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

Actually, in my opinion, the executive of this process are very bad. Let me give you examples.

1] In our about 80% peoples are live in rural area. They don't know any process about changing money in banks, in fact, many of them even don't have bank account and Adhar card. These type of people are actually affected by this.

2] the Upper Class who are actually responsible for corruption and have a maximum amount of black money like famous politician or businessmen are not affected by this. Only medium class and lower class are affected by this process.

3] those who have black money they make their way to convert into white. For ex - many cases of corrupt bank manager are there for converting black into white.

I think demonetization is changing clothes because as discussed above black money is in form of gold, real estate, foreign bank accounts and people instead of depositing old currency in bank account gives it in charity or in a temple. The only thing which is tackled by this ban is excessive use of money in hand by people hence bringing a market supply of currency equal to the demand of people. Another loophole of this step is introducing 2000 rupee note which has raised inconveneince of people to get its change. Rural people are still unaware of how to make digital payment and how to open a bank's account which should come first as duty of the goverment to make aware about it first rather than banking to curb corruption.

First of all, I wasn't against demonetization but there were few points to be considered.

1. In 2012, central board of direct taxes had recommended against demonetisation saying in his report " Demonetisation may not be the solution for tackling black money or economy which had largely invested in the form of the benami properties, bullion, jewellery ". Further they suggested that black money holder kept their assets in the form of property only 6% in the form of cash, hence for curbing only 6% black money, this will become a big strategy.

2. Also, there were few practices of demonetization done in past in 1946 & 1978 which was not fruitfull.

3. Demonetisation led to unavailability of cash to purchase food products this led to the sudden drop in demand, hence food product price decreases. Hence, for a farmer it is very difficult to recover transportation cost.

4. How much advantages achieved by Demonetisation are not disclosed by the government.

5. They don't take the preventive step because instead of releasing 2000Rs notes they should release 500Rs notes first to ease common man pain.

6. How many currupt people arrested ? Why politicians not trapped , aren't they currupt?

The Intention behind demonetization was to curb parallel economy due to black money which has been running from very long time due to which there was a heavy burden on tax payers. After this decision people sitting on piles of black money had no other options to keep those notes with them. Though not entire black money has been controlled this has created a sense of fear among the black money holders that in future too such decisions can be taken. Talking about middle class and daily wages workers even they have to pay indirect tax such as on food items which is a compensation against non tax payers and due to this move the cess charged will be reduced which will be a relief to both middle-class and poor people in long run.

Banning 500, 1000 notes was a very good step for stopping corruption but outcome of this is not effective because corrupted people find any other solutions to convert their black money in to white money & common people suffered a lot by standing in long queues, they left their office & many other work just for converting money. Corrupted people converted their black money into white money with the help of poor people. Poor people stand in long queues and they got paid for this by rich people.

Demonetization is a very bold move and gutsy step taken by our honorable Prime Minister Sri Narendra Modi on the 8TH November 2016. This was done to remove the black money which have been saved by our corrupted politicians and businessmen. Use of rs 500 and 1000 was stopped from the midnight only and was declared those currency note just as a piece of paper which doesnot have any market value.

The main purpose for demonetisation was to remove the black money but in the meanwhile it made suffered both commom people along with buisnessmen. Common people faced alot of trouble due to scarcity of cash. Some of them lost their loving near and dear ones due to the inhumanity shown by the doctors. They didnot treated the patient at old currency note and most poor people were unawre about the digital transaction so they don't have any option rather to lose them.

Infact suffering of cash continue till 1-2 months. Most of the corrupted people got their black money into white money by getting in the gold or with the help of some of corrupted employees of the bank.

But there has been one good impact in our country that cocept of "Digital Transaction" has been applied. Now, people can go for shopping cashless. And this concept will soon led India to be a Digital India.

Banning of note was done with the purpose to fight against corruption and was lso successful to some extent.

Lastly, I would like to say that Demonetisation was meant with the concept of betterment of nation but it lead to the sufferings of common people. We hope these suffering would be able to convert into sweet mango as output in the future.

Thankyou.

Hi all, I would like to say that demonetisation is a very good move by the government to fight against the corruption but it should be done in well-planned way as we see middle-class family and poor people were lot affected by it. It leads to loss of many life and on the bitter note I will say that government failed in their motive too because RBI gave statement that more than 98% of money back to the bank so where the black money is gone and the only benefits am seeing that we get rid up of old notes with names and no written on it and we can say that it is just a changing of clothes.

After the demonetization of 500 and 1000 rupee currency in our India, we have seen a lot of change in our country.

After the demonetization around 567 Naxal's group have surrendered in front of our govt because of the lack of money because most of the black money was in the form of 500 and 1000. Stone pelting incident in Kashmir was stopped.

Around 2 lac crore, black money was caught by the income tax department.

The people who did not had any black money was not affected by this policy of government But there was also some negative effects of this decision like workers who work on daily wages was very much affected.

So, I would like to stop with that something is always better than nothing and demonetization was a very gutsy move by the central govt.

Hello, everyone.

Our topic is related to demonetization. I had gone through all of your comments. Every one is saying that implementation is not good. My opinion is quite different I think implementation was also very good. First, you are going to ban money and don't want to make it public before a proper time, because of you make it public then everyone will dilute their money anywhere so your main intention will be ruined. Another thing is that if you think deeply that gov bring an scheme of Jan dhan khata so that everyone has their own account and they can submit there money their. So it was the first step implementation by the government in the way of demonization since it was a very confidential issue so gov have to announce it suddenly so that the corruption doesn't have much time to take any action. Everyone is talking about rich people in our banking system anybody can submit money in anybody's account. So if a person is rich then they will send their servant to submit money that's why you can not see the rich in the queue. After demonization, one year the GDP decreased but after that it is in very good condition and the revenue generation by tax is also increased. One very important thing is that 500 and 1000 is our major currencies for global trading. And if something written on notes is not acceptable and the amount of such notes was very much so new currency removed this problem too.

Hi all, This is sunil, According to me the step taken by the Indian gov. to eradicate black-money through banning 500 and 1000 Rs. notes. Middle class people and poor people suffered a lot . Even roadside shops, small-scale business and daily wage labours were suffered a lot due to the following.

1) Unavailability of new 500 and 2000 rs cash.
2) Long queue at the ATM.
3) Many of the ATM's were closed.
4) Unable to pay to the daily wage labours.

At the same time, so many bank managers got arrested for exchanging old notes with new notes for the commission. There were rich people who exchanged old notes with new notes in the underground without anyone's notice. We can clearly say that this is completely a failure because its evident that GDP has been decreased after this ban. But in long run maybe after 5- 10 years there will be a good result due the following:
-
1) Introduction of Digital payments.
2) Taxpayers are increased.
3) Gov can have each and every citizen account in their notice.
4) Addhar and PAN attachment in all the bank accounts.

Overall this is not helpful for the Middle class and poor people. Anyways rich people will not suffer due to this ban, its evident by seeing So many old notes were thrown on the road.
The government should implement this kind of ban by keeping wellness of middle-class people and poor people in their mind.