Finance system – Part 1

1. All gold, jewellery, stones purchased in jewellery and allied must be made through card and banks only and with PAN card mandatory with overall transaction over 50,000 in a given week with RBI and IT flagging based on user transactions. RBI and Income Tax and SEBI don’t work together with banks leading to black money precipitation. PAN card and aadhaar card must be physically produced.
2. RBI, SEBI, Income TAX, Finance Ministry the 4 chakras of money in India must have joint discussion weekly or monthly to review and create new steps to avoid even small gaps in finance system. The 4 chakras meet together Indian finance system will change. They are equivalent to the Army, Air force and Navy. Joint meetings with 4 chakras and banks, corporates, microfinance, ED, CBI, Intelligence wing, customs, police will bring a revolution on these agencies which operate independently without much interaction frequently and take policy decisions and take steps to curb black money and improve financial inclusion.
3. All vehicle purchase must be brought under card purchase or cheque or banking system only. RTO must not accept or register vehicle if no bank entry is shown for the person who brought the bike by getting letter from bank in the name of the person. If a person does not have a bank account or money why should be buy bike even for students. Black money goes as gifts in the form of vehicles is very common. Or loan document should be shown for RTO registration.
4. All land deals and registration or patta must be made through bank or card or loan document or letter from bank only. No deal should be registered which goes through cash. If partial deal goes through bank also we can later on trace if the same person is booking too many lands. Centralised land registry must be created by central government and connected to all states and district level through a massive e-governance project currently underway but needs to be speeded up.
5. Mobile based transactions should be improved for example a person goes to shop he should just call the other person number through a common IVRS or SMS number created by RBI and then entering the mobile number of the person and entering the amount and OTP sent to receiver to complete transaction at low cost and quickly. The bank account of user needs to be linked to bank account a user can have one primary account and multiple accounts as secondary. So instantly money is transferred or held in mobile wallet and if exceeds limit of Rs. 5000 it is auto transferred to banks leading to reduced cost of transactions to banks also. Already this is in works by RBI for separate small banks but must be quickly implemented in all big banks for easy transactions at vegetable vendor, small shops, retail groceries or supermarkets, friends, help needy, movie tickets, bill payments like electricity, gas, broadband, DTH, etc,. Currently online portal or apps are taking too much of time and cost and internet dependency.
6. All forex purchase should be made compulsory through banks systems only or proper authorised centres.
   PAN card number of person who deposits money must be verified by hitting IT department to verify photo and PAN card or aadhaar card physical verification to prevent benami transactions. It came to knowledge that benami transactions are being done by the PAN card used for booking railway tickets please display only partial numbers in railway charts.
7. In abroad Anti money laundering features are added in banks and monitored by central banks regularly. RBI never inspects the IT infrastructure and procedures in banks for AML policies are strictly followed. RBI casually inspects banks and checks few documents, the verification must be strict. RBI does not do anything seriously. They have to do test transactions of over 1 lakh but private banks will accept without any documents.