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

Dear All,

Demonetization is a very bold and sharp move by Government. it might not get the result as everybody is expecting but it shows the concern of the government that they are very serious and strict against the Black Money.

But as per me demonetization was not a success full plan. Because it was unorganized by Government and those who has the power and approach at bank authorities, they are used the situation for their benefit.

At the time of demonetization the people have the access to the authorities started a new business they are exchanging old currency to new currency for Few percent. By this black money holder got the clear window and get rid of this Old note ban thing.

It doesn't affect them much.
Its not the bank
Its not the Government
Its not the big Business tycoons
Its not the Political party
Its us who need to understand and mend our way to eradicate the Corruption, if we understand our duty towards the Country and society than only we can think our country is moving towards the better direction.

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.

Demonetisation was a very brave and bold step taken by the government. Yes, it helped to reduce corruption to an extent because people couldn't dispose of their unaccounted money they had and the only thing they could do was to either declare their income and pay tax or dispose of. And through this step bank got a lot of tax money which could be further used in the development. Also, now people in villages also realise the importance of having a bank account. I know many face very difficulties almost everyone but as it said desperate times desperate measures. It helped India to look forward going digital and cashless. I wouldn't say it just changing clothes because govt is taking keen measures and steps to make sure everyone pays his due tax. And the most important thing in an economy of India such large taking a step like this without letting anyone know and yet making it successful is very very difficult I mean our economy didn't stop. We should really appretiate our government, banks and people for their efforts and support.

Hi friends.

On 8th Nov 2016, the NDA govt banned the 500 and 1000 rupee notes. It was a huge shock for the people's of India. The perspective of the govt to ban the currency notes were to uproot corruption, reduce counterfeit notes, reduce terrorist funding and also to bring digital payment solution in India. The motive of the govt was good but at the initial days the common man had to face huge pain and hardships and also the actual cause of uprooting corruption were not successful. The corrupted people i.e. the politicians did not face any problem, they converted their black money to white money very easily and none of them came to limelight and no other strict action was also taken against them. Apart from that in the initial days to some extent corruption was removed but it is again generating due to the introduction of new currency notes. And corruption will prevail throughout as it is in the blood of each and every Politician. So banning 500 and 1000 notes is like changing clothes but again wearing the same clothes.

Hello friends.

I think it was the great decision by the government although it will take some time to see results of demonetization.

- According to news Rs 3 lakhs crore has been submitted to banks as black money which was not accounted, recently around 13000 bank accounts details have been giving to the government and they are taking appropriate actions against them who had the black money.

-Many people have disclosed their income after banning notes of 500 and 1000, now they will come in the tax circle who were not paying taxes earlier or paying less tax as much they had to pay. Till now only 1. 5% people of India were paying income tax.

- The fake currency has been destructed and terrorism and illegal businesses were running because of a huge black money and fake currency have been destructed and become useless.

- During demonetization many people of India have started doing cashless transactions who were frightened before for using digital transactions, it will be very beneficial for making India cashless economy.

Last year in November, our honorable PM Modi declared that from now 500 bad 1000 RS notes won't be a legal currency and even gave a span of time for exchanging old money with new one.

This was a very bold step taken by the Indian govt and the major reason behind it was.

1. to fight corruption.
2. to reduce the flow of black money in Indian economy.
3. to reduce face currency.

I think it was a very good step taken by the govt but it wasn't implemented in the manner it should be. The government didn't prepare for it there was a shortage of new currency. A Common man who was supposed to be benefited by this act suffered a lot bro it standing in endless lines and the limit of the transaction. Also, the old people and poor and uneducated unaware people were also affected very badly.

Corruption instead of decreasing increased.

Do I think it could be a very good move if before just declaring they were move prepared for the worst? A demonstration has only burdened Indian economy by the additional cost of printing more notes.

The main purpose of government behind demonatization were to curb the black money, terrorist funding and to break the parallel economy which were running with the replica or the fake currency in 500 and 1000 rs note.

Along with this the government also wanted to catalyse the digital India initiative by increasing online transaction and cashless economy.

But post demonatization all this dream get in vain because atms were not calibrated and banks were running out of cash which cause people ti standing in long queue, job losses of daily wage workers, poor peoples migrating to their home town. Notes thown in rivers, ATM running out of cash etc.

So this proved to be very disastrous for the economy of India with losses of jobs and shutting down of small scale and cottage industries.

Yes Police recovered some money but according to RBI 99 % of the demonatization currency (ie. 15. 36 lakh crore out of 15. 44 lakh crore) went back to the bank then what was the need of demonatization. And cost of printing notes were different.

Hello friends,

In Nov 2016, the Indian Government demonetized around 86% of the India currency, which is in itself is a historical decision. This has led to many hardships and struggles for the common man and the economy too has suffered, even if only for a short term.

Moreover, all the money that was in circulation had come back to the bank, so where has the projected, so called black money went? With time, the money is and will be withdrawn and the same corruption will continue, this time in the form of new notes of the new denomination, wouldn't it?

But does that mean, the demonetization exercise has gone up in the winds! Any exercise's success or failure, in democracy, can only be decided by the number of people supporting it. And, we have seen that, barring some critics, there have been hardly any mass protests against demonetization.

It has led to a tinge of fear for the hoarders and a ray of hope for the masses and that is quite something that CAN eventually lead to the uprooting of Corruption in our country.

Hello guys. You all have a point.

Government of India means not only the prime minister it includes from a cabinet minister to president of India. Guys, India is a developing country so the population is also increased. It is a duty of every individual to support our goi. Yes, it is true 2-3 months middle CLS people suffered a lot among them some understood the cause for banning 500, 1000 notes and some felt bad that to stop corruption and for a mistake made by a politician and a high professional who are corrupted why a common man should suffer. ?guys I want to highlight a point here the black money which is With politicians of country is not less. With that money India would have become a most developed country by now. Whatever measure is taken by goi is absolutely right but methods of implementing it is not right. Alternative methods should be chosen for implementing this idea. But guys nowadays this plan is also failing with appropriate measures the same plan can be worked out successfully.

Thank you all of you.

Good evening friends,

As much as I consider about demonitization so it's just changing clothes because after its being implemented only common people are struggling, but those have piles of money they have exchanged their money with the help of corrupt bank employees.

And ban 1000 and 500 Rs note and issue 2000 rs note it will increase the greediness of many corrupt people to stock this note.

After its implementation many fake note rackets busted so many people in own country don't know which 2000 rs note is fake and which note is real.

And also those already rich from corrupt money they have invested their money in purchasing assets in form of buildings, place etc.

Now many corrupt people also use bitcoin to hide their income and under the bitcoin government also cannot find the total money of them.

Yes, demonitization process is good for any country also for India because ban 1000 and 500 rs note definitely decrease the corruption but before implement, this decision government needed to do so much preparation.