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

As there is a head and tail for every coin, banning 500 and 1000 notes rupees also has some boons and banes.

Prime minister Narendra Modi had implemented this idea in the month of November of 2016 in order to curb Corruption in India.

Boons:

It reduced the corruption in India.
India is going cashless.

Banes:

Idea is really good but it is not executed properly due to which middle class and low class people suffered a lot.
Banning 500 and 1000 rupees is really good to curb corruption but new 2000 rupees notes are introduced, which is not at all a good idea because more amount can be stored with less number of 2000 notes compared to 1000 rupees.

Hi,

Modi's government is really doing a good job to remove corruption and black money. Lots of arms dealing, exchanging have been reduced. In Kashmir children are now going to school. So it's a great beginning. Although people are facing a lot of problems but its the common people only who will be benefited afterward. For the last 70 years, corruption and black money is growing at every corner of India so how it can be over in just 1 month.

Hello Everyone,

To uproot the corruption, banning of 500/1000 Rs. Notes is not the only way to curb corruption.

According to me, it's only a changing cloth. Moreover, after the demonetization drive, we have come across a number of examples that the managers from the trusted banks have helped to ruin this drive by directly supplying money to the ruling government.

In the recent example which we have come across is that before the demonetization drive a couple of months ago we use to get pictures of new 500/2000 rs. Notes on social media.

So the government did not keep this drive to be a confidential one, they somehow helped their near ones.

According to me after this ban, the roots of corruption are deeper than were in the previous times.

Thanking you.

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.

In my point of view, this is worsed decision taken by Our Hon'ble PM Narendra Modi and team that I have seen ever. Our economy has so many mixtures of different categories of people that belong to our country. And I don't think anybody should have taken any steps which make their people and economy suffer badly. I respect the primary ambition to catch corrupt people, fake money and make our economy neat and clean but the only demonetisation or through demonetisation, it's not possible in our country. Because there are so much jobless, deficiency of sufficient infrastructure, illiterates, bad education even there are so many villages where education infrastructure and other basic requirements is not available properly, knowledge of technology, unemployment etc. We need to address them first especially, education to be must for all. Otherwise, it will be very difficult to upgrade or develop our country. The Economy is not only about money it contains education, infrastructure, awareness of technology, transparency etc.

According to the government record, in October 2016, the 500 Rs note and 1000 rs note accounted for about 86% of the Indian economy, and only 24% of the notes were being circulated. Rest notes had been hoarded up by corrupted authorities of India.

There had been the case of counterfeiting of notes also, the paper on which the notes are printed was being circulated secretly from Germany and Pakistan and illegally notes were being printed and circulated in the country. These cases made Mr. Modi takes a step forward and brings this accrued money back to the Indian economy. The step he took was right but the way it affected the common people constituting of more than 75% of Indian population. They suffered each day since 8th of Nov and till today in some regions. Still, in some North East regions, there is a lack of cash in banks. City life has flourished again, and the people in cities got affected for a few months by standing in lines of 100s to take out just 2000 Rs from ATMs that can fulfil their need for just a few days.

For the villagers and for the labourers who work on daily wages, whose family survived on the regular 100-200rs that they earned, their life came to dark. Few more cases of marriages around that period were heard, the dowry was not accepted because of 500-1000rs currency, although dowry should not be taken still that poor person arranged so much money for his daughter's marriage and the money he accrued since years got wasted and the marriage got cancelled. Many farmers like him committed suicide.

These small factors that together become our country's biggest failure were not noticed by few higher authorities who must have known the consequences of such a huge step. Although some corrupted money got back to the economy it was at the cost of many poor people's grief and death. And now people in India are deciding who was more valuable, the people who died or the black money that's brought back and will be gone soon to some corrupted pockets.

In my point of view, banning 500, 1000 notes was a thoughtful decision taken by our honourable PM as it has helped in eradication of corruption from our country. All illegal money holders have to empty their pockets. Lot of black money came out. As India is a developing country demonetization has proven to be a great step for boosting India's economy. On the other hand it has a great impact on lower and middle class. Poor people faced various problems. Sometimes it seems like demonetization was to annoy common man. But this was very effective and thoughtful step for uplifting India's economic condition. So in my view, demonetization was one of the most important steps taken by PM and it has helped in uprooting corruption.

For middle class and normal people, I would say it is No, Its not like just changing clothes but some how corruption can be reduced. Whenever our respectable prime minister Sri Narendra modi has announced that the central government is banning the 500 and 1000 rupee notes all Indian people were shocked and they were rushed to ATM centers but ATM's are already closed on that evening. People were struggled to wait in a long queue at ATM centers and at Banks by leaving their daily work but we didn't see any VIPs and big business magnates in a queue. So banning of 500 and 1000 rupee notes were mostly affected to middle class and poor people only.

Government wants to see "Cashless economy" but public have seen "Cashless ATMs" and instead of introducing small denomination notes government has introduced big note such as new 2000 rupee note. This makes some VIPs, to do more corruption such that instead of carrying more number of smaller denomination notes they are hiding less number of big notes. For those people it is just like changing clothes.

Demonetization was a noble attempt to reduce corruption and hoarding of black money which is detrimental to our growth.

Demonetization has led to the return of money minted by RBI back to banks which is loaned to various businesses and people at lower interest and lead to better growth and development.

The psychological impact on corrupt or tax evading individuals was also great as they have witnessed how their illegal money and greed can work against them by losing the money, paying hefty fees and fear of being arrested.

There was a huge spike in property prices because of part payment being made in black but after demonetization the property prices reduced.

Though people faced huge trouble due to demonetization and the stock market indices decreased but people endured all of this without any Mass protest etc and also the market recovered quickly. It was mostly the opposition politician who spoke against demonetization but there was a lot of support from honest people on the government for it's an effort on curbing the menace of black money and corruption.

However regardless of this corruption has not been uprooted and there is still widespread corruption though it has been reduced by some amount. Also instead of asking for cash and storing it in safe houses, the corrupt are asking for money transfer digitally to Swiss accounts or through various innovative means.

Therefore we can conclude that demonetization did not uproot corruption and it has rather changed it's medium or clothes. However, the move was very bold on part of the government and it has reduced corruption and black money to some extent.

Also, in order to make huge changes in our society, we must play a part by not giving or accepting bribes and collectively educate the masses of the menace of corruption.

Hi, Everyone.

Demonetization is a very good initiative taken by our government to eradicate corruption. But the results would have been much better if it got implemented with a proper planning and the government should have taken necessary measures before implementing. Particularly the poor and middle class people suffered a lot due to this. Surely there will be some negative consequences when such big steps have been taken. Corruption is not an small thing and it is a very difficult task to uproot it. The government alone can't do this. There should be cooperation from the people side too.