Here’s the man behind PM Modi’s bold decision to demonetize Rs.1000 and Rs.500 Notes

financial reforms, Anil Bokil of Arthkranti, Narendra Modi, demonetization of Rs.500 and Rs.1000 currency notes,
financial reforms, Anil Bokil of Arthkranti, Narendra Modi, demonetization of Rs.500 and Rs.1000 currency notes,

The unexpected decision of the demonetization of Rs.500 and Rs.1000 currency notes by Prime Minister Narendra Modi has created a turmoil all over the country. The plan of this extreme development came from the mind of Anil Bokil of Arthkranti, a Pune-based financial think tank.

Anil Bokil reportedly met PM Modi a few months back to present a portrayal on financial reforms and was granted a mere 9 minutes to put forward his take on the issue. He proposed some important measures to restrain the movement of black money, the main one being a ban on big currency notes. Apparently, his thoughts were quite attractive to PM Modi and he kept considering the matter for almost two hours.

The main proposals by Bokil were :

1. The collection of money under 56 different taxes should be halted except for import duty.

2. A ban on Rs.1000, Rs.500 and even Rs.100 currency notes

3. Each and every transaction should take place via bank with the help of cheque, demand draft or online

4. Single banking system for revenue collection.

 One of the purposes given by Bokil was that on an average, transactions of Rs.2.7 lakh are done on a regular basis in India which sums to Rs.800 lakh crore in a year. Out of that, only 20% of transactions take place via banks and the rest are in cash, hence untraceable.
Another reason he put ahead for the ban is that about 78% of the population in the nation consumes only Rs.20 a day and therefore doesn’t require big currency notes. We don’t know what will be the results in the future, but for now, this is an incredibly bold move.

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