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Prime Minister Narendra Modi
Prime Minister Narendra Modi

Prime Minister Narendra Modi had on Tuesday night announced the decision to ban Rs 500 and Rs 1,000 currency notes. But, if you think this decision of his came in a day, you are highly mistaken, as PM Modi did a lot of brainstorming and held discussions with several individuals and groups.

Also Read: Know What To Do With Your Rs 500, Rs 1000 Note

According to the sources, member of ‘ArthaKranti’ Anil Bokil had met PM Modi a few months back and gave his suggestions to ban the Rs 500 and Rs 1000 notes. Anil was given only 9 minutes to talk to PM Modi, which was later extended for two hours by Modi.

Also Read: Rs 500, Rs 1000 Notes To be Scrapped With Effect From Midnight: PM Modi

Firstly, Anil suggested to scrap all big currency notes like Rs 500 and Rs 1000. Then he also suggested that all big transactions should be done only through cheque, DD and online payments.

Anil also suggested that a limit should also be fixed for monetary  transactions and there should be a single Bank system to deposit revenue.

In the country, everyday about 2.7 lakh crore baking transaction take place, which means 800 lakh crore bank transactions per year. And only 20% of transaction is done through bank and rest 80% transactions are done through cash.

To understand the story behind PM Modi’s great initiative of curtailing hoarding of black money in the country, have a look at the video: