IDEA from Black to White

The existence of black money in most of the rich people’s asset is glooming. This black money mainly affects the economy of the country. Due to this black money, “Rich become richer and Poor become poorer”. This lack of enhancement of economy indirectly affects every citizen of the country. Due to this black money, people were exempted to pay their taxes. Though there are several Non Governmental Organizations (NGOs) to unveil the existence of black money, it has been very hard to abolish. Using the new concept of establishing the plastic money under “One Man One Card” system, the possibility of abolishing becomes high. The system not only abolishing the black money but also makes one’s money safer.

The process can be achieved by unique ‘Authentication and Transaction System (ATS)’ along with ‘Personal Accessory Card (PAC)’ using uniquely recognizing human based physiological Biometric technology. Our Authentication system uses iris recognition technology since it has more security and high-resolution images of the irides of an individual's eyes. This Personal Accessory Card is accessible all over the world as similar to the Automated Teller Machine (ATM) technology. The PAC contains Biological data of a person and capital details. The ATS is installed in public places for the ease of accessibility. This ATS should have been connected all over the world through networking in order to access the database of the particular person and the transaction can be done using this system. The bio-data and capital details can be collected for all citizens and a separate database can be created and must be governed by an Organization under the Government of the country. Bio-data contains person’s name, address, iris identification image, unique identification number and blood group. As the system security involve biometric technology, the safety and security is more concerned. Due to this system, cooperated by all senates, the abolition of black money can be done in the converting ‘the currency to the plastic money’ step itself. Also the money becomes more accessible for all citizens thereby indirectly increase the growth rate of country due to proper tax-paying and transparent transactions thereby providing no room for bribe and corruption. But the implementation process duration is too long and depends on the cooperation of all governments and the citizens. Since the process includes involving every citizen in latest technology, awareness and exposure about the technology should be propagated.