Rs 2,000 note stopgap arrangement, says the man behind PM’s note ban idea..

Anil Bokil said the Rs 2,000 note was only a stopgap arrangement and it would be withdrawn once availability of cash normalises in banks.

Anil Bokil, the man who gave the idea of demonetisation to Prime Minister Narendra Modi, on Wednesday said the Rs 2,000 note was only a stopgap arrangement and it would be withdrawn once availability of cash normalises in banks.

JA bank officer shows new Rs 2000 notes in a bank in Jammu.(PTI)

Addressing a gathering at a business school in Patna, Bokil, a mechanical engineer by profession and an activist batting for financial reforms, said the Rs 2,000 notes were only serving as a ‘diversion’ to allow the government to build an ‘overbridge’ in place of the ‘road damaged by black money’. “It will be closed once the overbridge is complete,” he added.

The social activist from Aurangabad in Maharashtra, however, warned that the government’s bid to encourage cashless economy would yield positive results only if the tax system is revamped, offering huge incentives to the people.

Dismissing the perception that the demonetisation move would have little impact in unearthing black money, which is perceived to be about 6% in cash of the total currency, Bokil said it was a wrong notion being fanned by political parties.