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  • Category: Miscellaneous

    Will NEFT/RTGS mode of transactions help to control black money in India?

    Electronic mode of transaction (National Electronic Funds Transfer and Real Time Gross Settlement) is the best way for controlling black money in our country. Accordingly the Govt should make rules for compulsory financial transaction in e mode for both receipts and payments and necessary infrastructural facilities should be made in every field for smooth e mode transaction. It has several advantages like quick transaction (one click), saves time, accuracy in transactions, minimum documentation etc for both the parties involved in the transaction.
    Please give your views on the topic in a fair manner.
  • #591789
    Black money never can be fully stopped, although it can be controlled to some extent by using those electronic modes like NEFT and RTGS. Do you think all the people will show interest to receive the fund through bank? Suppose government provide bank accounts to every individual but due to complexity in our taxation nobody wants to pay huge tax, they will definitely do the transaction through cash.
    Big players can still cheat the government even while doing transactions through electronic mode with the help of a smart charted accountant.
    But the black money can be reduced and we all should start using either online payment method like BHIM app or mobile wallet like paytm or mobikwik.

  • #591832
    Well, those who want to amass black money will never transact through electronic mode. The only way it can be done is by making sure that the transactions beyond a certain value are compulsory to be done through the electronic mode. That way, people will be forced for the mode.
    As responsible citizens, I would expect all of us to use cashless mode of transactions in as many of our transactions as possible. And I do it personally.

    Live....and Let Live...!

  • #591847
    Yea black money problem can be controlled if maximum transactions happen through bank route instead of cash collection. As government will be in position to monitor it , If unusual transactions takes place in some accounts , that time income tax department can question.

  • #591853
    It will be controlled at some extent but I don't think that it can fully make a full stop in Black money transaction, but if we seriously tries to be honest and raise our voice against the people who has or involved in Black money then I think the word Black money will be erased from our society.
    live happily in every situation of life

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