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

Hi friends, in my opinion, demonetization was a decision that was taken without considering its future effects. As India is the fastest growing economy in the world and the GDP of about 6-7% the government might have thought of taking this decision. But in a country like India where we are used to cash transaction baning 500 1000 notes was a stupid decision. Balck money holders do not have their entire wealth in cash. It only accounts for 20% of their wealth. They invest in gold, land and they have enough way to hide their money. Hence this note ban has only caused trouble for the common man who stood in the rows in front of ATM. Corruption cannot be uprooted by baning notes and I would further go and say that it cannot be uprooted entirely it can only be reduced.

Hi friends in my opinion, demonetization was a decision that was taken without considering its future effects. As India is the fastest growing economy in the world and the GDP of about 6-7% the government might have thought of taking this decision. But in a country like India where we are used to cash transaction baning 500 1000 notes was a stupid decision. Balck money holders do not have their entire wealth in cash. It only accounts for 20% of their wealth. They invest in gold, land and they have enough way to hide their money. Hence this note ban has only caused trouble for the common man who stood in the rows in front of ATM. Corruption cannot be uprooted by baning notes and I would further go and say that it cannot be uprooted entirely it can only be reduced.

Hai guys!

A Few months ago 500 and 1000 notes were banned and it is an invitable action took by the government against corruption. But the implementation seems to be a failure because they didn't take the required precautions before and during the implementation. The Government said that notes with high currency value lead to the high range of corruption but, after the ban of 500 and 1000 notes they introduced the 2000 notes, then what about the range corruption now?

Let us take the above decision in positive angle and we should assume that the corruption existing up to now is cleaned away and now the government needs to take action to prevent the corruption in future, otherwise there is no use if also the government has to ban the notes for hundreds of times.

I think this is good decision to ban 500, 1000 notes. At least 30% of a black money is surrendered. But also think that this move by Modi ji doesn't reduce the corruption. If gov want to reduce the corruption then gov should apply some rule and regulation. Like in bank sector corruption is less. Why ? Because there is no way to do corruption. Everything is computerized. Every data is open. So I think in other departments also gov should apply some strict rule and regulation. In China, if the roads are damage in between 3 years from the road constructed time. The builder should repair the road by his own money. If he didn't do that then his license will be canceled. So he will definitely build it at least lasting for 3 years. But in India, you Know.

Thank you.

Decision of Government to ban 500 or 1000 notes had come on 8th november 2016 and changed the India's economical, social and political condition completely. Definately people has to face difficulties in exchanging the old notes but yet they accepted the decision of government Because we all know this was a major step to reduce the black money and bring the corrupted people to light. We heared so many case of raid of income tax department on corrupted people house during the time of demonetization, so of course demonetization uprooted the corruption, not completely but to some extent. This step created the fear in the heart of corrupted people about the government Determination to eradicate corruption. And also give hope to people about reduction of corruption.

Hello everyone.

Demonetisation i.e. banning of old 500 and 1000 note was taken by the government to eradicate corruption and black money. We need to analyse and find out what has been achieved in each and every aspect. Talking of corruption, my personal view is it has just changed clothes and nothing has changed about it. Yes, the fake currency producing units have been affected by it and that's a good result. Now talking about black money, how much of it has really come back and what are the stats we need to figure out then only we can say whether it was a good step of bad. Last but not the least everyone is talking of people standing in queue and suffering. Friends if we need to sacrifice a bit for the goodwill of the nation it's a very small contribution.

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.

It was a bold move by the Indian government to ban the 500 and 1000 notes and launch the new notes. The motive was to uproot the corruption but somewhere it was a failure. This happened due to the various windows provided by the government, changing decisions every now and then. I appreciate that the government though of the common man and provided the windows but that was advantageous for the corrupt people as well. No big leader or businessman has been caught even after such a big move. It's not like that they didn't have black money. They were successful in not being caught.

Now, also there is no limit to corruption, the fake currency has again taken place in the market. So if the step is taken then it should be tough, thinking of the future benefits.

Banning 500, 1000 is one of the steps taken in order to curbing black money and corruption. By this move little bit black money came under control as it seen people devastated their black money.

For uprooting corruption more steps are involved like forcing country to go cashless- As currently a round figure of 60% people are using cashless transaction mode and others are not aware or they didn't feel safe while doing cashless transaction. Indian government is also amending the security issue of online transaction so that hacking and security breaches does not come under the picture.

In conclusion, I can say that banning currency notes is good step and more to be added in order to curb on black money forcing country to go cashless this are the good move.

After the demonetization of 500 and 1000 rupee currency in our India, we have seen a lot of change in our country.

After the demonetization around 567 Naxal's group have surrendered in front of our govt because of the lack of money because most of the black money was in the form of 500 and 1000. Stone pelting incident in Kashmir was stopped.

Around 2 lac crore, black money was caught by the income tax department.

The people who did not had any black money was not affected by this policy of government But there was also some negative effects of this decision like workers who work on daily wages was very much affected.

So, I would like to stop with that something is always better than nothing and demonetization was a very gutsy move by the central govt.