Black Money, as Wikipedia defines as funds earned from black market, on which income or other taxes have not been paid. This has been favorite topic of discussion for scholars and perhaps best tool in any leader’s kitty to win popular kudos as it’s really a grey area in Indian Economy. As there cannot be any legitimate estimates of the Black Money, it’s importance can be described from the term quoted ‘parallel economy’.
Well lot has been said on and little has been done to bring the money back from tax heavens, but that’s not much of concern for me at least. A major concern is that, it’s still continuing and there is nothing whatsoever been done to check or restrict it from this point forward. So leaving aside bringing back the black money, here is something, I want to suggest to ‘intellectual’ individuals – a way to track, restrict and provide deterrent to this ‘Parallel Economy’.
I had always wondered why the currency notes were having serial numbers and did lot of research over internet to identify the purpose of this serial number and could only find that the utility only restricted to give each note a unique identifier and a step ahead, a quick identification of where it was printed. This is definitely a requirement of the currency note but it’s now old fashioned and need more out of it. With advancement of technology, even currency notes needs to be upgraded. Now its time to introduce bar-codes on currency notes, even a step further, Sim-card type micro-chips would be best. However, looking at the cost factor and the purpose, I will be happy to settle with Bar-codes. Let me explain how I intend to track black money and money laundering using these bar-coded currency notes.
Have you ever heard of website ‘Where’s George’? Well it’s wonderful concept of some hobbyists to track US currency notes. Based on similar idea, there are lots of websites which provide such currency notes tracking. In fact, I also came across Indian Rupee website, ‘Track Gandhi’, a website developed to track Indian currency notes on lines of Where’s George. Currently all these websites, gives you excellent statistics on where the note you are holding with you have been traveled before it reached you. Backed by some wonderful analytical tools and intelligence, one can see which state holds how much currency and much more things, one can imagine. Of course this all is possible through that unique serial number on the currency note.
Now let’s get back to our topic, bar-coded currency notes. So the plan is very similar to what this websites does; only the scale of operation differs, just because we are not hobbyist but into serious business of curbing illegal money from the system. So here is what we what we do: