The proposals are-
Withdrawal of all 56 taxes including central, state and local body government taxes excluding customs or import duty.
Replace existing taxes with Bank Transaction Tax (BTT). That means every transaction routed through a bank will attract a 2% deduction as transaction tax. This tax will be credited at all government levels, central, state and local, at a fixed percentage. Banks will get a tiny percentage too.
Total withdrawal of high denomination currency above Rs 50 from circulation.
Cash transactions will not attract BTT but the upper limit of cash transactions should be Rs 2000. That means people with a low income do not have to pay taxes. Once their income gets increased they have to pay taxes automatically.
Cash transactions above this limit will not enjoy any legal protection.
So, The Sage of Ely disregards a couple of centuries of study on optimal taxation systems then. Even the ones Nobels have been awarded for (really, do not have transactions taxes!).
One advantage I suppose. The excise taxes on tabs and booze fall to 2% which would be something of a boon.