If the governments are serious of stopping the black economy, they should abolish all cash transactions, except to a very lower limit of $2-$5. All transactions above these values should be mandated by electronic fund transfer (EFT).
In order to avoid the banks and vendors charging excess fees on these transactions, the Central bank should take responsibility of this EFT equipment and terminates.
With the advancement of technology and IT, this is easily achievable in many countries. The black economy stopped due to this ruling will help recover the investment itself. It will avoid plumbers electricians, stall traders, and other Handyman etc., who expect to be paid by cash and not declaring the proper tax to the governments. When an all financial transactions are made by EFT, money laundering is impossible to anyone.
Cash/ (money) although a good invention, should be the thing of the past. even small amounts can be done be self loaded EFT cards.
In order to avoid the banks and vendors charging excess fees on these transactions, the Central bank should take responsibility of this EFT equipment and terminates.
With the advancement of technology and IT, this is easily achievable in many countries. The black economy stopped due to this ruling will help recover the investment itself. It will avoid plumbers electricians, stall traders, and other Handyman etc., who expect to be paid by cash and not declaring the proper tax to the governments. When an all financial transactions are made by EFT, money laundering is impossible to anyone.
Cash/ (money) although a good invention, should be the thing of the past. even small amounts can be done be self loaded EFT cards.
No comments:
Post a Comment