Next, the Rs1,000 and Rs500 currency notes should be demonitised. At the time of cancellation of these notes amounts of up to Rs50,000 may be exchanged at the bank through the account of the person without any questions being asked. For the amount over Rs50,000 tax clearance may be obtained. All transactions of cancelled notes should be done through the banks. With the removal of higher denomination notes there would be less of hoarding of these notes for the purpose of smuggling, anti-state activities and bribes, etc.
Less currency notes in circulations means less expenditure on printing of notes for the government.
Also less inflation. Secondly, real estate transactions of all kinds should be allowed only through newspaper advertisement which should indicate the amount to be exchanged for the piece of property being sold with the option that if the government felt that the price being offered was lower than the market price, it can either arrange an open auction of the property or buy it at the market determined price. This practice would discourage the under-valuation of the property for official purposes. Thirdly, no account may be allowed to be opened with large amount of cash. Particularly in the National savings schemes.