Ban 500, 1000 notes - Corruption Uprooted or just changing clothes!

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801 comments Page 1 of 81.

Rahul said:   7 years ago
Demonization was brought into action for several objectives which are:.

1) To curb out black money.
2) To stop the funding of terrorism.
3) To swipe away the fake currency running in the market.

But due to several slacks in the implementation, this step had mixed outcomes. First of all, banning 86% of the running currency without having a single note to replace it was a huge mistake, which made people suffer in lines as we all know. Also, the step was taken around the sowing season, the farmers suffered too but provided they could use old notes to buy seeds and fertilizers.

The government thought that a major amount of black money will come out in the open but the stats say that 99% of the regulated money has come back to the banks showing that only 1% was the black money which is a big failure. People found out loopholes to save their black money by several means. Also, there a big mistake in printing new notes. The new notes were printed in a shape longer than the older notes which made it a tedious task to put them in the existing ATMs for which government had to hire big number of engineers.

But there were positive outcomes too, the demonization led to stop the funding in terrorism because large proportion of money got banned. And the fake currency also got swept away due to the ban.
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Santosh kumar achary said:   7 years ago
Let us first analysis the situation then you can decide:.

1. According to RBI 99. 9% circulating money return back and 0. 1% which is 16000 crores never returned back, which means the either the black money holder number is less or they have found alternative routes or loop holes in government practice in eradicating black money and to me the second option seems more true.

2. Govt said the fake currency would be minimized but soon after a month of release of 2000 notes a large amount of fake 2000 notes was reported to be circulating.

3. Govt said Terrorist attack would go down and yes it went down for some few days but after few days the rate of terrorist attack was as before the demonetization.

4. Govt said people would move to cashless India and yes cashless transaction reached a peak upto february but as soon as the notes were made widely available the cashless transaction drastically dropped.

5. Govt said the number of tax payer increased to 14% from 8% this year but as we see the statistics the number of tax payer increased by 13.8% in 2011-12 and 14.2% in 2012-2013, so fooling people by taking 8% as the base is not acceptable.

6. Loses in 1st 50 days is:. 1.28 Lakh crore, 15 Lakh persons became unemployed, 120 deaths.

7. Cost of new printing notes is 21000 crore.

8. GDP growth decreased by 2.%.

So after analyzing all the above points we can conclude that it was a great step taken by government but it lacked the management post demonetization which didn't helped to uproot the corruption but yes it helped to buy a new pair of dresses for higher denomination notes.
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Sudheer said:   7 years ago
Yes, Demonetisation is a good thing to happen. The reasons behind this are to make India corruption free country and also to make digital transactions more familiar to the public. Until now everything is fine. But, did it happen exactly as what they thought to happen? I don't think so. Only 5-8 % of the black money has been demolished. What about the black money which is in the form of lands, buildings, illegal activities. Even though banning of 500 and 1000 rs notes is a very good idea, I strongly say that implementation was not done appropriately. This will not happen only our Prime Minister is willing to do so, but this will only happen when each and every individual involved in this will act and operate without any scams eg. , bank employees, all politicians and many more people. At the end, it is the common man who was suffered a lot during that two-three month of the period. I personally, didn't see any politician, celebrity or any public figure standing in queues in front of banks and ATM's. Did you people? Don't say me they would have run their day-day activities through digital transactions which is NOT POSSIBLE! The worst part is, the very next day of 2000 rs into the market, many politicians have lakhs of money in the form of 2000 rs. How is that possible when the day limit to withdraw the money is 4000. It's possible only because of the banks, which got corrupted. I like to conclude saying that Demonetisation is really a good idea, but would have more impact if the implementation in a better way and also every personnel, involved in this should be genuine enough.
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NavyaSriram said:   6 years ago
Our Prime Minister Narendra Modi introduced the idea to ban 1000, 500 notes with the intention to reduce the corruption as people deposit there old notes in the bank for the newer ones and increase the GDP rate of the people. As of sudden like a flash, he put his idea of "Removal of 500, 1000 notes" into the public. There were many problems with the unavailability of the money at the beginning. People used to stand for a long time in Q's to get money. Keeping all aside, Do we really get any change out of it?

Clearly, my answer is NO. Its like, in order to the caught crocodile (People having black money) water (old notes) is cleared from the pond which leads to extinct of fish (common people) , as they might forget that Crocodile can even leave on land that is the entire hurdle is to the common man.
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Nilesh said:   6 years ago
Hi,

The topic is just as interesting like a cheese on a pizza.

In my opinion its just like changing clothes or flavours in a ice cream.

Now if someone has to take a bribe the minimum demand would be 2000. That's so great Modi Ji.

In India there are 649481 villages, even if we assume 100 people in a village, there are around 5000000 people who are totally unaware of this change not because they live in villages but because they are illiterate.

Firstly our Govt should teach how to walk rather than just saying RUN.

I don't think corruption is minimised, it may happen that it has been postponed.

If we are bringing a change in the society, it is also important to make the society understand the change.

It has just created problems for middleman people. Rich people are becoming richer, poor people poorer.

Thanks.
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Ankush Patel said:   7 years ago
Hello, friends.

According to my point of view a definitely bold move of the government to ban denomination of Rs. 500 and Rs. 1000 can never uproot corruption completely it just changing clothes because corruption is not in the form of currency notes it is in our blood. It can not eliminate only steps taken by government, If we want to eliminate corruption from our nation then first we need to change our mindset then only possible our country will free from corruption.

By banning of denomonation of Rs. 500 & Rs. 1000 notes will prominent effect those people who stored money with them in form of cash that is called as black money.

The main motive of demonitisation is to remove black money from the Indian economy and become digitalized.

Advantages of note ban.

1- It helps to stop illegal activities like terror funding, arms dealing from Pakistan, Bangladesh, and Some of foreign countries, gambling, money laundering, and also inflating the major asset class like real state, gold and due to denominitization all such activities will get reduced.

2- This step also removes a large amount of counterfeit currency from Indian economy. Because about 86% currency in Indian economy in the form of 500 and 1000 Rs notes. If this step would not take by the govt on 8th of November 2016 then after some years 70 to 75% of Indian economy will be full of fake notes.

3- If any person having black money decides to deposit money in his/her account and pay the taxes which he/she avoided in past, these taxes will benefit the nation itself.

4- The newer currency notes of denomination 500 & 1000 are much more secure and difficult to fake.

5- Banning of denomination 500 & 1000 will lead to fair election because all knows how black money used by politicians in the time of election. Political leader used to give their black money to people and buy their votes or drunk them for their votes. By banning of denomination 500 & 1000 it will stop at some extent and led to fair election.

6- Banning of denomination 500 & 1000 led to decrease corruption for some months because it takes time to find new techniques for corruption with new system by the damaged traitors.

Disadvantages.

1- Denomitization has created a sort of inconvience to people regarding exchange of their 500&1000 Rs notes.

2- It would impact on daily wage earners like drivers, maids, Plumbers, electricians, cooks etc.

3- People live in rural areas suffer more because in most of rural areas people don't have the bank accounts and don't know about online transit. System. And banks are also far from their villages. They left their work for 2-3 days and stand in question for exchanging their money.

4- People whose daughter, sister, son having marriage within those 50 days suffer more because on that time unavailability of cash in ATMs and also in banks.

5- Big earners left out of their black money in the form of foreign currency, Gold, and are hidden from taxes.

6-On the time of denomitization there are around 29, 527 SBI ATMs are in working condition out of 58, 541 SBI ATMs. Because of that people suffer more.

7-Now a days it is difficult to get change of new. 2000 Rs note because there is less number of new 500 Rs notes in circulation.

8- People who got injured within those 50 days suffer more because in hospitals they said that first you have to pay money of new currency notes for further treatment.

So, in conclusion, I want to say that this is very good plan made by our government But the implementation is not good it recovers the 85% of black money within the country that will help in future to increase the GDP of our country and remove some extent of poverty from country. And denomitization decrease corruption only some extent if we want to remove corruption completely we have to change our mindset and work honestly for the people.
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Riyas M K said:   6 years ago
Demonetization was one of the most brave and bold decision of Indian government. It was a move against black money, counterfeit currency and to abolish the funds for terrorism. But we cannot say that the demonetization was a success. Let us analyse it's targets one by one, starting from black money. It is a fact that India had thousands of crores of black money before demonetization and most of them might be in the form 1000 and 500 rupee notes. But most of the currencies that were circulating before demonetization have returned to RBI after demonetization. It is clear that the people who had black money with them have found their way to change it to new currency. Counterfeit currency of the new currency note also was caught from smugglers in a few weeks after demonetization. So this objective also was not achieved. Terrorism activities activities had reduced for a few weeks after demonetization, no incident was reported even in Jammu kashmir for a few weeks. But even terrorists have found their way to find the fund for their activities. So it is clear that demonetization could not achieve it's objectives. Let's check what were it's impact on the life of a common man. People had o stand in front of ATMs for hours to withdraw the new currency. Remember that all of them were standing for the money they earned, not for a money given free. Some people died paralyzing while standing in the queue. I have read news about a girl who had a kidney problem and had no money to treat it. Many good people helped her and made the money for her surgery. This money was deposited in bank before demonetization. But because of the restriction on the withdrawal of money from an account and shortage of currency they didn't get the money in time for her surgery and she died. Demonetization caused a deduction in the GDP of India. So I cannot say that demonetization was a right decision.
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Saba said:   7 years ago
In today's scenario fighting against corruption is very important. Government is taking several steps against corruption. One of the step taken by our govt was banning 500, 1000 notes. This was a very big step against corruption. But the implementation was not done properly. There was large queues in banks for exchanges. It mostly hit the common people. Corruption was stopped for some days but it was not uprooted. Small-scale traders, workers were severely affected by this. Many companies were shut down which increased unemployment. Mostly the common people were affected by this. In media we saw so many old notes torn and thrown in rivers. Certain measures should be taken against corruption then only it will be uprooted. I think banning 500, 1000 notes didn't uprooted corruption rather it was just changing clothes.
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Yashi Goel said:   7 years ago
According to me, the step taken by our honorable PM Mr Narendra Modi must be appreciated as at least he showed the courage to come up with such a unique idea. May be there was not proper planning regarding this but it is just the beginning and slowly and steadily it will improve. Everything has its pros and cons attached to it. So, we can look at its positive aspects. It has also created a kind of terror in the mind of the fraud people that now PM can do anything. When there was shortage of money or people became cashless many people made effort to learn internet banking which is more secure and can be regarded as the step towards digital India. Remember the man who moves a mountain begins by carrying away small stones.
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PandU said:   7 years ago
The Government banned the notes with the aim of reducing the black money flow. But, they take the decision without proper planning and its effects. Because of this decision, common people suffered more than the rich and corruptionists.

Most of the small industries shut down due to most of the transaction occurs in the form direct cash flow and daily wage earners are losing their employment due to lack of direct cash which affected the economy during that period. The printing cost of the new notes is the additional burden to the Indian economy.

The aim of the government, to reduce the terror funding and accountability of black money partially reached. But the major corruptionists like any business mans, political people already exchanged their money and also the one who has the wealth in the form of gold, land is not at all affected.

With the demonstration government simply changes the old notes to new notes with adding colors with very fewer benefits.
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