Removal of currency notes above Rs. 50/- denomination
BadloIndia proposes that all transactions shall happen through banks only. With IT revolution and e-governance we can make it happen that even small vendors use cards or electronic payment methods. Why do we need currency notes, for whose benefit? No possibility of corruption, thefts, money laundering, fake notes, drugs, supporting terrorism, irregularities, etc.
Removal of all taxes (inclusive of income tax, sales tax, service tax, professional tax, etc.)
BadloIndia proposes the removal of all forms of taxes as we are spending close to 40% of the revenue towards the collection of taxes.
Only transaction based tax
BadloIndia proposes 2-5% tax shall be levied on every transaction. Eg: A pays Rs. 100/- to B. B gets Rs. 98/- in his account. The 2% deducted amount shall be distributed between federal, state, and local and banks instantly. Hence the revenue to government shall be on daily basis as transaction happens.
The proposed system shall discourage the black money in circulation. Real pay out as tax from an individual will come down, thereby surplus money leads to increase in demand and supply, which increases manufacturing and employment.
One time allowing black money to return with 2% tax only
BadloIndia proposes 2% tax only for all the money to come back into regular stream. The proposed system will help strengthening the economy, thereby increasing the supply of money and reducing current account deficit and increase in rupee value.
Introduction of Citizen Tax
BadloIndia proposes yearly citizen tax not exceeding Rs. 500/- on yearly basis to pool the Election Fund, which will be distributed on pro-rata basis of votes obtained by the political parties.