Personal Life :
Anil Bokil is a mechanical engineer by qualification and education. He is also one of India’s leading economists and founder of the Arthakranti Sansthan. Big notes of 500 & 1000 denomination were banned in India after a surprise move by Prime Minister Narendra Modi on the 8th of November 2016.
Artha Kranti Proposal :
Many reports say that this decision was based on the Arthakranti proposal put forward by Mr Bokil and his team. The proposal will help lower the amount of Black money in the system and improve transparency. The organisation itself was registered in Year 2004 in Pune, but the work on this began way back in 1999.
The Artha Kranti plan presentation was made to PM Modi when he was then the Gujarat Chief Minister in 2013. Though initially given an appointment for only 10 minutes, the meeting with Modi lasted for close to 90 minutes, and the PM listened with full concentration.
Some of the points of the proposal are as below:
(1) All high value transactions must be executed through trackable banking system – Cheque, Demand Draft, Cards, Online or Electronica payment.
(2) Fix the upper limit for cash-based transactions and do not tax the cash transaction.
(3) For revenue collection introduce only one Banking Tax Tarrif – Banking Transaction Tax (2% to 0.7% of the received credited amount). This will be paid by the receiver. The revenue must then be distributed amongst the Central and State Governments.
(4) Put and end to the 56 different types of Taxes in India including income tax. Only import duty and Banking Transaction Tax to be allowed. Import duty will help prevent dumping from other low-cost manufacturing countries like China and help preserve the local market.
(5) The fifth proposal is removal of all high denomination notes from the system. Their proposal actually recommends keeping only the INR 50 currency note as the highest denomination in circulation.
Anil Bokil originally comes from the Latur District in Marathwada region of Maharashtra.
In 1999, he was part of an industrial project that supported 100 skilled labourers of a major automobile plant in Aurangabad who had been terminated from their jobs during the recession of 1994.