Mar 13, 2015

No Currency Minting Please.....!!

If America's majority can live on Credit Cards, if many Indians use Credit and Debit cards, there is absolutely no paper money needed. Do away with coins too!

Save Lakhs of Crores by doing away with hard cash. Just like how offices go paperless, currency can go Mintless!

That means your money will be electronic. As such it sure is! Then why not expand the entire currency dealing to electronics?

Advantage? No money goes unaccounted. No transaction will be a secret. No one can steal your money! 

How to keep track of your money and not let some hackers simply move your digital money to another account? Well, our scientists, economists, mathematicians are brilliant. They will find a way out. As a layman, I think every source of your money must establish links to your destination account. Means, your company that pays your salary must link their "security transaction link" to your bank account. If your tenant pays rent, he pays it by bank. The transaction establishes link to your account. This way numerous sources will setup links to your account and your account does the same to whoever you pay.

Why is this linking required? Because that is by itself a security lock over each and every account. If someone must hack it, the network will alert the banks and account holders. Unless entire link can be delinked there is no way to make an illegal alteration to your account.

How to then handle smaller (petty) amounts? Oh well, then let there be the smaller denominations lesser than Rs 10 in the circulation. :)


(Corrected spelling: Alternation to Alteration. 17th Dec 16)

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