Sunday, September 19, 2021
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Restrict monthly cash-withdrawals

Prime Minister’s anguish on his own party-Parliamentarians not responding to his messages on Namo-App is rather confession by Prime Minister that Indian people should not be forced to bear technological advances like petty digital-payments through mobile-phones. There have been and likely to be unnoticed and un-reported forgery in such payments through mobile-phones.

Central government instead of encouraging petty-payments through mobile-phones, should instead concentrate on compulsory payments of big amounts through banking transactions only in order to check parallel economy of black money. Rather Bhim-App and Paytm applicability on mobile-phones should, for time-being, withdrawn till the nation is well-equipped for such technological-advances for which none other than our Parliamentarians can serve as mirrors for revealing the reality.

Monthly cash-withdrawals by an individual should be restricted to Rs 96,000 to be gradually reduced to Rs 50,000. All sale-purchases exceeding say Rs 10,000, even though payment may be made in parts, must be through banks. In case of cash-payments, currency-tax of 30 per cent may be imposed. All expenses exceeding Rs 1000 must be allowed when made through banks.

Madhu Agrawal

(The views expressed by the author in the article are his/her own.)

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