Who’s Mind Behind the Ban of 500 & 1000 Notes?


Indian is hailing Prime Minister Narendra Modi for his ‘surgical strike’ on black money.

MODI ji ko salaam

The choice – a brave one – is indeed extensive but the PM is not the one who came up with this idea. This innovative idea of cutting through the problems of black money and fake notes within a run came in the head of a simple man from Aurangabad in Maharashtra.

His name is Anil Bokil and he is an architect and a Chartered Financial advisor. He is also the one who propounded the idea of ‘Artha Kranti’ – an financial solution developed to end the terrible circle of crime with specific concentrate on black money.

Great Job!

Bokil is the professional who has done one of the most amazing things that would help in the development of India’s economy.

The ‘Artha Kranti’ is a five-point strategy, developed by a group of the same name, to nip crime in the bud. One of the recommendations of the program is the scrapping of great denomination notes.

Sometime in June or before, Bokil was granted an audience with the Prime Minister for a very brief 9 minutes. Bokil took this stage to present his idea to PM Modi. So exciting was the conversation that the conference survived around 2 hours.

Bokil informed the PM of this very method and how it can be useful in finishing the twin nuisance that is plaging the nation.

If you observe properly, the government provided many possibilities to those having black money (or undeclared sums) to announce their earnings. It is only now that the government has taken this extreme choice, which is also going to cause some difficulty to common tax-paying individuals.

The supporters for Artha Kranti postulate this five-point strategy for completely eliminating crime from India:

(1) Discarded great denomination foreign return of Rs.500 and Rs.1000.

(2) All the current taxation, not including transfer responsibility, should be scrapped.

(3) A single-point taxation system.

(4) No money transactions should be permitted beyond a certain restrict.

(5) Cash dealings should not be subjected to taxation.

According to Bokil, the actions will not only help check crime but also bring down the prices of products, development, etc, while guaranteeing that the federal government generates sufficient tax income.

Bokil has also organised workshops and lessons on money.

In one his workshops, Bokil well demonstrates how some individuals Indian have transformed money from a method of exchange – which it actually is – to a product – which it is not. By switching money into a product, these folks (those with dark money) are starving the economy of its blood. He says that in Indian, currency money (outside of banks) is more than bank money. “This is why we have widespread hardship,” he said.

If all dealings are prepared through financial institutions, it would also be easier to lock up records alleged of financing terrorists as was done in the US after 9/11.

And this is not the first time that Bokil provided his concepts at the biggest level. Reviews declare that former Chief executive Pratibha Patil was eager on this idea of finishing the black money nuisance completely.

There has also been a mention in a Tamil movie called Pichaikaran(beggar) where there is a dialog which is like If you ban 500 and 1000 notes then black money circulation would come to an end.

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