Pune-based economic think tank ArthaKranti, which claims to have suggested to Prime Minister Narendra Modi to demonetise the Rs.500 and Rs.1,000 currency notes, wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax, or BTT, of two per cent on earnings. Tax earned from BTT can then be shared between the Union government, state governments, civic bodies and panchayats. ArthaKranti, which literally means financial or economic revolution, is a group of technocrats and chartered accountants. According to the organisation, it has had regular interactions with officials in the Prime Minister’s Office all through 2015, and that it had given its blueprint for an economic revolution in the country to Modi in 2014, before he was elected the prime minister.

(Business Standard)