Effective Identification of Black Money and Fake Currency Using NFC, IoT and Android

In India eradicating black money has become a major issue. Though government has taken several steps to eradicate black money but reports on government policy shows that steps taken by government was not very successful. But with the advent new technologies it is possible to completely remove black money of the market. This paper describes a smart way using modern advanced technology to eradicate black money and fake currency in a simple and efficient manner. This can be achieved by using one of the most popular technology like NFCs or high frequency RFID tag. These tags can be integrated inside the currency and each paper currency can be tracked and accounted at all time and place. This paper puts forward a cost efficient solution to long time problem of black money.