Can the Temporary Choking by the Govt Lead towards a Temperament for White Money and Cashless Transactions?

While all the opposition parties are crying hoarse now about the plight of the common man, the loss of business for the pop-mom stores, street vendors etc., the movement against black money was triggered by the anger of people against the corrupt. Yet, we are forgetting that the common man collectively has a 'fortune' of black money hoarded, is creating black money every minute 24/7 but the image which comes to our eyes is that fat,goggled politician/businessman who amasses 500/1000 notes in almirahs, walls, rooms and Swiss banks. Few questions arise which the public need to introspect:-

• Why the common man is not serious about taking receipts for daily purchases, especially grocery from small shops and hardware items. By the way metal and hardware businesses except for B2B deals never issue pukka receipts.
• Why should not we start asking for receipts from religious places, ashrams where we tend to drop money/donate money?
• We all are aware that popular roadside eatery joints make lot of money but do not show a single paisa as taxable income. Why are we not demanding receipts?
• How many times have we received receipt for Petrol/Diesel paid with cash?
• Go to old markets in cities (examples: Sadar in Delhi, Chickpet in Bangalore, Santhepet in Mysore, Parry Corner in Chennai, Koti in Hyderabad, Chandpole in Jaipur) and try to ask for a receipt. You will be hounded out in no time. But this time, make it a point to get your receipt.

For the last 70 years, we have become used to the 'no questions asked' type of cash transactions, where, asking for a receipt is viewed with contempt by the trader class. Most people, especially in the unorganized sector think that dealing in cash, not declaring income- whatever the amount, having a 'cash component' in a real estate deal, giving 2% to the real estate broker who will not give you a receipt, as the normal way of life. This has to change. This is the right time to develop the temperament for accounting each rupee.

Again, the new 500/1000/2000 rupee notes will take about a year plus to start creating a substantial black money corpus in India and in about 5 years, it will be 'business as usual'. The Govt wants to make every rupee count in the banking system.

Yes, there will be pain. Small vendors including old women selling vegetables on the road may suffer. But income up to Rs 2.5L is not taxable, let them do the business legally.

The Govt may, as a one time measure, issue card swiping machines to poor vendors free of cost so that they are also in the main stream of business.

It is not for fun that CK Prahalad and Gary Hamel said 'Fortune at the Bottom of the Pyramid'. The fortunes of black money are made in small amounts by 1.25 billion people of India every minute/hour/day all the time, much more than those crooked rich guys creating black money in big deals.