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The demonetization ( Scraping larger value of notes like Rs 500 , Rs 1000 notes ) that happened in India last year in order to curb corruption has created lot of ripples within the country. Although it is yet to confirm how far India's Prime Minister Mr. Narendra Modi succeeded with the move , a person named Mr. Anil Bokil has come into the limelight who supposedly advised Prime Minister of India to adopt his " Arthakranti " proposal on Demonetization.
A brief on "ArthaKranti" proposal .
1- Withdrawal of existing taxation completely ( except custom duties)
2. Withdrawal of higher denomination currency like 500, 1000 , 2000 (new) rupees notes.
3. Govt. charge X % ( Proposed to be 2%) of money for every transaction that happens in the country.
4. Cash transaction will not attract any transaction tax
5. Govt. should take legal provision to limit cash transaction within Rs 2000
This proposal has been widely reviewed and discussed upon but eventually many of the people said that we currently dont have such technology to implement this idea.
What I was wondering is can blockchain technology be used to implement for this proposal which has the potential to eliminate proverty and corruption within the country ( and the same can be implement in other parts of the world too ) ?
For more details on "Arthakranti Proposal" you can visit. http://www.arthakranti.org
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