Steps to rejuvenate economy

For economic rejuvenation in all sense and to get rid of parallel economy of black money, Pune-based organisation Arthakranti Pratishthan has put forward five proposals that the NGO feels could revolutionise Indian economy.

Arthakranti has suggested bank transaction tax (BTT) on any receipt of payment through bank transaction and withdrawal of existing taxation system except for customs or import duties. Arthakranti as the name suggests wants to bring in total economic revolution which would have adequate capital flow, increased use of banks and less monetisation, adequate money for government which would result in reducing the threat of terrorism as well as internal security matters.

The trustees of Pratishthan and originator of this idea, Anil Bokil, believe that all kind of taxes remain on paper for the government and it results in generation of black money. 

Arthakranti firmly believes that untraceable cash transactions have resulted in parallel economy of black money and even the government does not have definite estimation of volume of black money.

Arthakranti Pratishthan trustees Yamaji Malkar and Anil Paranjpe told dna that Anil Bokil developed the idea and penned it in Marathi on Arthakranti in 1998. 

Paranjpe said that it was after the impact of recession that Bokil tried his hands to start Tiny Cooperative Industrial Estate with 80 families of ancillary units in Aurangabad. 

Since the small entrepreneurs did not have adequate credits it was difficult for them to get bank loans since the tax system is complex and Bokil realised that this is the reason for generation of black money and private money lending business.

Bokil was able to receive loans from Gagangiri Bank for the small industries that ultimately succeeded financially. Paranjpe came in contact with Bokil through a friend and translated his paper in English for an organisation Thinkline that published the paper in 2001. 

Bokil started giving presentations to small groups of like-minded people who were concerned about this topic.

Bokil used to run a youth forum `Swachhandi’ in Aurangabad but shifted to Pune after the success of Tiny Cooperative Industrial Estate. The groups of like-minded persons and professionals started taking interest in the Arthakranti idea and they created a network by forming the Foundation. Meanwhile, Bokil and a group of 10 enthusiasts from various fields prepared themselves by studying the issue thoroughly and going for brainstorming at several times so that they can give presentation of Arthakranti to others. 

So far, Bokil has given more than 2,500 presentations on the subject to cross section of society. Interestingly, he has met almost all the political bigwigs, including LK Advani, Sharad Pawar, Nitin Gadkari, Arun Shourie, Chandrababu Naidu and others. Groups of chartered accountants, group of software professionals and IITians started taking interest in this proposal.

Those interested can see the website www.arthakranti.org.

Worthy proposals

Withdrawal of all kinds of taxes except for import duty

Transaction tax which is single point tax deduction at source

Withdrawal of high denomination currency (Maybe above Rs50)

No tax on any cash transaction

Legal provision to keep an upper limit on cash transaction