Saving millions of man-hours is possible
Rishi Saraf 27-Jun-2016 :
If all physical currency could be converted to digital currency without going into the source of money (black or white)….
It would lower the cost of capital (which is about 12%) for entrepreneurs in India on one hand and on the other ensure that all taxes are automatically deducted & paid to government.
Tax rates could be lowered to such a rate that citizens feel it is more worth-while to pay it rather than save it in some way.
This would also save tremendous amount of time spent on audits, assessments, reassessments, appeals, higher appeals, lower courts, high courts & supreme courts.The entire government machinery could be better utilized for those services where we need them.
The energies of consultants could be redirected to guiding individuals & companies on latest best practices to be followed in managing their finances & business better.