An Economy consists of the production, distribution, trade and consumption of goods and services by its agents like individuals, business organizations, or Governments. Transactions give strength to economy. Commerce includes all activities, Legal, economic, political, social, cultural and technological functions and institutions involved in transferring goods from producers to consumers.
We all know Black money creates a parallel economy. Government collects money for development of the country, through direct and Indirect taxes.
The biggest load of income tax falls on the salary class of both Government/Private sector employees, where as the businessman is able to save extra and converts it into Black Money.
Can we convert Income Tax into “Tax Account”? Nobody likes to pay income tax to the government from his/her hard earned money.
Credit Cards/ Debit cards
We find that most of the cards in the market are VISA/MASTER/AMERICAN EXPRESS etc. with first two being the most popular. They have gone into agreements with Indian Banks to provide for the services associated with their cards. They are international card companies. India has its own RUPAY card.
VISA/MASTER Cards earn a certain amount of profit and it goes back to the parent company for their reinvestment globally. India with a population of 125 Crore people, can promote its own card (RUPAY) and save foreign exchange from going out of our country. We can save this foreign exchange and reinvest that money in our own country.