Withdraw existing Taxation -Anil Bokil

via Press release of Vichara Vedi. published on July 2, 2011

Thiruvananthapuram, Jun 30 : Chairman of Arthakranti Pratishtan Mr Anil Bokil has asked the Centre to withdraw denomination of Rs 500 and above from circulation instead of its decision to withdraw coins of denomination of 25 paise and below.

The Centre was ignoring the Planning Commission Report-2007, revealing that Daily Income of 78 per cent of the Population in India is Rs 20 or less, showing the importance of Low denomination currency, he said.

Unfortunately, notes of 100, 500 and 1000 Rupees account for 93 per cent of the Total Currency Money, Mr Bkil expressed these views while delivering a lecture series, organised by the Vicharavedi here, a press release said today.

Lack of accessibility to money by the lower income group could trigger socio-economic issues like poverty, disparity, corruption, reservations, lack of governance and terrorism, he said.
“The urban “haves” are certainly getting richer in the liberalized, global economy. However, there is a sharp economic disparity, where all this “isolated” growth leaves the masses – in
cities and in rural areas – even worse off than before,” he said.

“The “have-nots”, for the sake of survival are forced into illegal activities. The desperation serves as an ideal fuel for the fires of terrorism, naxalism, and all kinds of socially divisive
activities. This in turn leads to an increasingly difficult law and order situation,” he said.

There is a thriving parallel economy fuelled by black money as a consequence of rampant corruption.”The Political System, due to lack of Government Funding, is at the mercy of the parallel economy and black money. This inevitably leads to increased criminalization of the politics,” he said.

Government seems to be locked into a single point program to generate capital – “Attract Foreign Direct Investment”. Thus the policies tend to favour these investments and end up making the local industry even more un-competitive.

In the Indian economy, cash transactions far outweigh transactions through the banking system – as much of 80 per cent of the economy is cash based leading to an Unhealthy Development of the Banking System, the backbone of any modern day economy.

To a solution to all the existing problmes, he demanded withdrawal of existing Taxation System (except customs/import duties), and ensure every Transaction routed through a bank with reduced Bank Transaction Tax which can be credited to Central and State levels.

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