Through the centuries economy has seen development of mode of currency i.e., from grain currency to leather currency to metal currency like gold coins, silver, copper, alloy and aluminium to paper currency. Day-by-day the events of frauds, fake currency rackets, black money are increasing. No government in the World has been able to control this wrong flow of money so it is the right time to do the research and find the substitute for the paper money. It won’t be surprising, if the days of paper currency become the thing of past just like previous modes of currency. This feeling is truly advocated with the advent of debit, credit card system i.e., currency development should cope with the rapidly changing computerized world.
Present world economic scenario strongly requires the development of alternate mode of currency as medium of exchange. which matches with the fast changing computerized economy. Electronic/Computerized Pads will control the happenings of fake currency, any type of frauds. It will have durability, dependability. It can become true legal tender with no chances of black income. Every type of financial corruptions will be avoided. Through this apex body can have full control on the flow i.e., every deal can be accounted. This will certainly prove to be as scientific & technically competent mode of exchange.
Electronic Currency will function on the principle that every deal/ transaction affects two sides, i.e., one is receipt other is payment (one is receiver another is ‘giver’, payment maker). This means that when one person is receiving from another, it implies that that another related person is paying. This is how the transaction will take place. This medium will have memory, receipt button, payment button, balance button, number button from 0 to 9 and alphabet button, two sockets, and one cord. Every citizen will be issued one medium each having distinct numbers. Each transaction will be effected with the help of transaction code. Each and every transaction will be accounted and reconciled leaving no room for black money and chances of fake currency.
With the help of electronic currency system inflation can be curbed, a big flow of money in the hand of terrorist can be checked and spectators can be assured of not being cheated because of match fixing!
Also carrying cumbersome bags full of currency notes, using vehicles for transferring or depositing or withdrawal of funds from one place to another, fear of getting looted, pick pocketed, paying for security of currency, keeping strong rooms for currency notes, investing in big safe for keeping cash, at the end of the day physically verifying the cash balance, tallying cash with book balance, counting notes at the time of deposit or withdrawal, spending insurance premium for fidelity and cash insurance, hiring detectives and keeping dogs will all become phenomena of the past. Police will find themselves wanting for financial crimes!