The newly-formed Karnataka unit of Artha Kranti Pratishthana plans to conduct extensive awareness campaign on Artha Kranti, the new economic policy proposal mooted by the Pune-based tax research organisation Arthakranti.
Addressing presspersons after the first meeting of the unit here recently, convenor of the State-unit Mukhesh Hegde, consumer right activist Ravindranath Shanbhag, writer Chakravarthy Sulibele and others said that the revolutionary economic policy proposal advocated replacing the present tax system with a single two per cent levy per receipt in bank accounts and recommends that just import duties be retained from the present system. Mr. Shanbhag said, “Under Arthakranti, withdrawal of the existing taxation system, including all Central, State and local government taxes (direct as well as indirect) is proposed barring the customs and import duties. Under it, every transaction has to be routed through a bank, which will attract a certain deduction in appropriate percentage (two per cent) as a Bank Transaction Tax (a single point tax deducted at source).”
He said under Arthakranti proposal, withdrawal of all high denomination currency notes above Rs. 50 was also proposed and this was aimed at destroying the thriving parallel economy fuelled by black money which in turn was the result of rampant corruption.
Mr. Sulibele said they would soon be organising awareness programmes at various places.
