of a new product, e-rupee, to promote a ‘currency-less’ society. It would be an effective tool to deal with black money and corruption. e-rupee would require that all fund transfers, bills, and payments, be channelised through efficient, secure, authorised, and convenient gateways.

A priest?s idea to tackle black money: e-rupee - The Hindu

 

[sarang]

In days of ISO and self improvement/problem solving workshops, we were told - if you want to improve something, measure and document. E rupee will ensure that a well documented account perfect society. Even now major portion of black money generation is through banking and other finance related channels. Even today our banks can trace and verify transactions and find out what is happening.

Black money is not secret money; it is unaccounted and unassigned money, deftly converted into valid accounts with the connivance of banks and authorities. Today a major infrastructure contractor has revealed that 22% of the project cost is spent on bribes.