Came across this old new report ( August 8, 2001) on black money and corruption, its prevention stratergies mooted by the Indian Central Vigilance Commissioner (CVC) Mr N. Vittal.
.It is available in the web page:
http://www.hinduonnet.com/businessline/2001/08/08/stories/140820s1.htmThe root of the black money basically lies in our traditional cash money transaction economic system. The best way to prevent it is to abolish all cash money transaction and replace it with mandatory electronic credit card form of money transaction. To know more read the article given below.
Money Solution To Root-Out CorruptionBy: Valerian Texeira
( Please Note: This paper first published under the title: “Make All Money Transaction In Electronic Credit Cards To Root-Out All Economic Crimes”)Thanks to the era of science and technology the world treading in today. With its wide-spread broadband internet connections the IT ushering the age of E-commerce, E-business. Most important in this regard is its technology of electronic credit card money transactions. In which the financial (bank) institutions provide the most important “money facility service” to the people. It makes the money transaction between any two parties instantly recorded before this legally registered financial institution under which it is not possible for any one to hide or manipulates the true accounts of their money and its transactions from the public or legal scrutiny when authorized.
Traditionally the genuine reason for people to keep their money hidden and not to display its true amounts to the public, is to PROTECT it from getting stolen or looted by the thief’s or the buglers! Most importantly the fear of getting robbed, or lost while carrying it around for the transaction. However now this credit card money transaction technology replacing the traditional cash money would entirely remove all such potential threats or the genuine fears of the people on this matter.
This electronic money credit card system of buying,/selling, payment /receipt, deposits etc., if pursued deeply and made mandatory in all money transaction (except in very small trade dealing in very small amounts in smallest denominations, in coins) could provide the most effective TECHNIQUE and the great historical opportunity to stamp out almost all of the unlawful money transaction so the economic crimes popularly known as money “corruptions”.
Money is basically a public TRUST. (It is not any individuals personal property.) It puts a social responsibility and the legal obligation on all those who owns it that they should maintain and submit its truthful accounts before the designated public authorities for its legal scrutiny and not to use it for unlawful, illegal purposes. However the conventional cash money transaction between the two parties got no such effective tool or technology to monitor and record its movements all the times to prevent it from getting misused. Thus it becomes possible for the unscrupulous individuals to totally hide it or submit its false accounting before the public, legal authorities and engage into many kinds of its “misuse”, corrupt criminal use or the illegal money dealings.
Of course, most of the cash money transaction, business in our world conducted lawfully. However a significant number of this money transactions amounting to enormous sums kept hidden away from the legal scrutiny or collected and employed unlawfully. The number one among is the ubiquitous economic crime of tax fraud, along with its cheating and depriving the public revenue it also puts the other people around in the money market competition into a very disadvantageous position thus encourages or pressurizes many among them also to commit that crime. Same is true with other economic crimes mainly the BRIBE. It spoils the entire economic system. Corruption breeds corruption crime begets crime.
By removing all the cash money transaction and brining in the system of mandatory electronic credit card in its place could revolutionize the entire economic system. Perhaps a credit card feature can be added into the cell phone so one can access or check their bank account, make money payments and deposits, whenever needed with passwords in biometrics perhaps! Most important of all is (as I mentioned it before) this technological system makes it sure that almost every money transactions between any parties gets duly recorded before the legally authorized money transaction service providing financial office that that in turn could be made available to its democratic public, legal or the judicial scrutiny whenever authorized.
Under this system most importantly, all people in a nation should have a single Social SURETY Number (SSN) or call it ”Social Security Number” (SSN, already in place in some countries) registered in the nations central office that should keep all their bank money accounts. First of all it should have the basic responsibility of social security of providing some basic employment or the income guaranty for the poor. Importantly as well, people above a given income bracket should submit their annual property accounts (like filing income tax return forms)under it. Be it the nations top leaders, presidents, prime ministers, corporate tycoons, CEO’s, down to the common man. All should come under this centralized electronic SSN network system.
This electronic or digital “exchange value” (money) account recording SSN network system also needs to be applied to all fields where valuable commodity transaction or handover takes place including exchange of gift, financial helps property ownership transfer etc. No barter trade of property, precious metals, valuable artifact should be allowed. All valuable items a person, organizations, institutions owning accounted as property and its records maintained in the responsible Gov. department under this system.
Business firms, super markets, shops, traders (except the very small one) buying and selling any products should conduct it only through the medium of the electronic credit card money facility, service providing financial institutions, which comes under this SSN system. Similarly all wages, salaries, incomes, profit earnings, receipts/payments deposits made in the electronic money form. Such a mandatory electronic credit card money transaction system open and transparent to the legal scrutiny basically deter people from engaging in any of the economic crimes because its essentially leaves the electronic money trail as a clear evidence that could be impossible for any one to get rid off.
First of all the tax fraud in this electronic surety system would become mostly impossible! Just imagine its great benefits to the society when almost all tax revenues gets collected. It would provide enough money for poverty eradication, public health care, education, infrastructure etc. Another major advantage of this electronic money unlike the cash money it would totally deter or prevent people from giving and taking BRIBES as it could be always traced back to those individuals accounts so they get prosecuted with the concrete evidence of its electronic money transaction trail.
The black money, money laundering, counterfeit money, ransom money, money robbery will have no basic grounds in the first place to commit those crimes as there are no such CASH money available to carry it out! All the smuggling, drugs, weapons etc. trafficking mafia will have no safe place to collect, hide or launder their money. Credit card theft the fear of getting it lost in a way become meaningless when the other cannot withdraw it in cash and stash it out. Credit card fraud, fake credit card accounts use not feasible as the other accounts that transacted with it would revel its all round connections. In the electronic money sphere all proceeding money transactions can be immediately traced back to its preceding accounts! Business corruption, buying of the bureaucracy, police, judiciary, politician for money can not escape from this electronic money transaction scanning technology. Most of the property crimes, murders even the sex crimes gets discouraged or restrained as they basically have their main motivations to commit it rooted in the conventional hidden cash money transaction.
People who conduct all their business legally have nothing to fear from this mandatory electronic money transaction system, they would rather greatly benefit from it by its far more fair, corruption free business competition. Most important of all is that there will be no restrictions or limits on people in their legitimate earnings or owning money or property of any huge amounts. One can be a bilinear or a trillionear, provided all their businesses in electronic money transaction remains open to the democratic, legal scrutiny. In fact the Government should encourage them by providing more opportunities, perhaps by lowering the taxes.
It is only the unscrupulous people who engage in the economic crimes will get terrified of it because the electronic money transaction system leaves behind the electronic money trail as clear as day the light so they can no longer cover-up its tracks and hide their crimes so will be caught with its clear evident get duly prosecuted and sent to prison.
Finally hereby I appeal to all the people individuals, organizations, law makers those who are very much concerned about prevention of the economic crimes to look into this matter. It would not interfere with peoples private or personal life. There are already legislations in place that rules that the citizens legally obliged to submit all their property, money true accounts before the public or the legal authorities. Today there exist this advanced electronic credit card money transaction technology that makes it very much possible so it can root-out almost all the economic crimes of the conventional cash money transaction system. What is really needed is the political will to get it done.
Abolition of cash (paper) money and making all money transaction in electronic would bring in a more “just” economic system a Socialist Revolution without the abolition of Private Property.
© Copyright 2008, by the author Valerian Texeira. All rights of this publication reserved by the author. Original First published on February 1st 2008. It gets revised and updated regularly when needed. One is free to use this Paper material in media for educational , social awareness and other such puposes except for the commercial use. In which case one must obtain permission from the author. Last updated on February 14, 2008
Valerian Texeira. St. Joseph Nagar, Jeppu Mangalore –575002 INDIA.Labels: Electronic Credit Card Money Transaction
