Banking Redefined

Vijaya Krushna Varma

July 24, 2011

This paper called “TOP Tax system” redefines the role of banking sector to pave the way for future economic system that benefits 7 billion people of the world in all spheres of their lives in one form or the other. The redefined banking system will make the budget preparation of any country to be simple, easy and time saving exercise.TOP Tax system suggests total integration of - taxation, tax collections, tax compliance, monetary system, money supply, registration of movable and immovable properties, budget preparation, public distribution, preparation of voter lists and population census - in the banking system. Storage and usage of individual’s money, movable and immovable properties, shares, family details, licenses, passports, subsidies can be maintained and operated from his/her single account called Main Savings Account.

There will be no tax collection expenditure for the Governments and no tax compliance cost for the people. The TOP Tax system’s tax collections from single tax ( top tax) by banks and tax payments/tax compliance by all citizens will be totally automatic and involuntary just like respiratory system in human body.

Number of Pages in PDF File: 58

Keywords: bank, banks, banking, banking redefined, bank of, savings account, bank account

JEL Classification: E51, E58, E62, H21, H24, H26, H61

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Date posted: March 2, 2012 ; Last revised: May 1, 2013

Suggested Citation

Varma, Banking Redefined (July 24, 2011). Available at SSRN: http://ssrn.com/abstract=1894247 or http://dx.doi.org/10.2139/ssrn.1894247

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