Arthakranti behind the idea of scrapping Rs 500,1000

In an unexpected announcement, Prime Minister Narendra Modi scrapped Rs 500 and Rs 1000 to keep a check on black money transaction.

If you think it is the Prime Minister who came up with this idea, you are wrong.

Nearly a decade ago, Pune-based organization Arthakranti, which has roots in Pune and Nagpur, was briefing Narendra Modi, then the chief minister of Gujarat, on a new economic model. Deshmukh said Arthkranti had worked shoulder to shoulder with the Prime Minister's Office in implementing the idea.

"Direct meetings with the PMO lasted throughout 2015, the final session being in November last. After that, the government continued to take inputs from us on a regular basis. The last time when a query came to us was a month ago. We had prepared an extensive data on black money and the disadvantages of a cash economy," Deshmukh said in reports.

Arthakranti's campaign peaked around the 2014 general elections. It had the support of the BJP which eventually came to power.

Arthakranti is run by a group of 17 trustees, including Atul Deshmukh, a chartered accountant residing in Nagpur.

Arthakranti says that it has no political links and had met leaders of all parties including Sonia Gandhi of the Congress. "There was great support from Nitin Gadkari, Subramaniam Swamy, and Andhra Pradesh chief minister Chandrababu Naidu," said Deshmukh.

"We had placed our idea before the UPA leaders when the Congress was in power too," he added.
The Confederation of All India Traders (CAIT), which is led by city-based chartered accountant BC Bhartia, too claimed to have strongly lobbied for a cashless economy with the government. "

Recently a meeting was held with the minister of commerce Nirmala Sitharaman for having a digital system of payment. We also had discussions with Niti Ayog CEO Amitabh Kant and also the finance ministry," said Bhartia.