Man Who Inspired PM Modi’s Demonetization Decision, Criticizes Implementation

November 22, 2016 18:09
Man Who Inspired PM Modi’s Demonetization Decision, Criticizes Implementation

Indian Prime Minister Narendra Modi surprised the whole nation by announcing the sudden but effective decision of banning Rs. 500 and Rs. 1,000 notes. According to the reports, PM Modi got this idea from a man, Anil Bokil, who is fighting against corruption through his NGO, Arthkranti, since a long time.

Although he praised PM Narendra Modi’s decision of banning two high denomination notes earlier, he has now slammed the implementation process conducted by the government.

While speaking to the media about the issue, Mr. Bokil said, “The proposal I placed before the PM had five aspects, which were framed after 16 years of brainstorm. However, the Modi government chose to implement only two of them. The move can neither welcomed nor be rejected and we are compelled to accept it. If the government had implemented all our five aspects, no one would have suffered.”

These are the 5 recommendations by Anil Bokil and his think tank to the government.

1: Complete abolition of taxes, direct and indirect by the Central or State governments and also the local bodies.

2: The taxes were to be replaced with Bank Transaction Tax (BTT), wherein every inward bank transaction would attract a levy. It would be a single point tax deducted at source. - The deducted amount would go into the government kitties at various levels (Centre, State and Local, broken up in perhaps a ratio of 0.7 per cent, 0.6 per cent and 0.35 per cent, respectively). The concerned bank will also get a share of say another 0.35 per cent. Of course, the BTT rate would be decided by the finance ministry and Reserve Bank of India.

3: Cash transactions would not attract tax.

4: All high denomination currency above Rs 50 should be withdrawn.

5: Government should create legal provision to restrict cash transactions to Rs 2,000.

He said, “All these aspects implemented together, would have changed the system. The move would have targeted only black money holders and common man would have been unaffected. Unfortunately, we have witnessed a few deaths.The government conducted the operation without using anesthesia, patients are bound to die.”

Reports said that Bokil is expected to meet PM Modi on Tuesday and will discuss the situation and will suggest solutions on it.

By Prajakt

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