Okay, Indians will give you 50 days to make things normal. Lets hope you will be able to get ATMs to start dispensing cash. Lets hope you can make sure that everyone who doesn’t have a bank account is also able to change his or her currency and get started. But all of this will be well begun half done if you don’t do the following things. Worst,some of us will also start questioning the point of this exercise.
- Keep a limit on cash withdrawals from banks for ever. You can only withdraw so much cash in a calendar year. If it needs a new ordinance so be it. If there are no limits on cash withdrawals from banks then we will be back to square one. If you can’t legally limit then make the process difficult.
- Build a national invoicing system- one single software that everyone needs to use to print invoices. For instance Delhi government has a single system that connects all their liquor shops. No more back entries in the books. Those who are not online please connect them using digital India mission.
- Introduce a cash transaction tax. Any cash transaction that is done will require a 10% tax. I’m sure you have smart people who can figure out how to do this.
- Make political parties including BJP disclose the source of donations- both cash and cheque. Accountability has to start from your yard and rest of us will follow
- Digitise all land and building records. Make sure property cannot be purchased or sold without confirming the title on the digital records and not below the circle rates. PAN already is compulsory. No PAN, No Property .
Start with suggestions 4 and 5. We are ready to face the brunt of demonetisation. We want to see if you are ready too: 🙂
I hope these things are already planned because I believe that you and your team is quite smart and have the right intent.