Points to remember before you participate in this discussion:
|Shiva said: (Sep 22, 2017)|
|The demonetization was a good idea.
But it not up to the mark, our honorable Prime Minister is came with this idea in midnight so it took bit success.
But the urban poor peoples are got struggle, and lot of machineries to be changed because for note is changed how the old machine will work (ATM & NOTE PRINTING MACHINE).
The govt got loss instead of getting a profit.
As well corruption is eliminated little bit, we can't say that it is eliminated fully it is not possible too.
If everyone supportive for this demonetization means our country will definitely go to somewhere else.
|Vibbin said: (Sep 20, 2017)|
|Our government made reasonable action of demonetisation to convert black money into white but common people are seriously affected by this movement than who doesn't pay the tax.|
|Raj said: (Sep 17, 2017)|
|I feel like demonetization had affected the middle-class people more than the black money holders. However, this will be useful and as our country is very large in its population decisions should be taken in a planned way which would affect the corrupted people.|
|Nisha said: (Sep 17, 2017)|
|We all have talked about the demonetization affect at the time of its implementation, but it been around 10 months from then.
It affects common people in terms of lower interest rates for the savings account as well as fixed deposits as most of their investments are in the form of fixed deposit.
Lower prices of land and buildings as the one didn't get the price what he or she wants for the assets sold.
Due to demonetization, most of the payments are through the digital medium, due to which people are facing security issues and are being the victim of online frauds.
|Sahira said: (Sep 12, 2017)|
The intentions of our government behind demonetization was pure and true. But their planning, implementation, and consequences were not up to The mark. This was the reason of the failure of government on the mission of eradicating corruption.
Demonetization affected both common people as well as black money holders up to some extent. But common people was the one who affected more than black money holders by demonetization.
First of all, the rate of rural people is more than Urban people in India, and there is no or little internet facility in rural areas. Also, there was no awareness about a digital system which caused a lot of problems for poor people.
Common people had to wait in long queues from morning to evening and then also there was no guarantee that if there was money on their Palm at last.
Whereas black money holders used their servants and laborers to change their black money into white by standing them in long queues in place of themselves. It may affect common people's time, health and their work.
|Rohith said: (Sep 9, 2017)|
|Demonetization is a bold move taken by our PM to eradicate black money in India. Though the motto was clear no one estimated the practical complications to be faced.
Both, common people and black money holders were affected by this move but the troubles faced by the common people was just a short term problem which is temporary for 1 or 2 months but which was a very difficult situation as most of the transactions made by common people was by means of money and a lot of them were unaware of the digital transactions particularly in villages.
People having black money were affected the most because the money they had been saving for years without paying tax was all in vain. So, even though demonetization has created a lot of problems to all sections of people it was a very good move to remove black money and in my opinion doing something is better than doing nothing.
|Gaurav said: (Sep 7, 2017)|
|According to me, demonetization seemed to be a great move at first but later because of its poor execution, it changed everyone's mind. People didn't had any cash in their hands, long atm lines, long lines at the bank for deposition of money. People who were not internet friendly were hit the most because they cannot get their transactions done online. Most people rotated currency their currency even after demonetization. Small markets like grocery market, transport, petrol, which are done with cash mostly were hit badly. There were only notes of 500 and 2000 available so there was a problem in doing small transactions.|
|Deepu said: (Sep 6, 2017)|
|Hi, friends I am Deepu.
As on my view, It's a good step to reduce corruption and black money. But it affects the middle class and poor people when compared to rich people. We all get to know about that whatever scheme like this came it's not for a long future use it's just for a temporary corruption free India because again rich people and politicians get that new currency and hold it as black money.
|Priya said: (Sep 4, 2017)|
|Demonetization was a very good step taken by our prime minister, but it adversely affected the common people. As we know that most of the Indians live in villages and don't know about the digital system while the black money holders are rich and corrupted so they led the same life as before and also got their money back, while the poor villagers were unable to get even a one time meal. It also affected the normal shopkeepers who have the cash as the only source of the transaction. Thus I would like to conclude that although it was a good step illiterate persons were affected most.|
|Brinda said: (Sep 1, 2017)|
|I would like to start with detailing about the consequence demonetization on common people. Common people had to stand in queues for hours and hours, for transactions, and unfortunately few people lost their life standing for currency exchange. This was not only the consequence but, also there was restriction on deposition and withdrawal of cash. This had created a miserable situation for most of the people, though it was known that, all this would not remain long. When common people were struggling, few of the black money holders had already exchanged all their black money with the new 2000 and 500 rupee currencies. So now, obviously it was the common people who were the sufferers.
Also RBI claims that the demonetization resulted in decrease in overall business which led to downfall in economic status. Out of all black money, only 1% came out and the rest has remained still undiscovered.
Now the point is, was demonetization, which led to soo much inconvenience, worth only for 1% of black money to come out!?
So I believe that, demonetization was not a effective solution to bring out the black money out. But "something is better than nothing", the efforts should always be made for betterment of the country by getting all the black money in Swiss bank and other sources out.
|Sayan said: (Aug 31, 2017)|
|First, we should understand what is black money. Black money is a money which is illegally obtained or not declared for tax purpose.
We all know that Govt of India has taken a step called demonetization to retrieve the black money. But the question arises is it an effective and practical way to address black money?My answer is no.
Demonetization has been proved to be ineffective as 99% of banned notes have returned to RBI. And it was predictable.
First of all, only 5 to 6% of the total black money is in the form of hard cash. So to target that minimum amount of black money Govt of India banned all 500 and 1000 rs. Note. These notes are the back bone of Indian economy.
We saw over 100 of common people died in the long queue waiting for deposit 500 and 1000 rs notes to the bank. But we did not see any business man waiting in the queue. Many people lost their jobs due to demonetization. Govt of India also announced every citizen would have 15 lakhs in their bank account but I don't know if anyone got 15 lakhs in their account or not. They also said terrorism would be decreased but unfortunately every day in the newspaper we saw that many Indian soldiers are being killed by the terrorist attack. Before new 2000 rs. Note coming to the market fake new 2000 rs note is found from terrorists on the Kashmir border. So it is enough to prove that demonetization has been failed.
Now the question arises why Govt of India takes a drastic step like demonetization, is it only for black money or there is also another reason other than retrieving the black money.
We all know that total 63 business men are not returning their loans (total amount of 7016 crores rs where Vijay Mallya 's personal loan amount is 1201 crores rs. ) to the SBI bank. Now SBI bank has lost hope to get return their loans and has given loan waiver. But farmers don't get loan waiver and are forced to commit suicide. After demonetization SBI bank has also announced to deduct your money if the transaction exceeds a certain number. The interest rate has decreased from 4% to 3. 5% if you don't have at least 1 crore rs in your savings account. But those who have 1 crore in their account, at least they can not be common people. You also have to keep a minimum amount of money otherwise you have to pay fine. It means that common people can not use their own money how they want to. In this way, SBI bank has earned 235 crores rs as fine from common people this year.
I don't know whether there is a link between not paying loans of big business men to the bank and to make up the deficiency of that money and to save the bank from bankrupt collecting all the money (500 rs and 1000 rs note) in the name of demonetization and putting burdens (in the name of fines) on common people from the bank. Govt of India also said that they have a profit of rs 16000 crores but the interesting fact is they have to spend rs 21000 crores to make new currency. So does it make any sense?
If Govt of India really wants to curb black money then they should address the black market from where black money is coming. Otherwise, there is no real solution of corruption.
|Kanishka said: (Aug 26, 2017)|
|Demonetization is considered as PM Modi's surgical strike towards corruption and black money. It has helped in reducing the corruption to some extent but has not become so effective as it promised to be at the time of its origin. The people who supported this act initially started cursing it later on due to the inconvenience caused by it. The government has not given a clear idea or the result of demonetization in reducing the corruption, but we have a clear picture of how it affected common people in their day to day life, how people suffered from it and also government should have come up with the proper planning of handling the outrage situation before announcing its decision of demonetization.|
|Brighti said: (Aug 26, 2017)|
|Demonetization is an assault on corrupt people. Corruption is the biggest obstacle for the eradication of poverty in the nation.
According to my point of view, the approach which was taken by the government on 8th Nov called demonetization is one of the best methods to hold the command on black money holder.
Yes, I accept that due to this step common people were affected as much as black money holder. But this is the fact that common people are in trouble for one or two months but on the other side, black money holder will suffer a long time.
According to RBI information, they have been destroyed approx 12% black money.
As we all, know that no one gets the best result without facing any difficulties.
|Mishra Sh said: (Aug 25, 2017)|
|Demonetization was a very bold and gutsy move that has been taken by our prime minister Narendra Modi on November 2016. That was done in a very planned manner so that the common people do not have to get very much affected because before this decision he has started a campaign to give every Indian their own bank account. The common people who work on the daily basis was much affected by this decision because of the lack of the cash in the market. In our India common people are very afraid of the incidents like looting and theft so they don't keep cash in their home for those fucking looters.
The people those have had black money in the form of 500 and 1000 notes currency were most affected by this decision because neither they could deposit the money nor the could reveal that.
After this decision the stop pelting incidents, Naxals attacks in our nation were at its lower stage. After this, around 657 Naxal groups have surrendered because of the lack of money. Around two lac crores, black money has been revealed.
|Manav said: (Aug 25, 2017)|
|Whether Demonisation decisions good or bad we haven't any logical idea but one thing is sure that in the demonization our poor and middle-class people were in trouble actually they hadn't any black money or any corrupted money. Second thing is that those people who have black money only 35-40 percent had exposed rest all is safe that is not fair to us!|
|Pratiksha Datir said: (Aug 25, 2017)|
|Demonetization is affecting common people more than black money holders. Because of demonetization corruption will get reduced but not 100%. And the people who are responsible for corruption live their life as usual, but common people faced lots of problems like they have to be standing in a queue in front of the bank for withdrawing money and deposit as well. And because of demonetization, new notes are not available in the bank and common people are not able to do their work.|
|Akashdeep said: (Aug 25, 2017)|
|I would like to add few points here. Though our honorable PM announced that the motive behind demonetization was to tackle corruption and black money. Actually, after Vijay Mallya stole 9000 crores of rupees most of the Indian banks went bankrupt. So by demonetization, the main motive was to regain the financial stability of the banks. Regarding common people, I would like to say that around 85% of population thrives on cash. Only 4% owns a credit/debit card and around 3% have a net banking account. So small scale industries, book publication firms, wholesalers, and mainly farmers are struggling a lot in case of any emergency. Regarding black Money the process would have been more effective if some provision would have been made to procure the Swiss bank accounts. Rest amount of black money which is in India only 6% are in the form of cash. So the amount govt spent in making new currency notes is far higher than that 6% black money which would return back to the government So overall Loss in revenue is obvious. And from the prospect of curbing of fake currency, I would like to add a point that to make a 100 rupee note only 3 rupees is required and to make a fake 100 note even less. So you can see to make a fake of 3million rupees only 30000 is required. Definitely, only a small amount of loss will be procured by the fake currency makers.|
|Anand said: (Aug 24, 2017)|
The decision of Demonetization was taken by our Honorable PM on November 8th After this all currency notes of 500 and 1000(earlier) were declared as illegal many facts has been given by ministers and RBI officers that this will be helpful for our economy in longer way let's discussing all pros and cons one by one
1) Stone pelters who were pelting stones on our soldiers were stop after this decision that clearly indicates that after this decision fake cross border fake currency exchange stopped.
2) people of our country and bank officers did hard work for the completion of the reason behind this decision.
3) cross border terrorism reduces.
Now, as India is a very large country not only by its area but also due to its population so it is difficult to implement any decisions
People in the villages suffered a lot due to this decision might be government could implement this in a more planned way.
This decision affects our our economy for short time period but in a longer way it will be truthful.
|Sunny said: (Aug 24, 2017)|
|In my opinion, Demonetization is a great initiative taken by the government of India and it definitely reduced corruption at certain extent but for this, each and every citizen of India has to put their step forward.
But in another way, due to demonetization there may be a reduction in black money but after demonetization again there are corruptions, black money is going on. I think first of all government has to eradicate the way of growing corruption by giving more initiatives to have a proper income tax evaluation.
|Sanu Bhartiya said: (Aug 23, 2017)|
|In my opinion, Demonetization is a bold move taken by the government of India and it definitely reduced corruption at certain extent but for this, each and every citizen of India had to contribute and in another way. This topic is India will reborn with demonetization it helps reduced corruption and black money will be reduced and middle and low-class people really affected with this. Demonetization is affecting to the common people but they will get benefits from it in the future.
|Soundarya said: (Aug 21, 2017)|
|Hi, guys, this is Soundarya.
According to me, the announcement for paying tax have been informed to people through media six months ago. But people did not pay more attention. This ban of 500 and 1000 rupee notes announcement made most of them to pay their taxes and convert their black money into whites.
|Angel said: (Aug 21, 2017)|
According to me, Demonetization is very good designation by the government. But government has fail to implement it. It only affects the small people or we can say the common men the big & powerful people are leaving their life as it is but common men has to go bank & ATM regularly get through lot of suffer even some people heavily lingered or died in Que. On another side powerful people are partying and posting selfie with bunch of new notes when peoples don't have a new single note. On another side it create awareness in people so many people who are not paying Tex or not using bank because of lake knowledge are used to with bank.
|Riddhi said: (Aug 18, 2017)|
|Demonetization is a bold move taken by the government of India and it definitely reduced corruption at certain extent but for this, each and every citizen of India had to contribute and in another way.
Demonetization affected adversely on common people because people had to stand in front of a bank for exchanging or deposit their money in the harsh sunshine and many people don't have a bank account so this thing also cause so much unconvinced to common people. Everything has its own advantages and disadvantages so along with advantages of Demonetization, there are few of disadvantages like black money holders had created a new black market for saving their money. Recently news came into the picture that this time there is a huge increment in income tax returns so it's showing that government has got a success by Demonetization.
|Tahseen Khan said: (Aug 13, 2017)|
|Demonetization is that type of words today that everyone knows very well. According to me its is a good decision but can get the output that the government Assumed. This causes increase the corruption and problem of middle-class people and poor people but can't affect the life of middle-class family. A lot of people standing on the outside of ATMs for money, they were standing in a long queue but can't get a money because the appropriate amount of money is not available in the ATMs but no one saw on that line any political leaders, rich people, celebrities, then how is this possible. Is there no need of money, no friends, they are rich people, they directly connected to bank manager to give him new notes on the radio of 80:20 but can't face any problem. It leads to corruption. Govt try to earn the black money from the black money holders but can't get. Most of the black money holders they pack the notes in a bag and they throw into the river, forest, etc but can't give to the government. At last but not least I say that govt take the decision good but can't fulfil all his needs that require.|
|Arif said: (Aug 10, 2017)|
|According to me, demonetization doesn't affect any black money holder Instead it affecting common people because these many notes are banned in place of these new notes are not created. Still, we are facing the same problem, in many Banks and ATM there is a lack of notes. That is why it only effect common people.|
|Rajesh said: (Aug 9, 2017)|
|My opinion about this topic is India will reborn with demonetization it helps reduced corruption and black money will be reduced and middle and low-class people really affected with this.|
|Krishna Kumar said: (Aug 4, 2017)|
Demonetization is affecting to the common people but they will get benefit from it in the future. Someone said that instead of immediate disclosed this information they should inform the people for fixing the date for demonetization if they do so, again it helps to black money holders before demonetizing they had exchanged the money from 500 and 1000 to 100 and 50 notes. Modi had taken a good decision of immediate action on demonetization. Of course, it had affected on common people not only in this matter. There are several matters are there which can affect to common people. If anyone made the survey immediate decision on demonetization they will get 80% to 90% good result because our country people know what is right and wrong. Most of the people knew that demonetization will help to the middle class and low class and it should affect on middle and lower class along with these things, they knew they will get benefits from this in future.
|Mukesh said: (Aug 4, 2017)|
|According to me, demonetization is changed the corruption era. It is affecting common people more than black money holders but good thing is that it affects on corruption. We saw that in demonetization the goverment collect lots of money from black money holders also its increase GDP of our country. But common people faced lots of trouble in three months. They are standing in a queue for a day for 2000 or 4000 and ATM was empty. Also, bank employees help celebrities and politicians for withdrawing money from the backside. My view is demonetization is a good step but its affecting common people very much.|
|Shits said: (Jul 31, 2017)|
In my point of view, demonetization made so many useful changes in India. It is a good thing for India.
|Sireesha said: (Jul 31, 2017)|
|In my point of view, demonetization is a good step taken by the government it is definitely helpful to India to become developed country from developing the country and it is very helpful to decrease corruption in India. But for the demonetization common people's face lot of problems than the black money holders because for withdrawing money they wait a lot of time at ATM centres. It will apply for every five years it will definitely useful to decreasing corruption.|
|Shyam Dhakad Svceindore said: (Jul 29, 2017)|
|Demonetisation was announced by Narendra Modi on 8 Nov 2016. It is really good one. It reduces the money as well as duplicate currency. The Number of duplicate currency is used in India that also minimised.
I strongly support the decision taken by the Indian government, of course, I agree there were some problems faced by used during those three months what finally it's good for the country.
One bad thing was that is people exchange their money without standing in a queue by their influence but common people suffered a lot of this issue.
|Namdev said: (Jul 26, 2017)|
In My point of view, demonetization is affecting common people more than black money holders. Common people are stands in a queue in bank I day of summer. Heard some people are dying by stand in a queue. I think there is no reason behind demonstrations because there is a loss of the nation. Now days there GDP has been less than previous and black money holder exchange his money by other hand give tax and change money no black money are stored in government stock and some money are stored in government stock that is not distributed with people.
|Ankita said: (Jul 22, 2017)|
|No, I think that demonetization is for the betterment of our nation because then only black money holders will get arrested or strict actions would be taken against them. Our country will then only move forward. This is done to curb currouption which is faced in this era. Many people are suffering through this and many people are enjoying the benefits due to currouption so the government has taken a good step as starting up demonetisation.|
|Harsh said: (Jul 21, 2017)|
|Demonetization is affecting common people as they have to stand in long queues to get their money exchanged cause them losses in form of both health and wealth as if a person has to stand in there so he cannot go to his jobs resulting in loss of his salary and must have heard about deaths of poor old peoples because of standing in the queues, this death toll will be larger if our prime minister would have announced this demonetization in summer season.
Actually, demonetization is causing problems to common people for a short time but it would definitely provide benefits in a long run.
|Kavya said: (Jul 17, 2017)|
|Good afternoon everyone.
At the starting stage, it is true. In my opinion, it was a gd plan taken by our respectable pm Modi JI. Up to some extent, I will accept this. By demonetisation poor people suffered a lot. Central didn't intimate at-least once. Without information, at once they changed the money. By this black money holders, they didn't suffer at all. At that time people visited so many ATMs but there is no money at all. If the government is implementing any thing, first of all they have to intimate once to a people. At that time so many common people marriages were cancelled due to demonetisation. But the political people nd some other great people marriages hasn't been cancelled. For that people one right nd for common people another right. This is the worst position in India black money holders in another way they made their money into white. Common people stood in the line for days but the celebrities and politicians at least they didn't stand at once for a money. Mainly due to demonetization shopkeepers and small vendors, farmers they suffered a lot. In Tamil Nadu one politician he distributed his money for a people for each candidate he gave 3 to 4 lakhs due to black and in some other states, they even threw the money bags in the garbage and some people burnt the money also. Corruption is more in our country. Our country placed 1 st position in corruption. For small signature from the officials they corrupt the money first later they do the work that to they corrupt the money from poor people only.
After demonitising, In one week only again they make 2000 rupees as a fake note. See how the Indians are. They are using their intelligence in unwanted things. They are not using for wanted things.
|Akanksha Parmar said: (Jul 15, 2017)|
Demonetisation has been one of the most transformative event of 2016. While it is true that if we want to challenge corruption root and branch we can't merely trim the branches periodically to appease the public opinion. We have to attack the curse at roots, it is also true that ill planned move of such a major change will affect the innocent citizens.
Yes, the 90% honest Indians were ready to accept passing discomfort as collateral price again corruption but how is fair that despite such difficulties only a little amount of black money was unearthed.
|Aishwaryav said: (Jul 14, 2017)|
|According to my point of view, It was a good plan but when we consider the economy as a whole, our economy has various income groups like upper class, middle class, lower class and it didn't work out for middle and lower income groups. People were struggling to get the new notes and even banks ran out of notes and caused a lot of inconvenience to the people. Black money holders got affected a little bit but the plan was poorly implemented. No necessary arrangements were made before and the plan was implemented overnight abruptly and purely this has happened due to inefficient planning. The government should make necessary arrangements before they take big decisions like this. Black money was exposed but its just a tiny part. It didn't make any big difference for them. Few 500 and 1000 rupee notes were just dumped into rivers and drains and behind this scenario, crores of rupees which are converted into new notes went from banks secretly and the general public, we, just got 4000 rupees a week! Next time when the government plans something big, all these consequences should be predicted!|
|Owais said: (Jul 7, 2017)|
|For middle class and normal people, I would say it is No, It's not like just changing clothes but somehow corruption can be reduced. Whenever our respectable prime minister Sri Narendra Modi has announced that the central government is banning the 500 and 1000 rupee notes all Indian people were shocked and they were rushed to ATM centres but ATM's are already closed on that evening. People were struggled to wait in a long queue at ATM centres and at Banks by leaving their daily work but we didn't see any VIPs and big business magnates in a queue. So banning of 500 and 1000 rupee notes were most affected to the middle class and poor people only.
The Government wants to see "Cashless economy" but the public have seen "Cashless ATMs" and instead of introducing small denomination notes government has introduced big note such as new 2000 rupee note. This makes some VIPs, to do more corruption such that instead of carrying more number of smaller denomination notes they are hiding less number of big notes. For those people, it is just like changing clothes.
|Vatsal Joshi said: (Jul 5, 2017)|
|Demonization is a great move by Prime Minister Narendra Modi but do it really required at this point of when India is in growing Phase if we see that majority of population in India belongs to middle class and BPLl familes so taking such a step of demonization is affecting India growth rate in an adverse way, people faced lot of problems because of this and the effect is still there it's long lasting so gov move to curb black money by imposing pressure on common public because of some rich people who keep their money abroad bank so this will not remove corruption at all gov need to have some strong rules and regulations for this.|
|Spartan said: (Jul 5, 2017)|
|Hello, friends, I want to address the issue that supposes a poor person pays his taxes and keeps aside some money as savings for purpose of his children's education or marriage he has to deposit it again and will have to pay taxes on it again.
Moreover, the black money which is circulated in form of real estate and gold will have very less impact on them and most of the black money is stored outside the country.
The move was a good decision but not properly thought of and executed.
|Vishal Laxmeshwar said: (Jun 22, 2017)|
Demonetisation, the great initiative from our pm. However, it brings certain changes in the society such like it pulls the people to use cashless transaction, reduce the corruption to a certain extent even helped to increase the Indian economic growth but at the same time few percentage of Indian population suffered a lot due to sudden announcement of the change of currency. We all know that only 75% of Indians are literate and rest of the population faced a large extent of problems in the initial stage. But however to bring or to make any changes which is good for the country then each one has to take or to face unconditional situation or difficulties. But in long run, this demonetization will surely make a huge change in the life of common people.
|Prateek said: (Jun 22, 2017)|
|According to me, demonetization is related to all the citizens of the country and every single citizen is touched by it. Everyone in the country is affected by it but common people suffered the most because they don't have resources to handle it like rich people. Common people stood in line for hours. In some cases, we also saw that after standing the whole day, they did get the cash. All the routine works of the common people were affected because they didn't have the money in their bank accounts in order to take it back from the bank All these problems did not happen with the rich people.
But, I am feeling proud to say that despite all these problems, the common people suffered, they stood with their prime minister decision. These common people knew that this decision was taken in the favour of the country and despite all these problems they suffered, they fully supported the decision made by our prime minister.
|Anamika Das said: (Jun 21, 2017)|
So the discussion is all about how demonetiZation is affecting the poor more than black money holders.
According to my view, It is very unfortunate that whenever any step is taken towards the well being of people it reaches to less percentage of poor. However, at the same time whenever an initiative is taken for any change, it affects the poor more. Same happened with demonetisation. Of cource, it has affected the money holders but the ones who are more affected are the poor. Businesses of small shopkeepers were affected as their business wasn't going on flow. Lives of poor were affected a lot and their lives weren't going on flow. Many who didn't have bank accounts they were left with no choice but depend on others for getting their money deposited. Rich ones were able to get their jobs done through online cash transactions. Fewer poor were able to do so most of them were not acquainted with that knowledge. However, when a change is needed few have to suffer. Thank you.
|Shubham Tayal said: (Jun 16, 2017)|
|Good Morning everybody.
I got the opportunity to discuss my views about a very interesting topic "How demonetization is affecting common people more than black money holders?".
It also has been done in 1946 and after that, I was done in 1978 by Morarji Desai to banned 10000 and 5000 Indian currency notes and now one of the biggest step taken by PM Narendra Modiji to banned 1000 and 500 INR. So it's a normal process and there is nothing to become shocked. Demonetisation is not new in India. On 8 th November 2016 a revolutionary step has been raised in order to make corruption uprooted from the country by our honourable Prime Minister Narendra Modi. Demonetisation releases a adverse affect on the common people more than the black money holders. We all know that this decision is quite right but it is not taken with the proper plannings. Common people faced a lot of difficulties due to this. We have seen various long queues in front of the banks. Businessman also suffers from this They also faced crisis.
According to me, As every coin has two sides like wise peoples also have different perspectives. If you are looking towards Indian economy if we compared our GDP with 2015 then you will come to know that there is growth of 0.6 % previously it was 7.0% now it is 7.6%.
Upper class consists of most of the people with black money which includes politicians, businessmen. As our Ex-RBI Governor said 'People Will Find Ways To Divide Their Hoard', that is, people will find new ways to convert their black money into white.
Many people died during this process and I feel instead of demonetization, the government of India should've ensured strict taxation laws which would've saved the people of India from such chaos.
|Naruto Uzumaki said: (Jun 15, 2017)|
|Demonetization is a very bold step taken by the government in order to curb corruption and bring black money to light. But the demonetization affected common people more than black money holders. The upper class of the country which also include politicans and businessman whom we think holding the black money were not actually holding the black money as liquid cash but in other forms such as digital form, gold, shares, properties etc. So the demonetization did not impact majority of the black money holders but it did collect black money, not to the satisfactory level. The common people like low, middle-class people were greatly affected as they have to stand long hours before ATM for cash and there is also limit for the transactions which would affect their small scale businesses and their living. Demonization is a very good step taken by the government but poorly implemented whose consequences are faced by common people.|
|Sarbani said: (Jun 12, 2017)|
|Demonetization affected a lot to the common people. The step was taken for the black money holders and the maximum black money holder belongs from political background well-named businessmen or from any other big organisations. But how many of them was standing in the queue to exchange old currencies? They had turned their black money into white money over the night without facing any problems. And most important thing 90% black money are not in the cash form. The black money is in the form of any assets or in the Swiss account. Remaining 10% black money has turned into white money without facing any problem because they have the power to go through the unethical way.
But it was not possible to common people to exchange their currencies over the night. They had to stand in the long queue. Sometimes they had to return home after standing for so long time widout exchanging notes due to insufficient fund. The process was eligible for senior citizens also and a 60/70 years old man had to wait in the queue for hours of time. In ATM, there wasn't sufficient amount of cash.
Small vendors were unable to pay or collect money due to currency exchange policy, marriage ceremonies of common people was stopped due to this problems. But the marriage of businessmen's daughter (Nitin Gadkari's Daughter) hasn't cancelled.
Thus demonetization affected a lot to the common people.
|Priyanka Jha said: (Jun 11, 2017)|
|Yes, indeed it was a bold and impressive decision by our PM. Initially it showed some hope to get a country which we dream to live in based on honesty and Loyalty. But soon it was reflecting no such positive outcomes. The main aim was to remove the black money prevailing in society on large scale but it could not do so. The high class people have managed their black money in bank through some middle man who used to deposit their amount in bank rather they also distributed their amount to different members of society with some benefits to they. They have easily converted their money in white money. So, basically our government could not succeed in this stage. As a result they started digitallasing, here poor people who have poor connectivity could not utilise this. They are still the sufferer. But still hope is there to improve in this field.|
|Sarbani said: (Jun 11, 2017)|
|Yes, I must say demonetization affecting common people more than black money holders because when it was declared that we have to exchange our old currency the common people have faced a lot of problems. They had to wait for long in the queue to exchange money. That time there was limited fund and for this many people has to come back without exchanging the notes. The employee who were in public sector or private sector they had to take leave to stand in the queue to exchange notes. The most important point, many senior citizens became exhausted while standing in the queue. These are all the middle-class or lower middle-class people who are not the black money holders.
The people who hold black money belongs from the political field or other major organisations. But they didn't have to stand in the queue to exchange notes. And the people who hold black money 10% are in the cash form and rest 90% are in the form of any assets or in Swiss account. They couldn't find that remaining 90% black money.
From this, it's clear that the demonetization affected common people more than black money holder.
|Ankita said: (May 31, 2017)|
|From my point of view, demonetization is a good decision, but its result is not that much good because as we see that most of the common people died and most of them commit suicide so its impact was very bad and the black money holders are changing their money from different ways and all the commoners are suffering.|
|Nam said: (May 30, 2017)|
Demonetization decision is correct but its implementation is wrong because rich people change it currency by giving percent tax and they also change currency and common people are going to the bank and standing in a queue for getting cash. Black money holders are changing his currency without paying tax.
|Ritesh Kumar said: (May 22, 2017)|
|Demonetization i.e the ban of existing Rs 500 and 1000 notes and issuing new currency notes of Rs 2000 and 500 was a very bold step taken by the Indian government. The main aim was to check corruption, point out black money holders, to cut the supply of money to terrorists, encourage people for digital payments etc.
But, according to figures released by RBI only about Rs 75,000 crore in demonetised Rs 500 and Rs 1,000 notes not returning to the formal banking system, which is very less than expected by gov. Out of 15.5 lakh crore of banned notes, 2-3 lakh crore notes was expected to hold as black money. Although thousands of crore have been identified as black money. But it fails to achieve success as it supposed to be. The Government should understand that corruption has been also digitalised and they keep money in form of shares, gold, land on others name. Middle and low-class people had suffered more than black money holders. They had to stand in queue for hours to exchange their own money.
After that loss of government, they divert their aim towards digital payment. Rural areas which don't get enough signal to talk on the phone, how they will able to make digital payment.
So in my views government has been unsuccessful to curb corruption.
|Jamil Ahammad said: (May 19, 2017)|
|I think this decision was awesome, but implementation was not good. Therefore so common people were suffering from some problems. As we know, demonetization Was idea of Modi, due to this many people still feel suffering from some problems. This decision taken by government By saying to uproot corruption and reduce black money but it could not have happened. It could be succed but but never happened. According to me, the govt should not have displayed this step. It was sudden step towards corruption Nd black money. Only to control corruption Nd reduce black money it has taken but it is not fair and not sufficient step. I would like to conclude finally this step suddened happen. All of us shocked to listen this new. It is not well-planned decision.|
|Yashwanth said: (May 19, 2017)|
|Hi, this is Yash,
Demonetization is the most happening factor present in India. Our Indian government has finally made a cult decision by banning currency notes to reduce black money transactions. Maybe, it's a good thing to hear initially but later on, many problems faced by common people makes us think: Is the step taken by our government is good or bad? The higher and lower classes faced problems to some extent. But the middle-class people suffered a lot due to the limited exchange of money, insufficiency funds for daily expenses etc. Finally, the government had released a new 2000 rupees currency which has been never before. Thus, somehow common people's troubles come to an end and the upper classes people started facing difficulties with their black money.
|Ankita Roy said: (May 17, 2017)|
|November 8, 2016 was a nightmare to all of us after getting the information from the news channels of banning the 500 & 1000 notes.
It was a great step taken towards the anti-corruption to remove the black money from the country. But the impact on the 3 classes of society was different from each other. The 3 classes of society as defined mostly are low, middle & high. Talking about low-class society (people below poverty line) would not have much cash in 500 & 100 notes. But the little they had, it wouldn't be exchanged at banks as most of them do not have bank accounts. The next class of society is middle class. Keeping the huge amount of money with ourselves not necessarily means a black money. It could be due to many occasions which need it like marriage, house construction etc. During the demonetization period, these are the people who suffered. As a bank had defined amount limit on the exchange of money. The third category society the upper-middle-class & high-status society, who are suspected to have black money. The question arises here "Would they keep hard cash or will it be in some other form. This class not only consist of the businessman but all the politicians and other high authority holders. It's quite obvious that the decision of demonetization was not taken alone by the prime minister of India. It could be with a group of members which include politician and other bodies like a bank. They were aware of the step before it was applicable. Now, this could let us think that precaution measure have been taken by them for not being black money holder. It is important to focus on the denomination it's the ban of 500 & 1000. This is done to avoid the large amount transaction in cash, a step to avoid black money. But a new denomination of 2000 is introduced the very next week. It's quite contradictory the way steps are taken and the implementation of it.
However, it could be implemented in a better way by setting a limit on "earning & property and to track them down by income tax raid & not disturbing the whole nation. As a citizen, it's our duty to support & encourage such steps which could benefit our nation & the people
|Nsb said: (May 15, 2017)|
|Demonetisation is a bold strategic step taken by the PM to curb corruption in India. This step has not succeeded completely in its aim but yes some amount of corruption has been reduced. This step was supported by all the Indians. But it effected not only the corrupted people but also the common.
In India digital payments is not well practised. It is known by the city people but a very few practise this. In rural areas many of them are still not aware of this. Thats why people faced a lot of problems due to demonetisation. They used to stand for long hours in the queue in banks for exchanging old notes and withdrawing money. Many ATMs used to show no cash boards. Even if money is available, a limit was kept on withdrawing. All this stress frustuated the common. It has been very difficult for the people working on daily job basis to find a job, because no one was ready to give jobs due to less cash. Farmers suffered as they have no cash to buy seeds and fertilisers for their crops. Middle class and poor people had postponed their functions due to less cash. On the other hand the rich and corrupted were less effected as they have money and they can achieve what they want.
These all problems were identified by the govt and it had increased the limit of withdrawing, and announced that they can use old notes in govt sector utilities.
|Vaishali said: (Apr 24, 2017)|
|Hi, I m Vaishali.
I think that demonetization affect the poor more than the black money holders. That black money holders convert their block money into white by investing in different ways or by many wrong ways. They buy n different shares to invest their money but the common people have to face too much problem, they have stand in queue for changing their notes but no black money holders do that. Poor people who have no 100 or 10 or 20 rupees notes are not to buy anything n the shopkeeper also enhance their prblm by not helping them. In every field only the common people have to face. No black money holders are in the queue for their notes but common people do that. In my opinion, demonetization affect the common people more than the black money holders.
Thanking you all.
|Nennissa Nb said: (Apr 18, 2017)|
|Demonetization is a good step taken by the Government and we all support this. But the common people who are not involved in black marketing strategy, although they work under the big companies that are involved in it are facing trouble. Why (?) Because they are hard working. They work day and night for themselves and their love ones. There are many working-parents who work the day hours in office and night at home taking care of the family and looking after the children. Most of them like common- people-thinking dreamed of having a beautiful and spontaneous life by finishing up all the works and spend time with the family. But the Demonetization Act came out like a bullet from the gun (House of Assembly) many people shattered by this news. Those rich people they can easily get their money changed by just one call. But these common people who work for the best of the big people have to suffer in the long run lime said by Economist Keynes. Recent news came out by 2017-18 our Indian Gdp will rise to 7.5%and for that these common people will have to grab their throat out and rush.
Example can be given to the students who live in the hostel; when they don't have money to pay their hostel fees or any educational works they have to wait in the long tail of ATM. Moreover, some of them have a particular timetable set up for them to remain outside and come back. In that case, most of them unluckily come back as having exhausted without any money. Hence coincidentally they have to borrow money as a rent from their friends and in the mean time when they are unable to pay they do suicide. Corruption will be removed as they say. But hey it won't end the corruption. Corruption is everywhere all around the world. Another example : the common people like becoming mad for not having money and beating wife and children Vice -versa. In India, 28% people are still in poverty. The Devoloping country like India will suffer and still be suffering. And to Solve this matter, patience is a must. It will be solved in the near future only if the COMMON PEOPLE AND RICH SUPPORT ONE ANOTHER. C'mon people in a country like India full of diversity can at least do that. Afterall Democracy is our policy. One Nation Having infinite culture but still the We Are The ONE.
|Rishabh said: (Apr 11, 2017)|
|Yes, demonetization has inflicted more agony on poor than rich, it was a wise yet an ill-conceived move:.
-> A large fraction of Indian economy constitutes of informal sector which is a cash-dominant sector. After demonetization was announced it became difficult for the daily wage earner and labour to earn their bread.
-> A mid cash crunch emergency medical treatment and travel became difficult.
> Families who had planned event and affairs like marriage etc beforehand were stuck midway.
-> Rural population suffered the most among all as most of them didn't pose any bank account because of more money they had and were abused and cheated by exchange mafias.
|Nikita Kumawat said: (Apr 11, 2017)|
|Yes, demoetisation has affected poor and middle-class people a lot. People who work on daily wages are majorly affected as on their work their head didn't have money to give them, from farmers no one was there to purchase vegetables, fruits, grains as buyers didn't have new notes. So, no money no food. They were totally helpless. Some people got depressed, some got a heart attack due to such news. People were standing in long lines outside ATMs whole night and morning along with mattresses and quilts to get money. It affected many people but on the other side if we talk about black money holders they had sufficient money they can spend and purchase whatever they want and many many black money holders purchased gold and invested in different sectors like purchased vehicles, petrol, plots, houses, shares and many more things. It majorly affected common people more than black money holders.|
|Anna said: (Apr 11, 2017)|
Demonetization is a very good step towards the development of our country, fake currency and corruption that was taken by respected PM Narendra Modi advised by Anil Bakoli. We always complain that no action is taken against corruption and when it is taken we start to blame the government. This was an abrupt decision and it should be, so that corrupt people can't convert their black money into white, so people also have to face problems due to this abrupt change. According to me demonetization has two faces one is good and one is bad. Good face is that it returned back a hundred crores of black money that will be used in the development of the country. Government Also allowed old currency in hospitals and some government institutions where someone's life is more important than its decision.
Bad face is that the proper arrangement of the new currency was not there that's why common men have to stand in a long queue of banks and ATMs. I never saw any rich person or celebrity in this queue because they have the approach to convert their black money. Many have to suicide because they could not arrange the money for their children's marriage and farms. Corrupt people are taking a bribe in gold and new currency form. All the black money is not in the form of cash, it is in jewellery, property form and stored in Swiss banks. Only common men much affected in this surgical action.
I know the condition will be same after some time, bribes will be taken, the neighbour country will print fake currency and corruption will be continued. But we know abolition of corruption from the root is very difficult but to some extent, it affected by this decision and crores of black money captured in it that will be used for the country.
|Vijaidimpi Singh said: (Apr 9, 2017)|
Everybody has written good views over demonetization. I appreciate our PM initiatives against black money and corruption from the country. Friends our respected PM has also urged the people of the country to come with us for this operation and cooperate us. PM also told on 8th Nov 16 with the help of the people of our country we definitely resolve this issue. He also told common people of our country will suffer initially but when the matter of reducing corruption and development of country Indian people will face difficulty for the nation. I also want to say that India will take a time to Digitalisation but it is not impossible.
People of the country could sacrifice and can stand in queue for 2 to 3 months for the development of the nation.
As we know that this is the land of brave. I also suffer and stand in queue whole day by taking hope India will be developed, corruption free and digitalize one day.
I also thank the common people of our country who suffered during demonetization.
|D. Sai Swetha said: (Apr 5, 2017)|
|Hi, Yes it is affecting a lot of common people like us not only in standing queues but also about the charges held in withdrawals.
For every transaction tax and charges held which is affecting us. In my opinion, demonetization is only affecting common people to ones who are corrupted. For every earning and saving we have to pay tax then where to save. If we are thinking about our future generation then what about us?
Conclusion: Demonetization has both advantages and disadvantages. According to me, it is just affecting common people more than other.
|Priya Mishra said: (Apr 5, 2017)|
|NO doubt, demonetization has affected common people because they have to stand in queues for a long, and the people who are illiterate and live in a village with having limited banks and ATMs suffered a lot with this demonetization. But it's irrelevant to say that only common people suffered from demonetization. Those who were having lots of black money are the real suffers from this demonetization because they can't able to sleep at night in their beds having sleep wells mattress, and the common people who were in long queues for whole day can have a good sleep their floor at night because the don't have fear of losing money which they earned with hard work.|
|Rehan said: (Apr 4, 2017)|
|Hi, even after the demonization is done, still we are facing the problem, there is a lack of cash in ATM and people have to go to other ATM. Banks are also not of much use, and the common people are still suffering. Even if try for digital payments, we face lots of the problem, and common people are not aware of digital transactions. We cannot go totally digital, as we need cash to meet our basic requirements and to make small payments. Hope the things get back to normal as soon as possible.|
|Prasoon said: (Apr 1, 2017)|
|In my opinion, the problem is, the black money holders are worried about the money earned through corruption but on the other hand the common people are worried about the money earned through hard labor as they have to stand in queues for so long to withdraw money from atm's and that too in limited amount and the same situation is there at the banks for the exchange of currency notes. There are labourers who work on the daily basis that means they work for the whole day and at the end of the day, they get paid. Now getting paid for them have become difficult. Meanwhile, the black money holders having enough money to let their staffs or servants stand in the queues to withdraw money from them.
Apart from all these difficulties, the common people have hope for better future and that means a lot.
|Sudhir Katkar said: (Apr 1, 2017)|
|First of all, I would like to give an overview about what the term 'demonetization' mean?
On 8th Nov 2016, our respected prime minister came up with the rule that the 500 and 1000 rs notes will no more be in circulation and in place of that new notes will be launched and used.
Now, I am in favour of this rule as it is the best way to carry out black money and it will also help in reducing corruption.
But due to this rule the common people are facing problems as they have to stand in the que for a long time so as to change there old notes into new ones.
|Ritu said: (Mar 28, 2017)|
|Common people are facing huge chaos in their daily life. They are standing in banks Queue for hours and black money holders have made workers stand in the Queue for exchanging notes at the rate of Rs 500 at per 5000 withdrawal. Many factories are shutdown as their labour are standing in the bank Queue. For whom this demonetization has taken place, are facing less problem ad compared to common people.|
|Akansha Nigam said: (Mar 26, 2017)|
I respect everyone's comment here but I believe that there was a great loss of people in our country due to Demonetization. No doubt that demonetization is a great revolutionary thought which is for the welfare of Indian public. I feel that definitely demonetization will be a great change India ever seen but yes no rich person has been died because of this movement only poor people suffered a lot.
I know we respect our Prime Minister and have full faith on him as he really did everything for the common man and for everyone's welfare but I can't forget common man contribution towards demonetization as everyone supported our Prime Minister.
I feel that all the common man who died because of this are not less than Martyr. We should respect them too.
Salute to all common man! actually, they are real hero of India.
|Vineet Sharma said: (Mar 25, 2017)|
|Demonetization is affecting common people more than black money holders. But it is a good step for the future. This not to be able to stop the corruption but it will reduce it. Here common people suffering lots because they are stand up in line in front of banks, ATMs and post offices. Because govt kept the limited time to convert their old currency. At the other hand, black money holders sitting their homes and they are converting their black money by giving a commission to poor people or bride to banks employees.|
|Satya Prakash said: (Mar 20, 2017)|
|In my opinion, demonetisation will only stop the money that is kept with the money holders with no records for that money and that form of money is in large percentage. Because of this, that cash will go useless. But n the other hand demonetization will not affect the money exchanged in the daily transaction. So it is reducing the corruption but it is not the complete solution of the problem of corruption.|
|Sonali said: (Mar 20, 2017)|
|The biggest advantage is that we came out of the black money and its has the best thing happened to our country by P. M Narendra ModiJi and I think he has the best for the betterment of the nation.|
|Avani said: (Mar 15, 2017)|
|Yeah, demonetization is affecting common people more than black money holder. But it is a good step for the future purpose. This may not be able to stop the corruption but it will reduce it. Though the common people are suffering many problems due to this. But it is helpful to them only. Because everything that happens in a country it mainly affects to common people. So soon this small steps taken will lead to a great development for our country.|
|Priya said: (Mar 8, 2017)|
|Demonetization is a kind of government action to tackle and stop black money in country. It also has been done in 1946 and after that, I was done in 1978 by Morarji Desai to banned 10000 and 5000 Indian currency notes and now one of the biggest step taken by PM Narendra Modiji to banned 1000 and 500 INR. So it's a normal process and there is nothing to become shocked. Mostly, people supported this decision that is very appreciated and helpful for the government. As I know that common people faced many problems during change notes and withdraw also but I think, people should understand that if we stand in queue for movies ticket, railway tickets, strike and etc then why can not stand for stop black money only for one and half month. For my opinion, It should be happening in every 5 to 10 years to stop black money in the country and people must support our government ever because it will help to grow the economy of the country and decrease inflation. Thanks.|
|Anmol Arora said: (Mar 6, 2017)|
|My dear friends, demonetization was a step taken by Honorable PM Narendra Modi on 8th November 2016 for the welfare of common man. It was quite shocking news for black money holders. Some of them even died of heart attack and a few started taking sleeping pills. They started finding illegal means to convert black money into white by bribing bank employees or commission agents. Some of them threw their money into river Ganga. Donation boxes were also seen full of cash during those days.
On the other hand, innocent people also had to face lots of difficulties. They had to stand in ATM lines for hours. But they still stand with prime minister because they know that this step is for our betterment. Revolution can't be brought overnight.
Common man was getting money in exchange of their money unlike the soldiers on border who are getting.
Bullets in exchange of bullets. It is only journalists and opposition party who were making big deal out of it. Otherwise, common man supports this policy.
At the end, common man suffered hardly for 2 months. But it gave long lasting impact on black money holders.
|Ramit Mishra said: (Mar 1, 2017)|
|Common people are being affected by demonetization as they have to be in line in front of ATMs, but most of them were happy as they know that this (demonetization) will be helpful for our country's development and rescue from crimes like terrorism etc. Black money holders have money in more than sufficient amount so they bribe bankers or by other means make it white. They do not face many problems doing this. Even if they lose some money, they don't be nervous as that money are not their own.|
|Ashish Kumar Joy said: (Feb 28, 2017)|
|The idea of demonitization was very good and was taken with aim, to fight against corruption, fake currency, terrorism. Up to some extent it was successful in it attempt as many people declared their actual income (which was previously undeclare), many Naxal groups surrendered due to no cash, violence in J&K decreased considerably during demonitization as terror financing anti-nation groups had no cash (new paper money), human trafficking decreased, people started digital transactions, revenue collection steeply increased.
But as the monetization was not implemented as effectively as it was thought common people have faced scarcity of cash, had to stand in long lines in atm, banks to withdrawal their money, many poor workers of small industries lost their job, due inhumanity of some doctors, some poor people's died as doctor refuse to give then treatment because of not paying hospital fee in new notes.
On the other hand, many corrupt people successfully converted their black money in gold, exchanged their old notes with new notes with help of corrupt bank employee.
Conclusion: demonitization was meant for country benifit but unfortunately it caused common people suffering, we hope in future we got.
Good output of demonitization.
|Lucky said: (Feb 28, 2017)|
|Hi, of course, demonetization is affecting both common people & black money holder. But I feel that heat is being felt more by common people and small-scale business people whose daily activities depend on cash transactions than black money holders. The idea of demonetization was damn good but I think it has failed in being properly implemented. And country along with the masterminds behind demonetization scheme might have shellshocked to witness never ever seen corruption done through or with the help of banks (new denomination currency unauthorizedly supplied few black money holders) which made the masterplan an utter failure.|
|Suraj Tonape said: (Feb 28, 2017)|
|Hi, I am Suraj. I think the planning for demonetization was perfect but management is not perfect because of that common people will face many problems such as stand in the ATM lines for withdraw his own money. But this will no any effect on the black money holders and they convert their black money into white money by other things such as purchase lands, gold, etc.|
|Chinnarao said: (Feb 27, 2017)|
|Hi all of you.
Yes, the demonetization is affected on common people than the corrupted people, the idea was good taken by our government it succeeded for half of their thought so it's mainly affected for normal peoples I hope that it will help for our country to develop Thank you all.
|Akash Nigam said: (Feb 21, 2017)|
I am Akash and yes demonetization is affecting common people. Small vendor are spending more time in front of atm line. Its difficult for them to use electronic wallets for transaction because some are very old for learning this stuff and poor people don't have resource for e-money. All black money holders have money the only thig they need to do is convert into white but common people has to earn that money which in those days is a problem of transaction. This explains demonetization effect common people more than black money holders.
|Vinod Kumar Gupta said: (Feb 20, 2017)|
Common people are very affected by the demonisation but black money holders also shocked by this news when they could have heard the discussion which taken by the PM of India.
|Heaba said: (Feb 19, 2017)|
|Demonetisation, in my opinion, had adverse impact on people of India as well as the Indian economy. Sudden withdrawal of higher value currency has lead common men like daily labours and small business very hard to meet their daily bread. Many times many people fainted by standing in such a long queues and even a count of 50 have been reported dead.
How come this government is so cruel? And the reason what our PM found was that to eliminate black money. We need to stand in long queues to withdraw the money that we earn only through hard work. Those people out there like Ambani have come up with lewd intention and have made his black money white by cheating common people in name of Jio sim he is a fraud and is depositing amounts in Jio users account by linking their Adhar cards and hence creating accounts but these people and youngsters out there who don't know about this are still being fools. Still, now many people are facing these problems. And the Indian economic stability has fallen due to this stupid process name to be demonetisation.
|Akhil said: (Feb 17, 2017)|
|Hi, Demonitisation is a good step taken by our honourable PM Narendra Modi on 8th Nov 2016. But its a good step with poor execution.
Demonitisation is affecting common people more than black money holders, I completely agree with this because common people are suffering a lot. They are forced to stand up in line in front of ATMs, banks, post offices. Because there is a time limit kept by the govt to convert their old currency. Common people are suffering a lot but many of the black money holders by sitting in their home itself they are converting their money by giving commission, bribe to bankers.
|Sapna said: (Feb 15, 2017)|
|Demonetization is affecting both common people as well as black money holders. But common people affecting more than black money holders. Common people have to face so many difficulties like they are standing in a queue for deposit as well as withdrawl of their money and also many those people who have no bank account, they have no option where they change their banned currency. Various small retailers are also affected, their sales fall down, pitfalls in resturant 20-30% etc.
As per above, I said that demonetisation is affecting black money holders also. They are also facing difficulies in conerting their money. If they deposit their money in bank, then they have to pay higher rate of tax. The news telecast in tv, various rags full of money found in river. Black money holders have no option to covert their money so they thrown their mony in river.
|Chirag said: (Feb 13, 2017)|
Demonetization is affecting both common people & black money holders. But the facts that is common people more physical problem as like standing the queue of ATM and bank line but black money holders are faced problem mentally because their all money which is collected by themselves are wasted. The news of demonetization not more than a nightmare. But after some days demonetization affect are normal and there will be no queue in front of bank an ATM. The effect of demonetization is that all black money is under government or money is wasted. These reason the Indian economy are better than before and Indian currency is strong comparatively other currency.
The most effect of demonetization is stopped the terror funding in India and real state cleansing. And India GDP rate is increased.
|Raju Sahu said: (Feb 12, 2017)|
In my opinion, the decision of Modi Ji is very good in spite of having various problems for common peoples because doing something is better than doing nothing, At the time of PM Manmohan government, their is no such steps were taken about corruption but Modi Ji believed in doing rather than only speaking.
|Tarali said: (Feb 10, 2017)|
I feel demonetization has affected both the common people and black money holders.
No doubt the common people had to face lot of troubles like waiting in long queues in front of ATMs and in the banks in order to withdraw or exchange their money. The first two days were a nightmare. But the black money holders were equally affected.
Black money holders tried to convert their money into white by buying gold, diamonds or by bribing bank officials nd poor people. But govt also made such stringent rules that their money just became garbage in the end.
They had to throw it in the pond or dustbin.
So overall the common people were affected but for a short period of time but this bold move had a deep impact on all the black money holders as now they will think twice before practicing corruption.
|Parth said: (Feb 7, 2017)|
|Good morning all. Today I would like to speak about the one of the most important thing happening in India; Demonetization. In this speech, I would like to draw your attention to why it's been done? Who did it? What's the impact of it? I am trying my best to make this speech a neutral one. I am just a high school student, I am not affiliated with any political party. Let' start with what actually demonetization is.
Introduction to Demonetization in India and Its Status.
So, what the demonetization? As per "Investopedia", a demonetization is an act of removing the legal status of currency as "Legal Tender". Means old notes or even coins must be retired and replaced with new ones or completely new currency can be introduced like Rs. 2000 note which was not available earlier.
On 8th November, PM Modi's announcement was the breaking news across India. Rs. 500 and Rs. 1000 notes (currency) are made illegal from a stroke of midnight. One might think, why it's been done? Indian government's goal was to remove all counterfeit (fake) currency from the market which is used in tax evasion, corruption and even in funding terrorist activities. These two currency notes are the most used currency in the Indian market, it had 86% share in the market. This was a very big and risky decision and as some aptly said it is a "Masterstroke". Some even say it is a "Surgical Attack" on black money. In simple words, old Rs 500 and Rs. 1000 notes are worthless now, they are just a piece of paper.
The opposite of demonetization is remonetisation, which means restoring the demonetized currency as legal tender. And a lot of political parties from the opposition are fighting for it.
Impact of demonetization within India and foreign Relations.
Demonetization has a big impact on Indian market and citizens like you and me. People flocked the banks to changed their currency and stood in long lines in front of bank and ATMs for hours to draw their money. Surely, we have problems in but we also need to understand the importance of it. Just imagine if it was told a month ago, then all black money launderers could have managed their money in this or that form. That's why it has to be a sudden and surprise act.
India is not the only country which used demonetization to deal with corruption, inflation or tax evasion. In Europe, when they introduced the Euro as European Union currency old currency was demonetized. In 2015, Zimbabwe demonetized their currency to eradicate their hyperinflation.
Demonetization can also be used to promote the "Cashless Economy". As PM Modi aptly said, we might not be a completely cashless society soon but at least we can be "Less Cash Economy". Under cashless economy, people prefer to pay for goods and services in digital format than the cash. Tough we Indians love to handle the cash, such event was necessary to change the mindset of people who loves cash.
On another side, we can see a positive reaction from all over the world. Other countries who wants to invest in India thinks that Indian government trying to solve Indian red tape and corruption. It will draw more foreign investment in the country which will help Indian government to build a better India.
|Shreya Shukla said: (Feb 6, 2017)|
From my point of view, its affecting both but yes it's affecting common people more than black money holders because black money holder did manage their problems but its very difficult for common people that how can they manage their problem related to marriages, medicines and so many problems.
|Pandurang Karande said: (Feb 5, 2017)|
|Definitely, Demonetization affected on common people. Our Government started Demonetization for Black Money, but now it's come to cashless India. Even as per survey 15600 crores money should be deposited in bank but only 15400 Crores money deposited in bank. So where is remaining 200 crores rupees? That mean till now also there is black money holder. In case of cashless transition, how can it possible in rural area where ATM are 5-6km far from village, and what about uneducated people. And one of the most things is what did you saw any politician or business man in queue of bank. Only Rahul Gandi seen in queue only once but at that time only we can withdraw only 2000 Rs. Even I went in ATM more than 20 times because of Long queue and sometimes cash was not available, so how can he satisfy only one time stand in line.|
|Neha Singh said: (Feb 4, 2017)|
|Demonetization is one of the big leap taken by the PM Narendra Modi on 8 november 2016 to deal with black money, terror funding, fake currency which is already in circulation and many more corrupted things.
NO, I disagree that demonetization is affecting common people more than black money holder because this move taken by the government to usher in bright future of India.
Bank and financial institutions in India were recently suffering from severe loans and non-performing assets. This bold move make the bank cash rich. Bank are today in very good conditions and have capable to finance big projects due to its increase in liquidity. Suddenly ban of 500 and 1000 rupee note created problem in front of citizens because they have to lined up in front of banks from day to night to exchange their old currency and even banks were faced problems due to lack of 2000 and 500 new notes. But we can see that the situation is stagnant now.
Now, bank have enough new currency. Demonetization effects large part of Indian economy, Indian citizen in some good and bad ways but no doubt this step was one of the bold move to back stab the corruption, terror funding etc.
Yes, one of the best thing as PM modi also said this is the only move which is supported by all the Indians no matter which caste, which religion they belong. And also demonetization is the move which grab appraisal across the country. Different country Pm's appraised PM Mr. Narendra Modi for this bold step. It will also ease up the tax -GDP ratio of india, thereby helping to improve India's credit rating in international economy.
As per the report, only 3-4% of citizens pay their direct taxes which make government collect more revenue from indirect taxes. If tax compliance is raised to 90%, it will not account for the wealth created but shall also increase the tax revenue of the government. It also effect the dowry system of India in large extent.
It is also a sure step towards the digital India as 86% of economy driven out of cash and yes digitalisation will be prove very beneficial for India as it will decrease the money related crime.
As being the Indian citizen it is our onus to support government for their right move for the betterment of Indian economy by keeping aside of our personal issue.
|Kavita said: (Feb 4, 2017)|
My opinion Is yes, definitely demonetisation is affecting common people than black holders.
When government on the 8 Nov 2016 announced suddenly the 500 and 1000 rupee note will be banned.
There are lots of problems facing common people. There are no of queue in front bank atm postoffice. The common people especially the lower middle class and the people live in rural Area they have many such difficulties faced. In rural areas, people don't have a knowledge of different online Apps for accessing and maintained their lifestyle. Many of them. They don't have their account they face more difficulties.
|Sani Aktar said: (Feb 3, 2017)|
|Hi, from my point of view, demonetization is a great step for our country where maximum people lives below poverty line. Income tax is the only source of income of government, by this govt developing the country. We are getting many schemes from the government if they have small income how could they develop.
By this demonetization, common people and black money holder both are affected. Common people have no black money only they have changed it or deposit it in the bank, to do this we had to stand in long line under the sun for long hours, even in ATM also. No money was available there for a few days. No change was available for 2000 rupee note. An old person was not getting their pension. Black money holders they had tried to convert it to white, buying gold, diamonds, booking flight ticket. When income tax department closed all the possible way, their black money becomes garbage, just throwing it into river, pond or dustbin. Several year collections wasted totally, but some corrupted bank employee was involved in converting black money, but some caught with money some not. But this demonetization will place a mark in black money holders mind to keep money in future. Hope that our suffer will be valuable for the longterm.
|Aditya Gahoi said: (Feb 1, 2017)|
|As per my opinion, demonetisation affects both common & black money holders.
As all says that it affects common people the most but that not correct. It deals a huge effect on black money holders, but they never show it. But the effect can be clearly seen on common ones.
One should survive for a great change. Now the money collected by demonetisation is being used for the benefit of farmers.
|P Sherpa said: (Jan 22, 2017)|
|Hello everyone, I would like to get all your attention about that demonetisation certainly had effect on common people as common people have to stand in a queue for a long long time that too with no surety of getting money But it is also the duty of common people to contribute in a change for something good for nation.
Now if it is about black money holder they are very much affected but was shown as is in case of common people.
As we have seen a number of raids conducted by IT dept on black money holder which put them in a lot of tension and stress.
Our govt have tried to release stress from the commoner by allowing them to use demonetised notes at govt places and limit for withdrawal money for marriages had been increased and govt changes the rules very frequently just because the cheaters are trying to get a way to cheat for them govt was changing the daily rule frequently.
So I think commoner suffered for short period but cheaters are worse affected and punished.
|Deepshikha Negi said: (Jan 20, 2017)|
|The common masses were hit most by the government decision to ban high denomination notes of 500 and 1000 as was evident from the scores of people standing outside the ATM. People did not spot any millionaire standing out there. They simply did the exchange for them. Because they can afford. Who was hit most, the daily wage earner who was not paid for days owing to the lack of cash in the economy? The people who had just started a small enterprise and were rendered cashless. The people who had no money in their Jan Dhan accounts. They were merely dependent on the daily wages they used to get. For whom there is no source of regular income, these people found it really hard to make ends meet. To the farmer who was expecting a good return on his crop but was forced to sell his crop failing to get even the transportation cost let alone the price of his produce. Demonetization is certainly a good move but here also the poor suffered more and the hoarders of black money still managed to get away with their exchange. Hard reality but this the truth. This is the rich-poor divide which needs a better mechanism to nab the holders of black money. Hope the government loads it with some new ways to catch the evaders.|
|Vinoth said: (Jan 19, 2017)|
Yes, the question was framed really brilliant, of course demonetization was affected common people more than black holders or we can also people who are in upper middle class, our govt says it's only for common people and our country to go next level, but the govt was failed to recover black money, they changed black money to white money without any difficulties they used people who are in low and middle class to change black money I speaking as a man who affected by demonetization in November we had been building a new home it was sponsored home by our parish I had to give 50000 to people who work for me then only they can manage they can fulfil daily and food expensive of their family for the next week I have everything as old I can deposit to the bank but I can't take more than 24000 so I can I do, but you had seen television during the note changing common people standing in a long que because they don't have another option, I just want to conclude that it really affect only common people thank you.
|Niza said: (Jan 15, 2017)|
|This is the best topic to be discussed. On 8th of November, Indian government banned currency notes worth rupees 500 and 1000 which constituted 86 percent of the entire currency. Almost all people faced several difficulties and government decision was criticized all around. People demanded why there was no prior information regarding currency bans.
The basic aim of government was to control counterfeit notes, stop hoarding of black money, stop terrorism and to include unaccounted money in economy. But this step of government definitely failed to satisfy people, especially the middle class common people. People faced difficulties, many also died to wait in unending atm and bank queues waiting to deposit or collect money. Here also those people who boarded black money were the ultimate winners. They somehow managed to convert their black money into white. There were reports of various bank managers who were indulged in these unlawful activities and they took large interest rates on it.
We can't deny that it would have been the best decision ever for our country unless it had been enforced with proper planning. As government knew that it is going to implement demonstration, it would have kept enough reserves of new notes in all banks.
One main point was that the government was also not consistent with its decision. One day there was a rule that we can't withdraw more than two thousand, the next day it became three thousand and then again the next day it reduced to twenty-five hundred. Total forty-five times sometimes government or sometimes RBI kept changing their policies which created inconveniences among people.
Those people who had to marry their children were allowed to withdraw only 2. 5 lakhs. This was definitely not a nice decision as in today's economy where everything is on their sky touching price no one can even imagine of marrying his or her son or daughter with such a little amount. Farmers also faced difficulties. They were unable to fetch the required amount for their harvest for what they had expected. As a result, many of them had to dump their harvest because they had not enough money to bear the transportation charges.
Thus we can say that it was not an economic decision of government to ban notes without having proper reserves and there are also chances that our GDP may fall as a result of it and ultimately the sufferers are the common people.
|K. Sreelalitha said: (Jan 15, 2017)|
Demonetisation a major step taken by Indian government, definitely a step for long term benefits of people of India.
But what about common man who is major contributor of Indian population and economy.
I strongly feel that, with such a drastic decision naturally common man was (is).
Affected more. Many people without bank accounts, people with account also not comfortable with ATM, in such a situation if the currency changes they don't even have an idea what can be done. Because it has become problem of 80 percent of people every one is busy solving their own. No one to provide proper guidance and common man suffered like anything.
Many couldn't go to doctor and couldn't purchase their regular needs. Of course, the situation was handled by them nicely, as they were patient at many places. Now they got used to handling the situation and ready for forthcoming benefits with positive attitude.
But before implementing such drastic decision, government might have planned for certain steps like making online payments compulsory at places like pensions of senior citizens and having lower denomination in ample. This might have been a better step with such things.
Although common man affected more, definitely He is the one who is going to reap the benefits also.
|Ashish Anand said: (Jan 12, 2017)|
It's well known by everyone the condition of our country, 80 Rs. Of money are under the well-known celebrities, politicians and black money holders are also one of them and only 20 Rs. of money for the common people.
Yes, this decision affects common people but the common people have to understand that this decision is taken for them only, for their goodness. We can't expect change in one day it should take some time. Today common people suffer from this, but their today's difficulty give them a better and brighter future.
Now for black money holders, they are mostly affected people because they have that much money we can think. There is no way that they exchanged their whole black money into white money.
So it's a bold and appreciable decision taken by our government for the wellness of common people only.
How demonetization is affecting common people more than black money holders?
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