The entire universe came crashing down for India last night as and when PM Modi announced to ban the bigger currency notes. Never could anyone imagine the impact that such a decision could make.
The brain behind this decision is Anil Bokil of Arthkranti a Pune based financial think tank. The man who was given 9 minutes to suggest measures to control the flow of black money in the economy had such an impact on the PM that the conversation extended to 2 hours.
One of the members, Ashutosh Phalke, said to Scoopwhoop ,
“We met Mr Narendra Modi with our proposals, even before he was elected Prime Minister.
Since then, we have held several rounds of meetings with him and government officials, to push our ideas forward.”
These were the main recommendations by Bokil:
Except import duty, stop collection of money under 56 different taxes
- Ban big currency notes of Rs 1000, Rs 500 and even Rs 100
- All transactions should take place via bank with help of cheque, Demand Draft and online.
- Single banking system for revenue collection.
The reason Bokil reportedly gave behind these suggestions
- In India, an average transaction of Rs 2.7 lakh crore is seen daily which accounts to Rs 800 lakh crore in a year. But only 20 per cent transaction out of this happens via banks, rest all takes place via cash which can’t be traced.
- Country’s 78 per cent population spends only Rs 20 a day. Therefore, they don’t require bigger currency notes.