Friday, 25 November 2011

Plastic Money Makes India Another USA?

Speaking about India and its financial scams, new theories have been making rounds and experts are trying to come up with suggestions which can curb the corruption and fraud in the nation. Now, one of the common propositions being made by them is the usage of plastic money. As such, there are the regular users of credit card, debit card, cash card etc but given the population of India, the percentage of such users is highly negligible.
Though it is being insisted that by bringing black money out India will become like USA, it is not just about black money, even the mindset of people should change. Why USA is successful is not because of absence of black money, it is because of the self discipline of the individuals and how the citizens abide by the law and follow the basic regulations. A simple act of paying the right taxes or not resorting to defaulting in payments is good for starters.
Coming back to the point, if the system insists and encourages the use of plastic money, there will be a significant change. As such, the usage of fake currency is ruled out. Moreover, plastic money means accounted money in the bank which obviously will go through the tax scanners. But in order to create an environment of using plastic money, it is imperative that there must be a strong infrastructure and network which will motivate the citizens to develop trust on such form of transactions.
While the usage of plastic money brings good amount of advantages, they come with few underlying requirements. It is not just about the technical equipment, it is also about creating the apt mindset. If USA is where it is, a lot of contribution has come from the government in terms of implementing the rules without corruption. So, a change has to happen from the system in a democratic environment like ours that will eventually create the change in the society as well. What more is needed to improve then? Definitely, the scams will not happen like it is happening now.

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