Income Tax Department has prominently given big newspaper-advertisements on 23.01.2018 requiring people to say NO to cash-transactions. Central government also from time to time emphasizes on people adopting cashless transactions for petty items through electronic means. But central government should concentrate more on bigger cash-transactions of say above rupees 10000, which can be achieved only by restricting cash-withdrawal from banks by an individual like was done successfully in period just after demonetization. Cash-withdrawal limit for an individual can be fixed at say rupees 96000 per month initially to be gradually reduced to rupees 48000 per month. Such a limit is more than enough to meet petty daily expenses. If it is so done, then only people will be making higher expenses through banking-means. Rather central government must not promote cashless transactions for petty expenses like through Bhim-app, PayTM etc, because of chances of frauds and mistakes especially in a country where majority of people are illiterate. Even educated and aware citizens become victims of such frauds.
Central government should also reduce validity period of pay-orders or demand-drafts to just 45 days , and their purchase above rupees 10000 only from bank-accounts with name and account-number of purchaser compulsory to be printed on these instruments to prevent their use as benami currency during their validity period. Any further printing of rupees 2000 notes should be immediately discontinued.
MADHU AGRAWAL