Respected Sir,

Prime Minister Shri Narendra Modi announced demonetization of Rs 500 and Rs 1000 notes. This is historic Step to curb black money. Also Prime Minister Shri Narendra Modi mentioned, some more measures will be announced in future for this.

I have few suggestion, which I feel should be considered and implement to curb black money in future.

1. For retail business, please enable electronic payment, IMPS and UPI.
2. From Current or other type of business accounts (Other than saving/salary), no withdrawals should be allowed. Only cheque or fund transfer should be allowed from these accounts. Withdrawal should be allowed only from saving/salary accounts.
3. Please limit monthly cash withdrawals to Rs 21000/- for a Family, given no income tax till income Rs 250000/-. This limit should be combined limit for all cards a family might have. For ex. In family if all members have cards, and multiple cards owned by one person, combined limit of withdrawal for all these card should be Rs 21000/-.
4. Please restrict number of savings accounts one person can keep.Also each citizen should have saving account. And every Gram Panchayat should have one bank.
5. All services (Hospital, Train ticket, Bus ticket, Petrol pumps and various others) along with professional services (Doctors, Lawyers and various others) should accept electronic payment (Debit/Credit Cards, IMPS) with minimal transaction charges (For cards some charges extra 2% of transaction which discourage individuals to pay using electronic means).
6. The Union cabinet gave its approval to the “Housing for all by 2022” mission. We have housing shortage. Residential property transaction involve black money. Given this, please put limit on residential properties (Apartment/House/Plot) a family can own countrywide, with consideration of rental property also available. Similarly there should be restriction on NRI families.                     Also if family/someone receive ancestral property and it crosses limit, few months should be given to sell out any property family/someone wants.
7. Currency available in market for circulation should be limited. If electronic payment and IMPS are easily available, people shouldn’t keep cash with them or Small amount of cash they can keep.
8. Individual selling gold/other valuables to Jewelers or others, only IMPS or cheque should be allowed to make payments to these individuals.
9. When a user uses Electronic payment at retail stores, retail stores give separate VAT receipt and that money should be credit to VAT payment account. Also in user statement this payment of VAT should reflect.

In my opinion, We should enable these to stop generation of black money in future. Also these steps will help in reducing crimes involving money.

Thanks

Kamlesh