Business Today

Cover story | December 18, 2016

Demonetisation of high-denomination currency has shaken up the economy

Demonetisation of high-denomination currency has shaken up the economy

The Centre's move to demonetise high-denomination currency has shaken up the economy.

"We want to abolish all taxes"

Arthakranti Pratishthan, an NGO based out of a nondescript rental flat in a predominantly residential Rambaug Colony, some 20 km from Pune Airport, is now gaining global attention. Considered to be the brain behind Prime Minister Narendra Modi's move of scrapping old Rs 500 and Rs 1,000 notes, the think tank stands for a complete overhaul of India's taxation system. In an exclusive interview with Joe Mathew, Anil S. Bokil, an engineer-turned-economic thinker, the chief architect of Arthakranti Proposal, talks about the merits of demonetisation and how it can lead to a black money free-cashless economy, if the government adopts all of the NGO's proposals. Excerpts:

Disastrous Demonetisation

This may be a political move! The government intends to squeeze farmers in Uttar Pradesh, Punjab, Maharashtra and Kerala, among others. Modi seems to have unleashed a class war, putting systems against the poor and the lower-middle class

India's WhatsApp Moment in Reforms

The government has made an honest attempt at realigning economic incentives to drastically change human behaviour and make it easier for those who wish to be honest and incredibly tough for the dishonest. It will hit at the roots of untaxed, undeclared, taxable income

Demonetisation has created fear psychosis. And it is just the beginning

While the near-term economic logic may seem weak, the plan on black money appears to be well thought out. Demonetisation is just one leg. What has generated the fear psychosis is a combination of many things executed over the past two years by the Narendra Modi Government.

Balancing it Right

It will be some time before the benefits of demonetisation to the banking industry actually show up.

December 18, 2016

Editor's Note




The Demonetisation Puzzle

India is heavily dependent on cash for its daily transactions. The Modi government's demonetisation drive could impact the Indian economy


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