India can develop into a nation with zero level of corruption, but how is it possible? Just imagine that every single monetary transaction across the nation get tracked and documented along with the source from where it's earned or spent. The outcome shall be zero possibility of under the table money transactions.
NOW THE question is how is it possible? The remedy is simple: government has to discontinue the paper currency and introduce plastic money; the move shall open enormous opportunities in banking sector, resulting in millions of jobs in infrastructure, IT, Technology
and of course in banking sector itself.
Billions of citizens shall get identical ID proof. Every trader, hotel, shop owner, every institution or entity where monetary transaction happens shall keep the swipe machine.
Millions of self-employed individuals shall come under the preview of income tax, as in current scenario there is no tracker to authenticate the turnover declared by the self-employed individuals and manufacturers.
Imagine billions of Indians bound to pay tax fairly; not even a single transaction remains un-noticed. Zero possibility of accepting or offering the bribe, as every transaction will take place through cards and will be tracked.
There will be cons as well, if government ever introduces the plastic currency; there shall be threat to security, as everything will be online; threats posed by hackers will always remain but benefits are much more than the threat itself.
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