Reducing Black Money in India

The black money nuisance has not yet been tamed. Please find herewith suggestions to reduce black money in India. Add more suggestions.

1. Banks should not issue Rs.1000 notes back to the customer. All the Cash counters, ATMs etc. should have Rs. 500 as the highest denomination.

2. After 2/3 months of this Banks should inform the government of any Rs. 1000 deposit of Rs.50,000 or more.

3. Pursuing selected few will unearth where the money was lying idle.

4. Even if a few people are forced to declare their black money, others will be pressurised to legalise their money, declare and pay tax.

5. Repeat the above with Rs. 500 also. This way all those who stash money will be found and that money will flow into the mainstream.

6. Along side we can also strengthen RuPay and encourage every to use that payment method.

7. Successful implementation of IMPS at all levels will also provide financial inclusion to the majority of the rural public. more  

View all 6 comments Below 6 comments
It is quite practical and implementation not a problem. Most of the shops and supermarkets have swiping machines. Only footpath purchases will be problem, but it will be always less than Rs.2000/- per transaction. It can be implemented anytime. Go to the links below:- more  
Sir, I appreciate your suggestions, but Implementation and Practicality issues will be there. more  
Any measures to curb black money will be incomplete unless and until demonetizing is done. The other measures will be only temporary, the creation of black money can be stopped permanently only by demonetizing. Complete withdrawal of big denomination notes of Rs.1000, 500 and 100. All transactions above Rs.2000 through plastic money only. Any cash transaction above Rs.2000 to be declared illegal. more  
Apart from all other measures, policies to detect the investment of black money will go a long way to curb the black money. Black money is stashed either abroad (for which law has been enacted) or invested in the country. Such money is invested in large value investments like real estate, land & stock market etc. It is well known fact that many politicians & rich invest their black money in real estate that too in benami. Many own more than required housing blocks depriving others to own & locking the investment dead with an expectation of increase in the value. It is proved right in the previous UPA govt that the prices have sky rocketed with the help of builder lobby. Such hoarding of real estate is also helping to create more demand & there by increase in the prices making housing unaffordable. BJP govt must go after such persons owning more than necessary real estate to find out how the financing is done for the purchase. Besides investment of black money, it is not out of place to mention that major portion of real estate dealings are in black. more  
Suggestions of Sumitji are ideal. But who will bell the cat?. It doesn't take a year to implement this. more  
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