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

Hello everyone.

Demonetization has several effects in Indian economy. The Announcement of banning 500 and 1000 rs note all of a sudden and withdrawing 86% of currency from the market left people in a limbo. The intention behind this is noble of course but RBI and GOI should better prepare for the aftermaths. Banks have not enough cash to their volt to tackle this situation, as a result, many people had no money in their wallet instead of plenty of money in their bank account. Before withdrawing the currency the banks should prepare to replace them with new 500 and 2000 rs notes. But they had not a new currency that very moment. So people had no money to buy things for their day to day need. Local markets gone out of cash so, naturally, the whole economy came to a stall. Growth rate crashed. The Long serpentine question in front of the bank became a common scenery. Of course, it effected the middle income and lower income group of people. Daily wage workers were unpaid because of cash shortage. This mess created a lot of protests in many states of India. Only 5-6% black money in India is in form of cash what about the rest which is still stashed in form of gold and property. The upper ceiling in cash withdrawal and the monthly transaction is a good initiative. But govt should better prepare before banning currencies to avoid the problem of middle-class people. The positive part is demonetization played a vital role in India's dream to become cashless economy. Corruption is uprooted of course but not wholly. Digital payments and the cashless economy is the essential tool for covering the country under tax network. Now local markets and small vendors also accept cashless payment. It was possible just because of the cash crisis in the market for demonetization. So, I conclude my statement by saying that banning 500 and 1000 currency is not fully seizure of black money in India, also not totally just changing clothes.

" Rome was not built in a day" in same way any initiative taken by the government does not show its effects immediately. The ban of 500 and 1000 notes was a bold move taken by the central bank and the government of India. These notes accounted to almost 86% of the currency circulation in India and to put a stop on this was not a cakewalk.

It's true that almost all classes had to suffer due to this initiative but overall it had has proved fruitful. Many unaccounted incomes was disclosed. Every day in newspapers or news channels there was news about bags being found with these notes which proved that people held these notes in an unscrupulous way.

The charging of Garib kalyan cess and swacch Bharat cess on undisclosed income was another step taken by the government to help narrow the gap between rich and poor. It also helped for the development of the country.

Hello everyone,

According to me, banning of 500 & 1000 rupee notes didn't achieve its a goal of completely eradicating black money but it gave India necessary adrenaline push for the digital transaction, for example, many companies like Paytm, free charge etc got a huge increase in their customer base hence it indirectly paved way to digital India. Secondly, the excess black money is pumped into economy bringing inflation lower.

At last, it's bold move though people suffered, they believed the good motive behind it which directly resulted in UP elections.

Banning 500 and 1000 notes was a very good decision and the intention behind it was also genuine. However, the implementation was not proper. The greatest sufferers were the public. From standing in long queues to unable to buy things due to lack of smaller denominations, the public has suffered it all. Not everyone uses digital mode of payment. Neither does everyone have a smartphone to cater to the needs of digital payment. Moreover, due to lack of calibration of new notes, the ATMs were empty which was very disturbing. On November 8, demonetization was announced. Almost, 80% of the notes in circulation were made ineffective. This was a blow to the corrupt people, however, it was also hard on the public since the government was not fully prepared for this move at the time of this announcement. Corruption is undoubtedly rooted deep in our society and this disease needs to b eradicated before it swallows the underlying principles of a good man. It is true that demonetization has tried to b a challenge to the corrupts, however its consequences are still visible in the form of 2000 notes.

There is a need to introduce small currencies as soon as possible.

Banning 500, 1000 notes is a very great attempt made by our Indian government to curb all the black money out. But still it can not be considered as the best way to uproot the corruption as if it has compelled people to remove their black money then on the contrary, it has also wasted time by standing on long queue in bank, created lots of problems to poor people.

On the other hand the rich people again won the battle by using their contacts thereby converting their money black to white.

In between middle class people get trapped. Meanwhile, many bogus notes were also printed.

So, according to me, it can uproot the corruption but it needs much proper implementation with all the forthcoming solutions.

Hello Friends,

According to my point of view, Demonetization was the excellent plan to got black money back. But what will government do if the mentality of the indians are corrupted. Getting black money back is not only the government responsibility, it's ours responsibility too. It was us because of this plan failed. It was us because of which gdp decrease from 8 01% to 7.11%. During the demonetization period the rich people makes their setting with the bank employees and only suffering faced by the poor people. It was very difficult for poor people to stand in the bank line for many hours.

But demonetization has some positive effects too. Because of this, at least poor people learn to makes their account in bank and they got knowledge about bank and interest. And also After demonetisation, villagers, local vendors and farmers are slowly getting used to digital transactions. Once they get used to it, they will realize it as a mode of advancement.

Hi everyone.

First of all, I should clearly mention that the ban on 500 and 1000 notes is not a historical Revolution made by central government.

It is considered to be one of the failure step taken by the central government.

It doesn't bring out any black money from any biggest black money holders in India.

Taking one paper from a bunch of papers will not make any difference.

It is mainly targeted at rich men.

But unfortunately, the target location Changed to middle and low-class people's.

Hello everyone.

In my point of view, the decision of Demonetization was right but the process by the Modiji government is wrong. Modiji wants the corruption free India by with this decision only the middle-class people suffer from:

1) Lack of new 500 and 2000 Rupee notes.
2) Long queues in Bank and ATMs.
3) No proper Planning.

I am not saying that the decision of demonetization was wrong a large amount of black money was in front of us but the middle class suffered a lot.

The main reason for demonetization was to curb black money, money laundering etc.

In my opinion, demonetization is giving negative results because middle-class family is suffering than richest people. Rich people exchange their old notes by giving some money to bankers.

According to my point of view, this is a good decision but poor people was suffered and uneducated people don't know anything banning 500 and 1000 notes no use for because I saw in my village any politician or rich people I didn't see in bank only suffered by common people.