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Tuesday, March 19

Demonetisation a step forward, reforms will bring change

Demonetisation a step forward, reforms will bring change


Mangalore Today News Network

Mar 24, 2017: Anil Bokil, is known as the man behind ’ArthaKranti’ a yeoman organisation advocating economic reforms, his take that demonetisation of high value currency notes was a step forward and  towards many reforms ahead.

He spoke on the five points he has been harping on in the public domain to find out solutions to various issues centred around economy in the country. "The first and most significant is introducing single point tax against existing tax system. Except for import duty, no other taxes from local body to state and also central government should be imposed on the people. Secondly, banking transaction tax (BTT) should be introduced by charging tax on the receiver account, not on the depositor. It ensures real time tax compliance. Thirdly, there should be no tax on cash transactions. Demonetisation of high value currency notes should be continued to bring down the highest currency value to Rs 50. The existing high value notes should be gradually phased out, as digital banking holds the key in the coming years. The fifth and last is restriction on cash transaction up to certain extent," he explained further.

Bokil, who is more known as the man who influenced Prime Minister Narendra Modi to take up demonetisation, addressed reporters in the city recently.


On GST : Bokil said, although the soon-to-be-implemented goods and services tax (GST) appears to be a better solution compared to the prevailing taxing system, the banking transaction tax is much better to find solutions to many ills plaguing the country. The focus is on creating ’cashless and less cash economy’ to check the scourge of black money.

Complimenting the people of the country for showing maturity in boldly facing the effect of demonetisation, Bokil said, "A single man (Modi) has become the orientation of every man’s dream." While the efforts are on to mobilise support and create awareness among the people with the recommendations of the organisation available in public domain, Bokil said it is the duty of the people to push it hard. All it may take is 18 months to implement the recommendations in toto, according to the experts, he added.

Reacting to queries, he said, the government had to introduce high value currency notes of Rs 2,000 as a stopgap arrangement, to make up for the revenue loss.

Bokil also felt that it is the right time for implementation as the country has political stability unlike previous government headed by Congress-led UPA with many allies.


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