Who Was the Man Who Advised Narendra Modi to Demonetize 500 and 1000 Rupee Notes???

Prime Minister Narendra Modi  who announced the demonetization of 500 and 1000 Rupee notes created ripples with Black Money holders. It is said to be the most sweeping economic decision ever made in the history of India.

Modi is really serious to stop the parallel economy which is causing huge economic loss to the country has taken a very bold step which most politicians would have hesitated.

But who advised Modi to take such huge step??

There is an interesting story behind….Anil Bokil a Pune based financial think tank person had met PM Modi few months back. He was given 9 minutes to discuss his ideas with the Prime Minister. When he presented his views on how to contain the flow of black money, Modi was so impressed and the 9 minute talk extended up to 2 hours. He reportedly advised Modi to ban all big denomination notes like 1000, 500 and 100 and make the transaction completely electronic.

He laid out few key points like:

  • Except for import duty, stop all 56 different types of tax
  • Ban all big currency notes like 1000, 500 and 100
  • Single banking system for all revenue collection
  • All transaction should be made electronic.

Modi was very much impressed with his ideas and took the matter very seriously with the RBI governor and the Finance ministry. He asked them to frame strategic plans as to how this can be implemented and measures to prevent the inflow of Black money. Six months later here we see the action on the table and the whole of India is cheering it.

The best quality of Modi is that he has opened the doors of Governance to welcome common people’s ideas. This is a great example as to how common people can deliver game changing ideas if given an opportunity. The country should really thank people like Anil Bokil for this brilliant idea.

Aishwarya S