Nine minutes Gone, Demonetization On!
It was just a nine-minute presentation which convinced our Prime Minister Narendra Modi to proceed with the decision of implementing demonetization. It’s been a year. Exactly on November 8thlast year the decision to ban the Rs 500 and 1,000 notes were taken.
What exactly happened? Who prompted or advised the Prime Minister and Finance Minister to take such a step? Anil Bokil, a Pune based, is the brain behind all this. He is the one who suggested various measures and steps that could be taken to get rid of a headache called black money and fake currency.
While the FM, PM, RBI Governor and financial advisor were on serious discussions regarding this problem, this man Anil Bokil got 9 minutes from the Prime Minister to make a presentation.
Here is what he said:
Ban notes of 1000, 500 and even 100. All transactions should take place through banks with the help of demand drafts, cheques, and online single banking for revenue collection.
He also advised on export-import duty, by asking them to stop the collection of money under 56 different taxes.
He also justified his advice to the government by saying that 78% population spends only Rs.20 per day. Thus, they do not need big notes. He also said, that in India an average transaction of Rs. 2.7 lakh crore is seen daily which accounts for Rs. 800 crores per year. But in this also, only 20% transactions take place through banks and rest all go through cash which cannot even be located.
The Prime Minister was so impressed that the note ban came to life immediately.
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