1). To introduce debit and credits cards widely 2). Slowly phase out all the currency notes 3). And every monetary transaction ( either by individuals, companies, corporations, voluntary or NGOs, government organizations and structures ( like government spending, corporations,municipalities etc)profit non-profit organizations etc) is to be carried out done by using credit and debit cards only.
Well..the above points will give government a very transparent hold on all the income levels and earning modes of all the sections of the country's populace. And also this method can prevent not only of black money but also illegal tax evasion by individuals or companies corporations.
Re: Some suggestions
by sunder iyer on Feb 18, 2010 12:58 AM Permalink
Here is where chidambaram failed.All transactions thru credit card are white i.e all payments are thru bank. and expenses are there in the statement.P.Chidambaram's scrutiny norms included expenditure of Rs 2L thru credit card .This retrogade step made people to incur the same expenses in cash thereby induced more black in to the system
