Currency with RFID tags?

[Desmond]

I've been thinking about all the corruption that is plaguing our nation today. This mostly happens due to the facilities to move money unnoticed, thus resulting in accumulation of large amounts by a few individuals without anyone getting a sniff of what's going on.

Therefore, I was wondering, what if we put RFID tags or something similar on currency notes, thus tracking its movement and ownership as it changes hands (at least for the physical notes). Thus able to catch anyone who tries to hoard money and thus supressing corruption.

What say?

 

[tkin]

Have you any idea how much it will cost? Lets just say we don't have enough funds to do this, not to mention it will be a problem to fold the money and you know the worst part, criminals can track money if they can hack the tags.

 

[patrick4]

firstly its will be an invasion of privacy.. Presonally, i would not like it if some one was monitoring what i do with my money.

Secondly, most of the corrupt folks never actually deal with physical currency.. its all wired from one high profile bank to another.

The only folks that may actually suffer will be the small fish who deal directly with cash.. The moment any form of crime or corruption becomes large scale, the money goes off the grid.

 

[Tech&ME]

worst solution, my privacy will be killed !!

thieves will instantly know where I keep my money before the govt. comes to know about it.

 

[patrick4]

Also this is be done universally for all the currency in the world.. hope i dont need to explain what would happen otherwise..

 

[tkin]

Also this is be done universally for all the currency in the world.. hope i dont need to explain what would happen otherwise..

Doller FTW

 

[Desmond]

But, so can the income tax department.

worst solution, my privacy will be killed !!

thieves will instantly know where I keep my money before the govt. comes to know about it.

But privacy is what is driving corruption by facilitating transfer of money unnoticed.

 

[patrick4]

But, so can the income tax department.

Are you sure the IT dept is not corrupt? Just visit any IT officials house once.. it will blow your mind out..

PS: For any IT officials and thier acquaintances .. pls dont consider this as a personal attack.. My comment is a personal opinion based on my interaction with a small sample of IT officals.

 

[Desmond]

What about the RBI? They can track it and make this data available in cases against corrupt officials/businessmen with black money.

 

[tkin]

The whole country is corrupt.

 

[Skud]

Secondly, most of the corrupt folks never actually deal with physical currency.. its all wired from one high profile bank to another.

This.

 

[patrick4]

What about the RBI? They can track it and make this data available in cases against corrupt officials/businessmen with black money.

You really dont need RBI to attach rfid to all the currency to tell you that there is a lot of black money stored in the swiss bank.. i can tell you that right now..

Today, all the source of crime and curroption is already known to us.. There is a whole lot of information through varios media sources (however unreliable) about such things.. Apart from that there is a whole lot of stuff know to police and intel sources which are not even published (not even on official records).. Considering we already know close to 95% of the sources, the rfid implemetation will only only make it 98%.. its too much hassle for too little outcome.

The main problem is doing something with the information we already have. Some1 has to do something about it.. The bigger problem is the people who are responsible for stopping such activities are part of the syndicate with the overall scheme of things..

 

[Desmond]

What can be done then? I don't think Anna can do much. Lokpal won't solve the problem, only it will open other new avenues for corruption. Either the whole government should become perfectly transparent or the flow of money needs to be carefully monitored.

As mentioned by patrick, there is lots of info available. This info needs to be made public at any cost if any progress needs to be made.
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[tkin]

Instead of doing all that, get the balck money from switzerland, India will be the richest country in the world. Also note to put the politicians in jail.

 

[Desmond]

And how do you go about this? Swiss banks are notoriously mum about who has what in their bank accounts. They have their own reputation to keep.

If all politicians go to jail.....Anarchy!!! I think corrupt politicians should go to jail. Might have to open about 1000 more jails to accommodate all of them.
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[tkin]

More like 10000 jails, these $%##$!@ are evrywhere.

 

[Sarath]

It already costs 400bucks to make one Rs.1000 bill. Adding RFID would mean the State Exchequer would go into debt just for printing them.

 

[Desmond]

More like 10000 jails, these $%##$!@ are evrywhere.

I meant 1000 jails with a capacity of about 2000 each

It already costs 400bucks to make one Rs.1000 bill. Adding RFID would mean the State Exchequer would go into debt just for printing them.

There could be a cheaper alternative.
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[Skud]

Non-viable.

And even if Govt. start doing it, we are going to make a hue and cry over Govt. wasting our money instead of doing some real developmental work.

 

[Desmond]

Ok ok....I think the title is misleading. My point is that there ought to be a way to track the flow of money and how ownership of money changes.

Very similar to how attendance is kept in IT companies, via access cards. So, as the inflow/outflow of money from a particular individual is tracked, it can be compared to paperwork like filed returns to see if he is screwing around.
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