Currency reform of India

In November 2016, the Narendra Modi government launched a monetary reform with a goal of increasing tax revenue and promoting economic activities through the legalization of the underground economy. According to this unprecedented step, large bills, which have accounted for 86% of currency in circulation, were banned, and new bills were issued. In India, the volume of cash payment is very high at more than 80% while in the U.S. and the U.K. cash payment accounts for about 20~25%. Furthermore, India is very low in credit card ownership rates and just about 50% in bank account utilization rates. The prime Minister's currency reform brought some turmoil such as cash shortages, but this has settled since March 2017.

With his strong desire to put an end to corruption, in addition, he has earned great support from the Indian people, and his party (The Bharatiya Janata party: BJP) won a landslide victory in the March election. From October to December 2016, India was as high as 7% in economic growth rates. With great expectation of an increase in tax revenue and further economic growth, the funds in India have maintained high yields.

The fluorescent security elements of Myanmar's commercial tax stamp.

Myanmar has commercial taxes that are imposed on the supply of goods/services or import of goods. They are similar to VAT or goods & services tax. In Myanmar, commercial taxes on sales for the prior month should be paid within ten days from the last day of the month. In addition, a commercial tax return should be filed within one month from the end of every quarter.

The receipt must have a commercial tax stamp on it. This can be bought from the tax office. To make the invoice or receipt issuable, a permit should be obtained from the tax authority.

UV rays were applied to the commercial tax stamp on the receipt issued by a coffee shop, using MP12t. Then, the fluorescent watermark and numbers appeared on the stamp. Since the receipt paper is not non-fluorescent, it turns blue when UV rays are applied.

The fluorescent security element of the tax label

The image below shows the bottle caps of whiskey distributed in Mandalay, Maynmar. The label on the whiskey bottles (issued by the Internal Revenue Department; IRD of Myanmar) proves that the product is authentic. If UV rays are applied to the label using MP12t, it turns blue, and its upper section partially turns fluorescent yellow green and a fluorescent yellow green star appears.

Under Myanmer's tax system, tax labeling is very important. Depending on the product type, price and law, different watermark, color and code labels will be applied.