Prime Minister Narendra’s Modi’s sudden announcement of demonetising the currency notes of Rs 500 and Rs 1,000 has kept almost the entire country and people descended into cash crunch ever since. But there is a story behind this announcement and how one man, who was given just nine minutes to speak, resulted in the massive assault on black money.
A group of crusaders who subscribe to the theory of “ArthaKranti”, propounded by Aurangabad-based architect and chartered accountant Anil Bokil, preached the idea of scrapping ₹500 and ₹1,000 bank notes long back.
In July this year, Bokil met the prime minister to discuss his ideas of curbing black money. Reports suggest that while he was given only eight minutes, he ended up discussing his plans with Modi for over two hours.
1. Except import duty, stop collection of money under 56 different taxes
2. Ban big currency notes of Rs 1000, Rs 500 and even Rs 100
3. All transactions should take place via bank with help of cheque, Demand Draft and online.
4. Single banking system for revenue collection.