Who suggested Modi for demonetisation?
Anil Bokil
Earlier, many news reports have said that Anil Bokil, founder of Pune-based think-tank Arthakranti, is the one who had suggested the step to PM Narendra Modi. Bokil, 55, has been described as an employee, employer, entrepreneur, economic theorist, and activist on the website of Arthakranti.
Who is the father of demonetisation?
Bokil founded ArthaKranti Pratishthan, a Pune-based think-tank, in 2004, and has been advocating for demonetisation for several years now. He first met Modi in Ahmedabad in 2013, when the latter was announced as the prime ministerial candidate for the Bharatiya Janata Party.
Who was the prime minister during the recent demonetisation?
Prime Minister Narendra Modi
In a televised address, Prime Minister Narendra Modi had announced the demonetisation initiative at 8 pm on November 8, 2016 to fulfil four objectives of checking terror-funding by Pakistan, printing of counterfeit currency, black money and corruption.
Do you think demonetisation effective?
The data on Income tax returns filed also confirms the success of the demonetisation of the scheme. According to I-T Department data, number of income tax returns filed grew 6.5 per cent in FY 2015 to 40.4 million. It surged 14.5 per cent in FY 2016 and then jumped 20.5 per cent in FY 2017, the year of demonetisation.
Who did demonetisation in 1946?
Kuwait: Exactly 70 years before the Indian demonetization act of 2016, on January 12, 1946, the Viceroy and Governor General of India, Sir Archibald Wavell, promulgated the High Denomination Bank Notes (Demonetisation) Ordinance, 1946.
What were the reasons given by the government while implementing the demonetization?
India (2016) It was done to reduce the presence of counterfeit cash to fund criminal activity. When the demonetization was announced, there were shortages of cash across the country, as people scrambled to exchange their existing banknotes.
Who was the prime minister of India during the demonetisation of 1978?
Minister Morarji Desai’s
Exactly 41 years ago, on 16 January 1978, Prime Minister Morarji Desai’s government too demonetised high denomination banknotes. As part of its move, the Janata Party-led government announced that Rs 1,000, Rs 5,000 and Rs 10,000 banknotes would not be treated as legal tender after banking hours on that day.
What did the government want to accomplish by the demonetization?
The government’s goal (and rationale for the abrupt announcement) was to combat India’s thriving underground economy on several fronts: eradicate counterfeit currency, fight tax evasion (only 1\% of the population pays taxes), eliminate black money gained from money laundering, and terrorist financing activities, and to …
What is demonetization in India?
Demonetisation in India Demonetization for us means that Reserve Bank of India has withdrawn the old Rs 500 and Rs 1000 notes as an official mode of payment. Demonetization is the act of stripping a currency unit of its status as legal tender.
Which countries have opted for currency demonetization?
Fiji, Singapore and Philippines were other countries to have opted for currency demonetization. Rahul Prakash Deodhar (2016) “Black Money and Demonetisation” The Government of India announced that the Rs 500 and Rs. 1000 denominated currency notes will cease to be legal tender.
What is the ‘demon’ in demonetization?
The ‘demon’ in demonetization is in the beginning. On November 8, Indian Prime Minister Narendra Modi announced in a broadcast to the nation that Rs500 ($7.40) and Rs1,000 currency notes would no longer be recognized legally as currency.
Is Demonetization A good move towards cashless economy?
Government’s move to demonetization has been dubbed as a decisive move towards cashless economy. It will also help in unearthing huge volumes of black money which can help bridge the fiscal gap as the government’s revenue collections can go up.