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

Hello everyone!

I will not say corruption uprooted completely but I will like to show some statistics. According to world bank, India has 280 lakh crore of tangible wealth out of which 25% is black money. So it comes out to be 70 lakh crore out of which only 10% is in the form of cash other is invested in gold, real estate etc. So total black cash is 7 lakh crore. Now let say they have converted 80% of this in white money still left with 1.4 lakh crore black cash that has no value. That's kind of a big deal, Isn't it? Moreover, due to this move, the black money holders got some fear that government can do something like that and that too so secretly. This fear is important. Banning note will also help in reducing counterfeit currency which is being created in India and neighbour countries and funding various terrorist groups. All the counterfeit currency is useless now and it will take the time to produce technology for new counterfeit money till then no attacks and all in India. So I think that it is a very bold and strong step by the government toward corruption.

The banning of 500, 1000 notes have a very little affect, because it contributes a little to the economy. The lots of money, people have remained closed. It does not expose a big one. People with lots of money mainly invests in shares, land, gold. So it's a first drawback of banning it. Secondly, middle-class people and rural people were mostly suffered, as they go lining up in long rows for days to change their money and sometimes they find it so difficult to row in hot weather. Lots of burden to every bank and employees were working overtime. People who want to debit money from ATM rarely found it. Thirdly, the economy is affected by as it goes down from the previous year. The industrial business goes down, the companies market is also down. Unemployment goes high. People were rushed off from companies. But somehow the P.M.Got to know about the liquidity in the market and it is expected in coming years the next target will be land and gold. So before taking such a step which can create a major disruption, the think tank strategy should be used.

Thankyou.

Banning of 500 and 1000 notes are a very good decision which can, directly and indirectly, helps our Indian economy which can be noticed in future. I want to thank our PM Modi as he takes this great change over in Indian economy. After implementation of this banning, thousands of crores of unnoticed black money and money of terrorists get noticed. Because of this decision, crores of money of terrorists which is in Indian currency went into dustbin which could not be replaced by new notes as that money does not have any proofs and recognised owners. So the economy of terrorist groups which are nearer to India drastically fallen down which indirectly helps our Indian security. Coming to difficulties faced by middle class and poor people, for better future I think it may not be so difficult for them and I think all the categories of people can understand the advantages of it.

But the only drawback is in it's implementation as before printing of proper amount new denomination notes, the decision is implemented which created some difficulties for people.

Well, we can say that because of banning the 500 & 1000 notes there are many pros and cons both socially and personally.

If we consider socially, then I must say that the overall corruption rate have been decreased in the last two years and many people like big business tycoons who have avoided paying taxes have got their properties ceased and even their money was taken by the government.

Now let's just get into other flow, there are even many people who earned money legally and have paid their taxes in time. Buy just because of having liquid cash at their home they became helpless and could do nothing and lost all their money. But even in this case, there are some people who have political help so they got benefited. But what the point? if you want to stop corruption, it should be stopped in such a way that not even a single person who had sincerely earned should be affected, because it cost not a single life, but his family and their future.

So, I conclude by saying that although corruption rates have decreased than earlier, it isn't the way.

Hello, everyone.

Before we discuss this topic, we first need to understand that how this demonetisation thing actually worked for eradicating corruption. We need to understand its influence over various stakeholders.

Suppose for example RBI has circulated 150 currency notes of Rs. 500. And out of these 150 notes, 50 were illegally kept as a black money by a corrupt person say X.

So basically with the note ban, the remaining 100 currency notes are with common person who is not corrupt. He will fearlessly exchange those notes in a bank and will deposit them I'm their account.

But that corrupt person X will not do so.

So at the end of the day, the total 100 notes were deposited. But RBI has a record that it has circulated 150 of these notes. So eventually RBI will print those 50 notes. And in this way that black money will be automatically deposited in the govt treasure.

So we can say that its a good initiative by government Of India to prevent corruption. But at last, we should act as a responsible citizen to avoid corruption at all stages.

Hello friends,

Demonetization of 500 and 1000 notes was a good initiative but not a pre-planned process. Banning high currency notes created currency shortage for every citizen around the country. Making the entire population to stand in front of the banks, if it is a planned activity then measures will be taken in advance to handle the problem. The people sufferings which were published in the news articles, social media and others prove it is completely an unplanned measure taken by the government. Neither of the black money holders name published yet, though they got a list of names from Swiz bank.

The main reason behind according to government is to curb black money, money laundering activity and terror funding. But in actual through these initiatives by the government lead to downward growth in GDP and took a long time to restrain its position. Through this process the only advantage is taxpayers increased, digital payment is perceptible. It's up to the decision makers from the above points it's uprooted or changing clothes.

Thank you.

For middle class and normal people, I would say it is No, Its not like just changing clothes but some how 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 centers but ATM's are already closed on that evening. People were struggled to wait in a long queue at ATM centers 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 mostly affected to middle class and poor people only.

Government wants to see "Cashless economy" but 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.

Hello.

The surgical strike on black money named as demonetization. After banning 500 & 1000 notes which occupied 90% of our total value & this %of notes availability having various form, like black money, duplicate note etc. There is a lots of a reason of banning those notes.

Return of black money wd their owner also, stop terror funding, boost the e-coms business etc. After banning, rs come as black money is around 4k core. A huge growth on net banking, & also influence the terror funding.

Yes, there are some mistakes also. It was not proper pre - planned decision, manager of reputed banks are also cheated with their nation as we all know.

A Few days ago when RBI governor said that, the 99%of notes as in form of 500 & 1000 returns to the bank. So there was a point where is so called black money. In the last one thing I should say that, if you change nothing, nothing will change. History repeats itself. As per my concern that was a historic step taken by the gov & history never comes as easy as we think.

Thank you.

Hello, everyone,

I think that by banning 500 and 1000 notes it has helped in dealing with black money and fake currency. From different sources, it was found that most of the fake currency was dumped in India from Pakistan in Kashmir, which was used to fund stone pelting groups. The proof of this is that when demonetization happened, the incident of stone pelting stopped in that area. Well by doing demonetization it has helped the government in catch holding people with black money but this is not a full proof solution as again the people will accumulate black money and now this time its easy for them to accumulate as now 2000 notes have been introduced which is really horrifying. GOI should take some step to move Indian toward digital economy which actually is the permanent solution of it.

So, I would like to conclude that though its a good step toward curbing corruption and black money problem but this is not a permanent solution as this problem will take new shape and re- emerge even stronger. So this actually is a changing of cloth.

GOI took the decision to Ban 500 & 1000. But how it is related to corruption?? Black money is not only in terms of 500 & 1000. It is in the form of many ways like gold, land, foreign currency.. etc. Of course by banning 500 & 1000 we can reduce the black money corruption, We have to realise the how much it helpful to fight on corruption. At the same time, RBI announced 2000 notes currency. It is very difficult to understand to common people that, one side banning 500 & 1000 to reduce black money corruption, Other side releasing 2000 notes. However, common people faced many problems by standing in front of banks/ATMs for cash. Still, common people are ready to face problem to develop INDIA. And some of the people used digital transactions instead of cash transaction during the demonstration period. Bank need to think that, India is developing as DIGITAL India, by keeping this point in their view, Requesting to please reduce to transaction charges. I support GOI if we are going toward growing country.

Thank you all.