Demonetisation not for development but a model of correction: Bokil

Anil Bokil highlighted the significance of digital payment for making the system transparent

Founder of the Pune-based think-tank ArthaKranti, Anil Bokil on Wednesday said the demonetisation exercise is not the model of development but the one for correction.

"Nothing would have changed if this measure was not taken. The demonetisation has dealt with a serious problem of the country which was long due and necessary," Bokil, who was part of a team that claims to have suggested the demonetisation move to the government, said.

He also highlighted the significance of digital payment for making the system transparent.

"In cash transactions, there is no trail and it is unaccountable. If we pay digitally, it is transparent and a trail is established," Bokil said.

"The notes were not trickling down and a large amount was frozen with people. The banks did not have enough cash that is why ample cash was not in circulation.

"The demonetisation move is not for development but a model of correction. How can experts link it to development model," he said.

"The system needs to be transparent... There is a problem with the system and the situation is deteriorating. It is money which has made the system corrupt," he said.

Farmers commit suicide due to loss of dignity. Money is not being circulated properly and not trickling down. If money is not circulated well what else can farmers do, Bokil said.

The activist said the government should come up with a satisfaction index.

"Satisfaction is the threshold. We consume services and product and we should talk about satisfaction level," he said.

Bokil was speaking at Pandit Jhabarmal Sharma memorial lecture and the award ceremony organised by Hindi newspaper Rajasthan Patrika here.