ADVANCE STEP NECESSARY TO PREVENT CORONA-SPREAD THROUGH CURRENCY.
Bureau,Odishabarta
Advance step necessary to prevent corona-spread through currency in turn checking menace of unaccounted money.
Delhi:Many advanced countries have started sanitizing currency in fear of further spread of corona through currency-notes. Ever since demonetization of old currency-notes of rupees 500 and 1000 on 08.11.2016, Prime Minister desired to move towards cashless economy. But unfortunately currency-circulation instead bypassed the level on 08.11.2016. Central government should now gear up with a system which may eliminate black money leading to cashless transaction.
Instead of concentrating more on digital payments for small amounts, central government should target big currency-transactions by imposing a monthly cash-withdrawal-limit of say rupees 48000 per individual. But at the same time transaction-charges on sale-purchase made through credit or debit cards should be borne by central government with transaction-charges reduced to half-percent that too waiving of all freebies and incentives on use of card-payment. This will increase revenue-earning for government through elimination of black money. Banks will earn much more because of manifold increase of card-payments.
Maximum income-tax rate should be reduced to 30-percent with permanent Voluntary Disclosure Scheme introduced whereby unaccounted income may attract maximum tax-rate and compulsory investment of 20-percent of unaccounted income in long-term low-interest infrastructural government-bonds to boost economy and create employment.
Instead of any demonetisation, those having rupees-2000 currency notes may be asked to compulsorily deposit these in bank-accounts and withdraw as per suggested limited-withdrawal rule thus not affecting common people having accounted cash in form of 2000-rupee notes.
Input;Ms.Madhu
