India is hailing Prime Minister Narendra Modi for his ‘surgical strike’ on black money. The decision – a courageous one – is indeed commendable but the PM is not the one who came up with this idea. Turns out that this revolutionary idea of slicing through the problems of black money and counterfeit notes in a single swipe 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 Accountant. He is also the one who propounded the concept of ‘Artha Kranti’ – an economic solution designed to end the vicious cycle of corruption with specific focus on black money.
Bokil at a lecture on Artha Kranti. Pinterest
Bokil is the genius who has done one of the most incredible things that would help in the growth of India’s economy.
Sometime in June or before, Bokil was granted an audience with the Prime Minister for a very brief 9 minutes. Bokil took this opportunity to present his idea to PM Modi. So interesting was the discussion that the meeting lasted around 2 hours.
Bokil told the PM of this very method and how it can be useful in ending the dual menace that is plaguing the country.
If you note carefully, the government gave many opportunities to those having black money (or undeclared sums) to declare their incomes. It is only now that the government has taken this radical decision, which is also going to cause some inconvenience to ordinary tax-paying people.
Bokil speaking at Varanasi as part of the Artha Kranti project. Artha Kranti
(1) Scrap high denomination currencies of Rs.500 and Rs.1000.
(2) All the existing taxes, excluding import duty, should be scrapped.
(3) A single-point taxation system.
(4) No cash exchanges should be allowed beyond a certain limit.
(5) Cash transactions should not be taxed.
According to Bokil, the measures will not only help check corruption but also bring down the prices of commodities, construction, etc, while ensuring that the government earns adequate tax revenue.
In one his seminars, Bokil convincingly illustrates how some people in India have converted money from a medium of exchange – which it actually is – to a commodity – which it is not. By turning money into a commodity, these people (those with black money) are depriving the economy of its blood. He says that in India, currency money (outside of banks) is more than bank money. “This is why we have rampant poverty,” he said.
If all transactions are processed through banks, it would also be easier to freeze accounts suspected of funding terrorists as was done in the US after 9/11.
And this is not the first time that Bokil presented his ideas at the highest level. Reports suggest that former President Pratibha Patil was keen on this idea of ending the black money menace completely.