Saturday, November 12, 2016
Meet the master mind behind the ban of 500 and 1000 Rs notes.
Mechanical engineer Anil Bokil, a member of the ArthaKranti Sansthan, is reportedly the man behind getting the ban on Rs 500 and Rs 1000 notes. Anil had met Narendra Modi a few months back and suggested that the PM study the roots of corruption, poverty and unemployment.
In an interview with ETV Marathi in 2009 he said, "We are more into physical transaction involving cash (compared to other countries). Because of the physical exchange of cash we do not have any records of the cash transactions between two individuals who have entered into an exchange of money...We should encourage bank transactions or electronic payment modes.
"In the United States, 90 percent of transactions are through the bank and so there is all white money. During elections, political parties bribe each other and in India all these bribery happens through cash, hence there is no record of these currencies, because of which there is corruption and uneven distribution of money."
He also reflected on an alternative taxation policy, black money, terrorism, inflation, corruption, industrial growth and unemployment.
According to reports, when Bokil met Modi, he was allotted only nine minutes. But Bokil's proposal to discontinue currency notes interested the dynamic leader, and the two entered into serious talks for over two hours. If reports are to be believed, Bokil's team had also met Rahul Gandhi one and a half years back, but Rahul gave the team only 10-15 seconds. Later, the activists also met a few BJP leaders.
The Pune-based Arthakranti Sansthan is an economic advisory body constituted by a group of chartered accountants and engineers.
In his proposal, Bokil had put forth the following points:
1. Except import and export duty, there are 56 types of taxes which should be taken back.
2. High denomination currency including Rs 500, Rs 1000 and Rs 100 notes should be scrapped.
3. All kinds of big transactions should only be allowed through cheque, demand draft or online payment.
4. There needs to be a limit for cash transactions, and there should be no tax on cash payment.
5. For government revenue collection, introduce single point tax system through banking system - Banking Transaction Tax (2 percent to 0.7percent) on only credit amount.