Transparent and Authentic Cash Transaction to avoid black money

Dear Prime minister sir,

I have an idea to make sure that even liquid money transaction is also authenticated by the user. So that even with cash transactions we can avoid the black money.

As of today Aadhar card is mandatory in all banks. Even linking to mobile numbers, PAN card, Passport etc is already been made mandatory. Many people are linking Aadhar.

So Aadhar has became new visible DNA for every individual in India.

Now why can't we use this while having the cash transactions. Please find my explanation below on how we can make use of this.

Let us imagine there are 2 people Person 1 and Person 2. Person 1 wants to deposit some money (in cash) to person 2's bank account.
Now when Person 1 goes to bank and tries to deposit, while depositing let the cashier have the finger print scanner or iris scanner with them so that they can read the finger print or iris of the depositor(in our example it is person 1) for the Aadhar details of the depositor. With that Person 1 will become authentic depositor of the money. If required, the cashier can ask for last 4 digit of the Aadhar of depositor to verify.

This finger print scanner or iris scanner can be made mandatory in all business so that even the smallest of small transaction can be tracked down.
This will help the consumer in a way that middle men/business men will not be able to fool or cheat.

These days the finger print scanner is available in the smartphones itself and, if common people are exchanging the money for any reason they can use their smartphone to record the transaction. It can be integrated as a part of BHIM app.

So that every liquid money available out there can be tracked at any point in time. If government has any doubts on source of the money they can either track with transactions which are linked with aadhar or question the individual.

I think this will have lot of benefits.

1. How money reached to one individual can always be tracked. As it will be recorded.
2. Businessmen cannot fool the common people with price.
3. No one can forge the money, as the source of the money can be easily tracked.
4. This will also stop people from stealing money from others.
5. Trusted transactions.
6. Right value for the work that farmers do.
7. Land assets acquisition can also be tracked easily.
8. If someone still does the cash transaction without this approach, then that money will not be valid anymore, as govt can ask from where that person got the money.
9. Bank people also cannot cheat as they cannot transfer the money in some other's aadhar.
10. This will slowly help India to move towards Cashless or Less cash economy.

I think this will solve lot of issues what we are facing as of today with respect to black money.

To start with people has to declare how much money they have in cash as well as in bank account as an initial step either in Bank account or in BHIM app as an one time declaration process.