Meet Anil Bokil, brainchild behind scrapping Rs 500 and Rs 1,000 notes

The demonetisation of currency notes of Rs 500 and Rs 1,000 have taken the country by storm. Black money holders are looking for ways by which they can get rid of the black money and others who don’t have any black money are facing a cash crunch as this move has started a nationwide crisis.

The demonetization move, which was announced by Prime Minister Narendra Modi to expose black money hoarders, was suggested by someone who was as concerned as Modi about the illicit money.

Meet Anil Bokil, who was given nine minutes to speak that resulted in the massive attack on black money. Bokil, works in a Pune-based financial think tank- ‘Arthkranti’- and is the man behind the crackdown. He suggested some of the key measures to contain the flow of black money and banning the big currency notes was one of them.

As per the reports, Bokil met Modi a few months ago to give a presentation on financial reforms and how to contain the flow of black money. PM Modi gave him nine minutes to finish his argument and by the time he finished, PM reportedly found his idea so amazing that he kept discussing it for two hours.

Bokil made many recommendations, including:

1. Stopping collection of money under 56 different taxes (except import duty)

Ban big currency notes of Rs 1000, Rs 500 and even Rs 100

3. All transactions should take place via bank with help of cheque, Demand Draft and online

4. Single banking system for revenue collection

Bokil had his reasons to back the suggestions. He stated, “In India, an average transaction of Rs 2.7 lakh crore is seen daily which accounts to Rs 800 lakh crore in a year. But only 20 per cent transaction out of this happens via banks, rest all takes place via cash which can't be traced. Country's 78 per cent population spends only Rs 20 a day. Therefore, they don't require bigger currency notes.”

PM Modi liked his approach and it resulted to the biggest war against black money.