] Arthakranti Proposal
To:
*FORWARDED AS RECEIVED *
*WOULD APPEAR OVERSIMPLIFIED AND UTOPIAN - BUT WORTH A READ*
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*Subject:* Fwd: [DVVGH] Arthakranti Proposal
Shri .Arun Bokil , a key member of Arthakranti Sansthan was
given time to meet (now) PM Modi, before the recent LS election. He was
given 9 mins to share with Mr Modi. But Mr Modi heard him for 2 hrs.
Arthakranti Proposal
*What is Arthakranti Proposal and who has given the proposal?*“Arthakranti
Proposal” has been given by a Pune (Maharashtra) based “Arthakranti
Sansthan” which is an *Economic Advisory body constituted by a group of
Chartered Accountants and Engineers*. This funda has been patented by the
Sansthan.
*Arthakranti Proposal is* an
*effective and guaranteed solution to curbing Black Money Generation, Price
rise and Inflation, Corruption, Fiscal Deficit, Unemployment, Ransom,
promoting GDP and industrial growth, countering terrorism and ensuring good
governance.What is in the Proposal ?*
“Arthakranti Proposal has *FIVE points* of simultaneous action :-.
(1) *Scrap all 56 Taxes* including income tax *excluding import duty.*
(2) *Recall and scrap high denomination currencies of Rs 1000, 500 and 100
rupees*.
(3) All *high value transaction to be made only through banking system*
like cheques, DD, online and electronic.
(4) Fix *limit of cash transaction* and *no taxing on cash transaction*.
(5) For *Govt. revenue collection introduce single point tax system through
banking system* – *Banking Transaction Tax (2% to 0.7%)* on only Credit
Amount
*Important Points to note:*
(1) As on today total banking transaction is more than *Rs 2.7 lakh crores
per day* *say more than 800 lakh crores annually*.
(2)
*Less than 20% transaction is being made through banking system as on today
and more than 80% transaction are made in cash only, which is then NOT
traceable/acccountable.*(3) *78% of Indian population spend less than 20/-
rupees daily. W*hy then do they need *Rs1000/- rupee* notes.
*What will happen if All FIFTY SIX Taxes including income tax is scrapped :*(1)
*Salaried persons will bring home more money* which will increase
purchasing power of the family.
(2) All
*commodities including Petrol, Diesel, FMCG will become cheaper by 35% to
52% .*(3)
*No question of Tax evasion so no black money generation.*
(4)
*Business sector will be boosted. Hence greater self employment.*
*What will happen if Rs1000/ 500/ 100 denomination Rupee currency notes are
recalled and scrapped :*
(1) Corruption & bribing through cash payments will largely end.
(2)
*Black money will be either converted to white or will vanish as billions
of Rs 1000/500/100 currency notes hidden in bags/ bins will be
rendered useless pieces of paper.*(3) Unaccounted huge quantities of
hidden cash is causing prices of Properties to skyrocket. Land, houses,
jewellery and lawfully earned (white) money is fast losing its value. Such
trend will be arrested immediately.
(4) Kidnapping and ransom, “Supari killings” will be ended.
(5) Terrorism, supported by cash transactions will end.
(6) Cannot buy high value property in cash - will end rampant
undervaluation in Transfer of immovable property to evade payment of
legitimate Stamp Duty in Registration, will end evasion of the nominal
Khatha transfer fees , evasion of Tax on Capital gains, understating
property sizes to evade Property Taxes, SWM Cess etc.
(7) Circulation of “Fake Currency” will end asprinting of fake currency of
smaller denomination notes will not be viable.
*What will happen when Banking Transaction Tax (2% to 0.7%) is implemented
:*
(1) *If BTT is implemented the Govt can earn 800 x 2% = Rs 16 lakh crores
in revenues * *and more*, whereas the
*present systerm of taxing is generating less than Rs 14 lakh Crores
in revenue.*
(2) Even if we manage to implement only 50% of all transactions in this
country to be covered by BTT sizing Rs 2000 to 2500 lakh crores, the Govt
will need to fix BTT as low as *1% to 0.7%. This *alone would *boost
banking transaction further in manifold ways*.
(3) No separate machinery like Income Tax Department will be needed as tax
amounts will be directly deposited in State/Central/District administration
accounts. However, they could be utilized to optimum levels with greater
powers to bring to book the Tax evaders and to enforce Tax policies.
(4) As Transaction tax amounts will be low, citizens will prefer the BTT
module, instead of paying huge amounts in Direct or Indirect taxes in the
present day FIFTY SIX taxes regime.
(5) There will be minimal or no tax evasion. The Govt will earn huge
revenues for infrastructure development and employment generation.
(6) To raise Special Revenues for special projects, the Govt may enforce a
marginal increase in the BTT subsequently,say from *a fixed 1% level to
1.2%* as this *0.2% increase* alone would generate *Rs 4,00,000 crores*
in additional Revenues .
*Effect if implemented today :*(01)Prices of *all commodities* and
*properties* will register a sharp decline to make them affordable to the
common man.
(02)The 'take home pay' of Salaried persons/ pensioners - will be bettered.
(03) Purchasing power of the Society at large will increase.
(04) Demand will earn a boost , while production, industrialization and
supply will register growth. Will result in greater employment
opportunities for the youth.
(05) Surplus revenues to the Govt for effective health/ education/
infrastructure/ security/ social works.
(06) Cheaper and easier loans from banks. High interest rates on loans,
will be lowered.
.
(07) Tendencies in the society at large, will be shift from a state
of scarcity, to a state of plentiful quantity.
(08) Surplus money will be on hand to the political system, to ensure
clean politics,
(09) The skyrocketing Prices of land/ property will decline to affordable
levels.
(10) No necessity to export beef to offset trade deficits.
(11) Adequate funds may be earmarked/allotted for Research and Development.
(12) Society will be rid of the canker of the negative thinking and “Bad
elements”.
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