Wednesday, 6 November 2019

Linking aadhaar, pan, property and bank accounts

As of June 2018, 90% of Indians have been issued with aadhaar card. If we can link aadhaar, pan and bank accounts (accounting for all forms of income) of all individuals, it is possible to set up a data base which contains details of incomes of every citizen of the country. If there is also a one time property and wealth declaration exercise where all kinds of properties will be linked to their property holders, a huge database would be created with income and wealth details of every citizen. Using this data base people can be segregated based on their income and wealth levels. At least, we can have a system where most if not all of of the 'white' money and property transactions are accounted for. All forms of benefits to the citizens can be streamlined in the most efficient and transparent manner. Any forms of inefficiencies and duplications can be removed. It is possible to create a system where benefits kick in and kick out depending on income levels. Once beneficiaries' income levels reach the stipulated level, benefits can be withdrawn and diverted to more needy people.

When there is a scramble between subsidy and development expenditures every penny is important. Economies which spend more on production rather than subsidies are going to grow faster. It is high time to integrate technology with all forms of administrative and welfare schemes.

No comments:

Post a Comment

your comments are welcome!