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

Hello everyone good afternoon.

According to me, the ban of 500, 1000 notes step taken by our PM Narendra Modi Ji is very good step because its positive impact on our economy shows in future.

Demonisation has both its advantages as well as disadvantages. Starting with.

Advantages this will remove black money that was held by various businessperson/traders in bank accounts which consist of 86% of total black money which is of no use from 8 Nov 2016. Biggest advantage if diz is that black money ultimately come in our country banks accounts which will help our country to use that money in the growth of agriculture sector/rural areas development nd overall growth of our country. It also affects the various illegal activities on our country like terrorism.

About disadvantages, some people die because of this decision and mainly affected agriculture sector/transport/import-export/GDP growth because of the sudden ban of notes.

Working people have to wait for long hours in bank to get their old currency notes exchange but beside this.

One can conclude that this step is really a good step our country growth.

Hi Good Evening,

First of all, it is good move to curb black money circulation, terror funding and so on. But as a common man just think that no black money holders will have cash in their hand 95% of black money holders will not have cash in their hand they will have either in swiss bank or as a land or property.

Though as per government record there has been a lot of black money has been caught and mainly fake notes from terror have been primarily stopped.

So ban of 500 and 1000rs notes are really a good to move to uproot some main things from our nation.

Good afternoon.

In my opinion, it will reduce corruption in the country. It will reduce black money and fake currency from the market. People who earn money by taking bribes or by evading tax would be thinking but they get at the end and also change mind sets of the other not to take bribe and evade taxes.

According to me, population of India is near about 125 cr. Very few peoples have uncountable currency. Thus Govt of India had taken BAN of 500 rs and 1000 rs suddenly. Which will change India's face?

Hello, everyone.

In my view, banning 500, 1000 notes can't uproot corruption. Because no tax evader or black money holder interests to keep money in a bank locker. They will immediately keep their money in some business or on binamis or they convert money into foreign currency or even gold or some material form.

Of course I do agree that more than 80% of money in circulation are these banned notes. But they are in circulation among people but not with the tax evader.

Even if some people carried money we had seen news they got a suitcase of 2000 rupee notes while a common man was suffering to get a single 2000 rupee note.

So again the respective officials are far away from ground reality.

Finally, corruption free society can only be achieved by changing mindset of the people who give bribe for their own right.

According to me, demonetization uprooted the corruption because persons who having black money are exchanged their money using others bank account or changed it using some illegal business. Normal people also helped this corrupted people to change their money for little concession because no source of money to them due to banned of 500 and 1000.

Well, corruption and demonetization both aren't related concepts. The intention of banning 500 and 1000 denomination was to get hold of black money holders as well as tax evaders. This might not bring a change in the extent of corruption but digitization will because then every money will be accounted for its legitimate source and the hoarder shall be answerable for it.

It was a good step taken by our president. I agree that during this period the common persons suffered the most. Bt still our citizens of India supported this step. It uprooted the corruption only till some extent not completely. Many corrupt people got into the picture carrying bulks of 500 - 1000 notes as black money. Our President did a good job but it affected only the middle class people who need money in their day to day life.

Our Hon Prime minister Narendra Modi taken good decision to remove corruption from our country. Banning of 500 and 1000 rs notes became a headache to black money people their wealth accumulated because of black money and by banning the notes, our country will get some money to help suffering people for eg farmers etc. But poor people who are illiterate they don't know to use ATM even people don't have atm cards now we have to educate them and make them digitally emp[owered. So that our country becomes developed. And people are secure by means of digitisation. So I appreciate banning of 500 and 1000 Rs notes.

Demonetization may be one way to combat corruption but it's not the only and complete way to counter corruption. The biggest benefits from demonetization that I feel are flow of credit to banks, people's compulsion to link with banking system, elimination of flowing counterfeited notes.