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

I think, all of you well know after demonetization intelligence cops caught corrupted people with new notes of 500 & 2000. So corruption is not fully desist. But somewhere for sometime, it reduces corruption. Note banning, It's like a resistance for corruption. And it's not just a changing a cloth it makes a very big effect on Indian economy after a long period and it also stops counterfeit printing notes.

I think the step taken by our PM Narendra Modi ji is absolutely right. I am not saying that it will clear 100% corruption but somehow it will erase some percentage of corruption. And the people who are raising their voice against demonetisation should look once themselves in front of the mirror and should decide whether they are doing right or wrong and not only this people who are corrupted are only against the demonetization and not the poor people. I wants to ask you all why the poor people are against demonetisation?

Are they really not getting the new currency now also or if we talk of November Month? Before demonetisation, they were saying that we don't have money to even give good education to your children so now why they are saying all this? These all are politics and nothing else. The people who were standing in the question were not having any single money in their bank accounts. Now the question arise why the people are against demonetisation? It's an abominable question.

Hello Everyone.

First of all, I want to appreciate the Prime Minister of India Mr. Narendra Modi by taking away the legal tender of Rs. 500 and Rs. 1000 bank notes with intermediate effects from midnight 00:01 AM of November 8, 2016.

The Purpose behind Demonetisation move by the government was aimed to address objects outline by Prime Minister to unearth huge sums of black money stashed in currency notes, to root out corruption from the system, reduction of counterfeit currency notes already in circulation, root out terror funding and to inculcate a culture of digital payments in the economy through the use of debit and credit cards.

Most of the Economists agree that the move, though is painful and disadvantageous in the short run, will be highly beneficial for the economy on the long run.

It is true that the move has created the tremendous cash crunch and people were suffering but what seems to be equally promising in the emerging scenario is India turning towards digital modes of payment in the face of a severe cash crunch.

First of all, good morning all of you. In my opinion, PM Modi taken decision about demonitization is very good. It helps the country growth economical level, in our India, there are so many peoples not paying their taxes, and corruption happens so that the good decision to make our country economically strong. I know because of this person suffering a lot they do not withdraw the cash as they want and also the poor people not understanding the online transaction but this problem will occur only few days but pain (corruption) is cure permanently.

Friends,

I gone through all of your opinions regarding the issue in question. As some of you have already said that a coin has two faces. Similarly demon decision by the Govt to ban legal tendering of 87% of currency notes in the denominations of rs 500 & 1000 also has some merits and demerits as follows:-.

Merits.

1. To bring back black money into main stream, stashed with some rich people or to nullify it from its use by them. Inturn curb curruption.

2. To curb counterfeit note already in the market and to stop its making and infusion by introducing currency of high security features.

3. To creat hardship into terror outfits by sudden stoppage of monetary supply to them. Which was largely in these currency notes.

4. To inculcate habits of digitalised transcation amongst Indian common man, though most of the rural population are not ready for that. But you all will agree to that old proverb here "necessity leads to invention". Which is visible in our day to day life that now a days the poor rickshawala, rehriwala and small vendors started using paytm, bheem, upi, aadhar based and other card and wallet based transactions.

5. To control inflation. Which is visible in falling down of prices of pulses and vegitables which were heighest before this. For eg. Toor dal, Onion and Tomato. It is also visible in uncontrolled raising prices of plots and flats and other infrastructures, which has now came down to a large extent.

6. Further for a gain you have to face certain risks and challenges. That the peaple our country have very silently accepted this move of our Govt and made it a success, except few incidents which is but natural in such a huge move which affected the whole such a big nation. Unlike other steps in the past like forced family planning led to sampoorna kranti and emergency in the country due to strong opposition by the public.

Demerits.

1. The demonitisation though was a step taken in a right direction but could not achieve the degree of success it was expected to, due to lack of well planned execution.

2. It was certainly lacking execution part otherwise crunch of currency should not have arised.

3. It couldn't eradicate the black money problem as well as the curruption uoto the extent expected due to the deep rooted curruption tendency which had made a permanent house inside our veins, and for which the govt has to do complete blood transplant of these currupt cancerous people.

4. The promise by govt that the new currency notes can't be copied due to high security featutes, seems bogus since lnitial launch of these currencies as we could get the news of fake currencies of 2000 and 500 new notes within first tow days of its launch.

5. The demonitisation issue ultimayely converted into digitalisation of money issue.

6. The RBI has not yet revealed the data regarding amount of banned currency notes deposited till now.

7. This demont issue has adversely affected the GDP growth our country and small industry has also been adversely affected, thereby causing hardship for the poor people who were dependent on these industries and also labrouer class who work on daily wages and whose family wait till evening for the money to come from their daily wages for their bread and salt.

Finally I would like to ask you all a question that don't you think besides lots of demerits at present, this step is going to have a boomoing effect for Indian economy in the days and years to come by recovered black money, huge tax deposits into govt accounts due to increased digital mode of transactions which was hidden earlier by the businessmen?

Hello everyone,

According to me, it was just like changing clothes because changing 500 & 1000 was of no worth.

What happened Is poor suffered a lot in this situation and people who have black money and corruption still continued after banning the notes.

In news, we have seen that the black money is been getting burnt but it is complete waste I can say that money was fake and person who owes that money is sitting in his AC room and enjoying the situation.

Poor farmers, import, export, share market was complete to down pecking and there was problem everywhere and still corruption was at it place bank managers and workers of some bank taking bribe and depositing fake money or I can say black money.

Conclusion is poor suffered as they were loyal and rich people enjoyed as they have power of money black or fake who care!

Every step of us faces some difficulties and advantages Nd troubles but overall no doubt it's a bold and best decision in the comparison of other leaders. We can expect further more good from gov.

It will be loss for our Indian economy.

If you have a 500 or a 1000 Rs. Note, then frame it. It depicts an end of an era. The sudden, surprising and a definitely bold move of the government to ban denominations of Rs. 500 and Rs. 1000, has left all in a huge panic. With banks and ATMs closed for 2 days, people are in a state of helplessness. Any change/revolution needs a bit of sacrifice. How useful will this sacrifice be for India and our fight against corruption?

A huge and costly dent in black money.

1. The most prominent effect would be seen on people having money stored in form of currency notes. Most of the unaccounted money (Black Money) is hidden in denomination of 500 and 1000. This move will render that money useless.

2. This move will enormously affect the funding of terrorist organizations and arms dealers as they can never be able to legalize the currency notes they possess.

3. This would also remove a large chunk of counterfeit currency from circulation.

4. Many would cite that even earlier such a move was tried, yet black money prevailed. However, this time since the amount of black money is huge; the dent in it will also be huge.

5. Due to inability to use the entire black money or convert it to legal money in such a short time of 50 days, will lead to reduction in prices of many commodities. Black money has been prominent in increasing inflation as cash transaction is the most prevalent form of transaction in India.

6. Since Income Tax department and banks will report large transaction and deposits into a bank account, transferring money in others name would not be possible. This will tighten the noose on illegal and Benami assets.

7. If any person possessing Black money decides to deposit money in his/her account and pay the taxes which he/she might have avoided, these taxes will benefit the nation itself.

8. The newer currency notes of denomination 500 and 2000 will be much more secure and difficult to fake.

Corruption: Just changing clothes.

1. Corruption can never be uprooted completely by such measures as it is a tendency of humans and only a change within ourselves can be a solution.

2. The only effect this move will have is the inconvenience it is causing citizens and some small time corrupt people who might have cash stored away. The big fish will escape with small bruises.

3. Even though the notes are banned, there are host of other measures to maintain unaccounted and illegal assets.

4. The government will be introducing new 500 Rs and 2000Rs. Notes. This is pointless as people will again get chance to have unaccounted money because of the higher denomination.

5. Though some may not be able to use the huge stack of money they have stored away, most of them have their money in form of gold, etc. This will not be affected at all.

6. Since many will be using the unaccounted money to buy stuff like gold, jewelry, precious stones, etc. Under fake names, the prices of these commodities will increase a lot. This will again be an inconvenience to common citizens as these things will get out of their reach.

7. Many having black money have already kept it in tax havens, etc. This is a huge amount compared the amount we might find in India or as unaccounted cash money with corrupt people. So as such it will not bring back the unaccounted wealth stored outside.

8. The 50 days' time given for currency conversion is more than enough for tax avoiders to come with a scheme to make their other arrangements for their money.

It is a start. There can be no panacea for human tendency to be greedy and corrupt, but there can be measures to keep such people under control. Though banning currency notes may not be a long-term solution, but in the short term, it can have a huge effect as the stored caches will be rendered useless. It might not be a huge victory but it is a victory nonetheless. This measure when supported by other better policies and good governance will surely tighten the noose on corruption. So, it is important to support this venture and hail it as positive step towards corruption free India.

In my opinion, it's a good idea.

Because it's a new step for the development in India.

We are getting a very good progress due to this corruption. This rule will definitely turn a good change in society and bad luck time to those hackers like black money fellows!