What is stopping people from making their own currency? Circumventing the banks?

Why doesnt each person make their own currency? Then they can trade it among other friends and relatives based upon the projected value by their registered associated holdings. Keep track by internet or phone app or something. Then we can all be our own bankers and manage our own treasury and so on. Goodbye banks. Goodbye inflations. Goodbye tyranny. Hello Just world!….?

Fixed Deposits – Tax Question?

Hi, I am not talking about the 5-year lock in Fixed Deposits for claiming tax-relief under 80C.

I want to know what are the tax implications for opening a normal FD for say, 1 year for an amount like 5 lacs.
I notice that PAN is asked even while opening such FDs online.

1) On maturity, Will the tax be applied on the interest at source & then the balance be given to me ?

2) Or should I have to file the interest gained separately while Tax-filing (like what is done for savings a/c interests).