If government is paying 100 Crores rupees for getting 10 crores in hand. Isn’t it a big loss? Same thing is happening in the case of fake notes. Fake currency ruins economy of a country. Government has to pay for the fake notes, many times common man too, if he encounters such fake note.
Currently Indian government is having policy as follows, which is damn painful too:
If you come across a fake note and if a bank detects it, they will stamp it as a fake note. You cannot get refund/money for fake note came to you, that is obvious, in addition to that you might need to file a FIR.
In that case a common man suffers economically as well as mentally too. My idea for fighting with fake notes is little different and many of you find it impractical at the stage. I want to make currency system digitalize.
The idea originates from assigning a license key to softwares. The software works only if you have a valid license. Thinking ahead from it…
Each note can have own license number, if you want to use the note. For this we need to destroy our current currency system and launch new currency system. This benefits in clearing all stored black money in cupboards and Swiss banks. If one want to get newly launched currency he must show old(current) currencies to government. Such change/exchange process can be handled by joint operation of RBI and Income Tax department and sure in that many have to unhide their black income.
My suggestion for the new currency is each note will have a digital chip on it. Some storage chip or RFID. The chip will contain the license number, which will be very highly encrypted key. Each series will have different algorithms for encryption. Every amount will have different algorithm.
Every user will have a little unit like currency checker. It will just check if the currency is having valid license to use or not. The device will not be bulky. Just like a pen drive/ thumb drive, it will show lights (red/green) depending upon validations. The person who is accepting currency will check it before getting. User to user check will employ more security and block of fake currency. Commercially checking machines will be available too.
Let me have your view on my article, do comment what you think about new currency. New ideas are always welcomed. Hope we, the next generation, can do something better to make India world’s number one economy.