Black money is a big menace in the Indian economy. It was said that if India gets succeed in collecting half amount of the current black money figures, then it could certainly become one of the top powerful nations in the world, if used properly in the development and infrastructure. Now you can imagine how intensely black money is dominating our country. It is adversely affecting the nation in the way like the poor becoming much poor, whereas the rich are getting even richer.
There are businesses that run heavily on black money transactions like real estate, textile, fertilizer, agriculture, and FMCG, etc. Black money transactions for economic activities in India are the main culprit for high tax evasion, terrorist activities, fake currency in the economy, low per capita income, and low GDP growth in India.
It was a historic event on 8th November, when the Prime Minister of India, Mr.Narendra Modi, declared the demonetization of 500 and 1000 INR currency notes. This was historic in the execution as well as it was very sudden and did not give any chance to black money holders to adjust the same. Lot of Indian citizens are supporting this marvelous and bold move though it created some inconveniences to citizens. Time will tell if these small inconveniences are worth the economic gains that economists are predicting. As a Custom software development company in India, we could not resist thinking of ways a technology can assist in managing the chaos and long queues at banks and ATMs.
Cash deposit scheduling system by bank or RBI
Business owners, traders, house-wives, farmers are some of the citizens who might have heavy cash piped up in their businesses or houses. Deposits of cash higher than threshold amount should be planned so that it should not cause inconvenience to the general public who are in genuine need of cash for their day to day operations. Big cash deposits create havoc at the bank as it takes time. This can be managed by an online scheduling system or app. If such a system is in place, cash deposits can be managed more effectively. This can also save time of citizens by avoiding long queues and such transactions can be processed faster at the bank.
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App or website to validate fake currency notes
One of the reasons for demonetization as cited by the Government was to demolish fake currency notes that have piped up heavily in the economy for long. If the Government or bank can develop a mobile application or website that validates fake currency notes before deposit that can help citizens a lot. The Technical feasibility of such a mobile app or website needs to be verified though. We believe RBI should work on some API or web service that can help achieve this.
Nearby ATM/bank locator with cash/no-cash status
Standing in the ATM queue for hours and ATM runs out of cash the moment your turn comes can be very frustrating and disturbing. If a mobile app or website that can help citizens know the status of nearby ATM or bank that has cash for replacement or withdrawal can assist them a lot. Google recently published a service whereby the user can locate the nearby ATM however this does not show the status of ATM has enough cash or no.
Avoidance of recurring withdrawals using biometrics or aadhar card linkage
As cited by a few local newspapers, one of the biggest reasons for the long queues is dummy people withdrawing money on others’ behalf multiple times. If such recurring withdrawals can be monitored and controlled, you automatically control the long queues. Biometrics with aadhar linkage is one of the technical ways to address this. I understand that complete elimination of such cases is beyond control however this can surely help a lot to control the long queues.
Online grievance redressal system and helpline
The moment the Prime Minister of India announced the demonetization of 500, 1000 INR currency notes, there are thousands of various types of rumors being spread via WhatsApp, Emails, and SMS. A helpline number and an online system to address the grievances and inconveniences of the citizen can be a great idea. There are people who do not know how to manage their cash even though that is their genuine earnings and is totally legitimate money like farmers’ earnings, housewives’ savings, etc. If there can be a system by RBI or banks to address such grievances, it can help Govt. to control the situation.
RBI Notifications, alerts and messaging app
It has been observed that various kinds of notifications, orders, etc. are being circulated by RBI regularly. Some of the notifications are like change in withdrawal limits, relaxation in various situations, etc. are not reaching till the bottom. A mobile app or online website/webpage with such notifications, alerts, and messages can help people to remain updated with the situation.
Increase of online services to farmers and other citizens
Govt. agencies like GNFC, IFFCO, etc. should start providing fertilizers, chemicals, seeds, etc. to farmers who are in dearth of currency notes on credit. This can assist people who are in genuine needs of currency notes. This can lower the public inconveniences and can also be good for the overall economy.
The Technical feasibility of above applications is not thoroughly reviewed, however, if implemented with the help of software development companies, can surely assist in managing the long queues at ATMs and Banks. It can also help government in addressing the grievances of citizens and can help them in the long run. This is not addressing economic impact though as we could not comment on the economic impact of this move.