OP
At least, physical currency can be tracked, then we can reduce corruption at the grassroot level.
As for electronic currency, all NEFT/RTGS transfers need to be cleared by the RBI, therefore the RBI must have a record of all transactions and clearings. If the purpose is included in the record, it can be known what the transfer was about.
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As for electronic currency, all NEFT/RTGS transfers need to be cleared by the RBI, therefore the RBI must have a record of all transactions and clearings. If the purpose is included in the record, it can be known what the transfer was about.
Posted via Mobile Device
patrick4
Chief
Like i said before.. tracking currency aint going to solve any corruption.
I will give you an example..
Lets say, a known corrupt politician.. has taken 100cr from a builder to allow him permission to build on government land. The understanding is the builder will have his set of goons to safeguard the area and the politician will take care of the legal and justice system.
Politician pays 20cr to the cops and 20cr to the judge and give them a heads up about this issue.
2 weeks later the media finds out about this. by now the the builder has already chosen 3 homeless fellows from the streets and the police come and arrest those 3 folks. In return the families of the homeless get 1 cr each. Cops look like heroes for making the bust.
Project is halted for 6 months and 2 yrs later its completed. Builder makes 250cr.. everybody wins.
Now tell me, you have full transparency of the money.. what you going to do about it?
considering there is a 2rs bail for stealing 10rs, i am surprised the corruption rate is as low as it is..