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

Good evening everyone, You all might be right in your opinion and in mine too. We suffered a lot at the time of demonetization like standing in the queue for hours, many industries suffered a huge loss, GDP got down and more which already quoted.

Everyone knows that the implementation was not done in a right way. In my opinion, the implementation could have been done in a right way, if 2000 rs had not been introduced, instead, 500 and 1000 rs were introduced. This 2000 RS serves as a medium for collecting black money.

Secondly, Rising of black money could have been avoided by decentralized or blockchain technology.

Hello everyone,

As per my opinion, banning 500, 1000 notes is just changing clothes I would like to explain my thoughts which are self-explanatory for the favor of my point.

No doubt it was a good initiative by our honourable PM Shri Narendra Modi Ji on 8th November 2016 in order to stop corruption in the form of black money and help the overall economic growth of country although this decision was taken by very suddenly and hence no adverse effect on rich people.

Secondly, middle-class people suffered a lot by this decision because there was no new currency in the bank for being a replacement of old 500 and 1000 rupee note and there was large queue of people at that time for replacement of currency hence people suffered a lot.

Thirdly, by banning 500 and 1000 rupee notes the share market was drastically down in the next consecutive 2 months from the date of demonetization and significant fall were observed in %GDP of India by our economist.

In favor of my point I would like to enlighten the fact during a decrease in the % GDP of India many people unemployed due to lack of jobs in the market and most importantly as per RBI report 99% money was recovered so this decision does not give any help to make a full stop of black money.

In the end, I would like to conclude my point that banning 500 and 1000 rupee notes were just changing clothes nothing else.

Thank You.

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.

Yeah, demonitisation is really an important thing to discuss in India nowadays. It can be said good or bad for the economy based on the situation whwn it is done. 500, 1000 rupee notes carry 80% weightage of Indian currency, so without a long term planning if it is done then none but the stupids will support this. And if the issue is black money then I will say India is a country of 121 crore people, so there will be many ways to do the corruption, in India 70% rupees are in the account of 1% people, and after demonitisation, no such names are published so it is proved they found an alternate process to black the money, and governments also couldn't solve the issue till now, so from the government point of view, this is such a stupid thing for that time.

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.

Hello All.

Banning 500 and 1000 Rupees Note over a night is really a stupid thing, PM and other top millionaires and billionaires were already knows about it all the other people like us suffered a lot problems and anyway black money will never be going to be demolished even though they release new currency notes surely there will be a black money for that currency also its a useless thing which government had ever done it before.

Hello everyone,

I am Sakshi. In my opinion, demonetization was a powerful step taken by honourable prime minister Narendra Modi on 8 November 2016.

It's was very good step by the government to take out of black money but their result was bad.

As we know many peoples have to face a problem there were around thousands of people standing outside of the bank and ATM in a long queue and we saw only that people standing who don't have a black money no one saw the rich people stand in a long queue.

People suffered a lot of problem in that time. There was a shortage of new note of 500 and 2000 in the bank. The ATM was also empty in that time. The net server was also down in that time but what was the result how many people were found out who have a black money.

So in my opinion, demonetization is just changing clothes.

Thank you.

Hi,

I am Prakash.

Today topic is digital payment secure or not. So I Think This idea good for growth our the country. We can do it an easy online transaction and save the time.

And also black money cannot be hidden in digital banking.

Most of the person standing in a queue outside of the bank so apply this idea after that easily solve the problem.

But some demerits Most of hacker hake website so before apply this idea make A secure side.

And Rural people don't aware of digital payment so First of all, the government provides education in rural areas after that, all these things are possible.

According to me, demonetization is good but we have to look after both the faces of a coin. Demonetization is good but everything has its own prons and cons we couldn't neglect it. Demonetization is a good step to take out black money but here is the problem start thousand of people standing in the queue for so many hours outside the bank and there is too much shortage of rs500 and 2000 notes and even ATMs were also empty when ATM got filled there were no of people gathered outside the bank in a long queue so demonetization is good but implementation is not available.

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.