Even as we figure out how we get all those Rs 500 and Rs 1000 notes exchanged, a Quora user just introduced us to the brain behind the government’s decision to scrap the high-denomination notes. On Monday, when Narendra Modi made the sudden announcement, many of his supporters called it a”masterstroke” to deal with blackmoney. On the other hand people have been facing a lot of inconvinience due to the move.

Although the Modi government has made sure the banks ran on Saturday and Sunday to tackle the overflow of demand for  cash, many have also criticised the move, calling it completely ill planned.

You would be suprised to know that Anil Bokil also wanted Rs 100 notes abolished. Well, before you burst in anger of such a proposal, you need to hear him out, just like the Prime minister did.

A quora user dug out his background. According to the post:

About six months back Anil Bokil, a key members of Pune-based Arthakranti Sansthan met Narendra Modi to discuss his ideas to tackle the menace of black money. He was given a hearing time of under ten minutes. However, he had the Prime Minister so entralled that he heard him with rapt attention for 2 hours.

“The Arthakranti Sansthan” is an advisory body of a group of  Chartered Accountants and Engineers.” Guided by Bokil they have come up with the Arthkranti proposal. According to them the proposal will not only solve the problem of Black Money generation in India but also curb price rise, inflation, corruption, control fiscal deficit, unemployement, ransom, help in the fight against terrorism and propel good governance.

So here goes the proposal and the logic behind it:

1.Ban the use of Rs 1000, 500 and 100 notes —

  • All briefcases with bundles of high denomiation notes will become useless.
  • Skyrocketing of real estate price, jewellery and hard earned money losing value would end.
  • This will put an end to kidnapping and ransom.
  • Terrorist groups that thrive on black money will be cash strapped.
  • The menace of Fake currency can be tackled as making fake currency for a Rs 5 note or Rs 10 is not viable.

2. All high value transaction to be made only through banking system like cheque, DD, online and electronic

3 Fix limit of cash transaction and no taxing on cash transaction

4 Bring a single point tax system through banking system 

His argument is also that when less that when 78 per cent of Indian population spends less than 20 rupees daily, why would a high denomination note like Rs 1000 need to be in circulation. Also the proposal says that since less than 20 per cent transaction is made through the banking system, a huge amount of money will remain unaccounted for.

Bokil definitely had important points to make. What do you think?

You can read his entire proposal here.