What is the ArthaKranti proposal ?
(except customs / import duties)• All central, state and local government taxes — direct
as well as indirect.
ii. Every transaction routed through a bank will attract a
certain deduction in appropriate percentage (say two per
cent) as a bank transaction tax (BTT) (a single point tax
deducted at source)
• This deduction is to be effected on receiving / credit
account only
• This deducted amount will be credited to different
government levels like Central, state and local ( as say,
0.7 percent, 0.6 percent and 0.35 percent respectively. )
• Transacting bank will also have a share [say 0.35 percent]
in the deducted amount as the bank has a key role
to perform.
iii. Cash transactions will not attract any tax.
iv. Withdrawal of high denomination currency. ( say
above Rs 50. )
v. Government should make legal provisions to restrict
cash transactions up to a certain limit ( say Rs 2,000. )
This means, cash transactions above this limit will not
enjoy any legal protection.
