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

I humbly respect all of your views and opinions as they are your personal. But as far as I am personally concerned I think that banning 500 & 1000 notes is just changing clothes. Because the purpose behind this was to curb and also discard the black money and corruption from the society which I feel the government failed to do. This is because news of demonetization got viral on social media as well as news papers much before the actual activity took place which help the big shots to convert their illicit money into legal by investing them into property and gold equivalents. Not only this but also people in certain cities and states started depositing their old currency in bank much before the government made an official announcement of demonetization. All this led to failing of the activity to achieve its purpose and also the failing of government in purging the black money and corruption from the economy.

From my point of view, demonetization mainly affects the poor people, because rich people easily exchange the new currency notes within a week by giving a extra money to the bank officials. But some of the poor people who lives in village side they even don't know about that demonetization because on before day only our pm announce this statement, so it will not reach to many of the poor peoples. Demonetization does not destroy the entire black money holders, it suffers only the middle-class people.

In my opinion, ban of 500 and 1000 notes is just changing clothes. If the government had taken proper measurement of having the new notes printed way before banning the old notes would be better. Due to this many people were affected and those people were none other than the middle class people. The main reason for the ban was forgotten. The riches are still rich, the poor are still poor. The government took action on only few people who were against this ban. The rest of the people with black money, still have the same money. For ex: Consider what happened with the introduction of free Jio sim, all he did was give it free and spend all his black money. But now we are paying him back 3 month once. So banning of the old notes is just change of clothes.

On the night of 8th November 2016, when PM announced demonetisation of 500/1000 Rupees notes, I thought that it would benefit Indian economy a lot, but now I think, that it was not a very well planned decision.

I am writing against the motion, I.E, corruption is not uprooted, its just changing clothes. In order to support my point, I have few points which are-.

1- 87% of the currency in circulation in the economy was in the form of 500/1000 rupees notes, banning it has created chaos in the economy, and the worst sufferers of the move are poor and the middle-class people.

2- The rich class people who are actually the hoarders of black money, have exchanged their money by bribing the bank officials. Several raids conducted by IT officials found hoardings of crores of rupees in new currency, despite the fact that the ATM withdrawal limit was 2400 Rs/day and 24000 Rs/week from the bank.

3- Middle class and poor have actually faced the worst effects of demonetization, standing in queues to withdraw money from ATMs/Banks.

4- Newspaper reports shows several persons have committed suicides due to non-availability of money, or died to stand in queues for hours.

5- Around 15 lacks crore money was estimated to be in the form of Rs 500/Rs 1000 before demonetization, and around 12-13 lakh crores have been deposited in banks, so not much money is recovered and is obviously not the worth of what the people have gone through those 50 days.

Finally, I would like to conclude that it was not well-prepared decision, the Modi government has started demonetization by saying that it would uproot corruption, but ended by proposing to adopt digital modes of payment. The actual figures of black money recovered is still not revealed and that clearly shows that not much money was recovered from the move. Thank you.

It was a nice step to uproot corruption. It marks it success to some extent and filled the government treasury with tax but it do not affect the many people who carry black money as they find many ways to exchange or run their money into circulation through other people bank accounts or by just passing the money to other involve in business of cheating the public and country. Common man was standing in queues for hours to get new currency notes but few people and businessmen were getting crore of rupees without any problem as they were in nice relation with bankers or they were good in dealing to turn their black into white with bankers. From common man point of view it was nice step to uproot corruption but game of turning the black into whites by many make them feel cheated by government when they come to know about the employee of are. B.I and other banks involved in using their designation to get over others. So its not the time to reach at a conclusion because it is not the end as inquiry is going into the doubtful accounts. It's half uprooted and putting a loose cap on corruption to prevent it.

Hai friends,

As per my view, banning of 500 and 1000 rupee currency has not uprooted corruption completely. It is not that simple to eradicate corruption overnight or in a month because it has been increasing for so many decades. This is an initiative of our government to catch the black money holders and most of the black money holders got surrendered and paid the tax, this is 50% success. Now the government is having every citizen's data, they can catch the people who are making more transactions.

I think most of the black money is the form of land, gold, etc. So, in coming days govt will also implement other policy. I think demonetization is not changing of clothing's of corruption but changing of methodology for the betterment of India.

According to me, the demonetization is a good step to curb the black money. The revealed black money 17 lakh crores is the evidence of that.

Also, the black money holder has to devastate the black money.

The demonetization also helps in following.

1. It attacks the financial support of terrorism and hawala racket.

2. It helps in RBI to have an eye on the flow of money.

Also, the nation needs to support the demonetization so that nation moves toward development.

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.

Everything has its positive and negative aspects. When we are on the edge of making decisions we must consider the maximum positivity of the taken step or decision rather than finding negativity through some disturbing perception. So as I go through this opinion I can say it's a little but good step taken by present government when no step had been taken ever before. Through this, a minimum amount of black money can be counted but it's better rather than counting zero. Also, a vast number of people from some parts of rural India steps into the banking system. It sounds good when we are talking about financial inclusion, an indirect one. But also I say that the step should be taken after measuring some possible mess so we could easily skip some problems faced by general working people faced during the demonetization. Yaa it's like changing clothes but sometimes changing clothes with new clothes change the perception of viewers. It's a good step.

The moto behind the demonetisation was awesome but implementation was wrong therefore excepted results didn't come. So, according to me, it was just a changing of clothes. Prime minister is not only one who is responsible for everything. There are so many loopholes that's why the demonetisation idea got failed to uproot the corruption.