He also said, “High denominations (Rs 500 and Rs 1,000 notes) accounting for around 85% of currency money are helping black money, corruption, and anti-social and anti-national activities. They also make money a ‘commodity’ in our country displacing it from its intended function — a ‘medium of exchange’.” A medium is one which everybody can use but nobody can possess.
About their meeting with the prime minister, Phalke said, “We met Modiji in 2014 in Gandhinagar when he was Gujarat’s chief minister. The meeting lasted for around 90 minutes. We highlighted how the root causes of the current economic reality lie in the technical flaws in the macro-economy — the taxation system, high-denomination currency and the underdeveloped banking system”.
It is likely that ArthaKranti is just one of the many entities from which Narendra Modi sourced his big idea. But the fact that there are striking similarities between what ArthaKranti proposes and what the government has done, raises the next big question: What is the next big idea up ArthaKranti’s sleeve and will the government travel down that road?
“And we see that Modiji has shown outstanding courage to take the first difficult step — withdrawal of high denominations. We look forward to the implementation of the remaining points of the ArthaKranti proposal soon!,” said Amod Phalke.
Sourced from agencies, Featured image courtesy: yimg.com
