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

It is just 10 or 20 percent of the total money what we have in our economy as a printed note. By banning notes, its true that some of the notes obviously obtained by blackers are destroyed, but its also true that the huge black money holders know thousand one routes to obtain black money, and its just a fraction of percentage of the total black money which is in the country, and rest is at Swiss bank, so it is just a dress change and nothing else.

Hi Friends, I am Vipin. I agree with my all friends but here I would like to mention that:-.

1. Do we ask something to the government before implementation anything or government do the same?

2. Are people of India is ready for this change from villages, metropolitan and city?

We know that every reform has its limited benefits and more losses/disadvantages. Demonetization also is like that.

How can a government come with a reform without conveying any dialogue to the nation before implementation on it. It is like that a king of princely state ignore the suggestions of the people.

It has been 38 years when the last demonetization happen. From last 38 years, we are running the country with the corruption and black money. I know it uprooted the corruption from some areas of Indian states. But know the condition is same in some areas.

We have the shortages of the printing machine of notes. We have the shortages of running tools which can fill the gap between inconvenience and difficulties.

We know there is a huge gap between India and Bharat i.e. city and villages there is no such type of facilities as we are getting in city and metropolitan areas. We need to aware the people about that and its merit and demerit.

Note changing is not a medium to stop the all eligible things. Here, we need to change the current system and old constitution.

We need to change the education system, government machinery and corruption in government organizations. We need to change the ethical system that we are currently running now.

I hope we could change it then things can change automatically.

Thanks,

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.

Plan is good but the way of implementation very worst. In this changes, mostly affected for middle class and poor peoples, Its benefit for politicians into change our block money.

The main purpose of government behind demonatization were to curb the black money, terrorist funding and to break the parallel economy which were running with the replica or the fake currency in 500 and 1000 rs note.

Along with this the government also wanted to catalyse the digital India initiative by increasing online transaction and cashless economy.

But post demonatization all this dream get in vain because atms were not calibrated and banks were running out of cash which cause people ti standing in long queue, job losses of daily wage workers, poor peoples migrating to their home town. Notes thown in rivers, ATM running out of cash etc.

So this proved to be very disastrous for the economy of India with losses of jobs and shutting down of small scale and cottage industries.

Yes Police recovered some money but according to RBI 99 % of the demonatization currency (ie. 15. 36 lakh crore out of 15. 44 lakh crore) went back to the bank then what was the need of demonatization. And cost of printing notes were different.

Hi friends.

In my opinion, the idea of banning Rs. 500 and Rs. 1000 was good. But the way of implementation was not done properly. The government's intention was to end black money dealings and put a cap on corruption. At the time of this ban, the economy was not in the position to handle this change. Many of the lower class and middle-class people who did not have the access to cashless ways suffered a lot. The unorganized business sector faced a big challenge. Many of the small-scale industries and merchants forced to shut down their business. The government had to spend huge money to implement this change.

The result of this demonetization process was as expected. 99% and above money were returned to the government. Which shows somehow the black money got replaced.

The results could have been better if there was a proper planning made before the implementation.

In my opinion, it is good for our economy to replace the currency periodically. A particular currency can be given a specific lifetime. Say for example, Rs. 2000 currency valid only for 5 years then there will be no hidden storages of the currencies since everyone will be forced to use it in the market and get replaced within 5years. The timespan should ve decided and announced along with the introduction itself. So that there will not be any last minute rush.

Hai friends.

In my point of view, who was suffered is poor people. Because they were waiting for his own money and the other side politicians were escaped they direct link to banks and turned money from black to white.

In my point of view, it is helpful to everyone because in this way, the whole black money in the India came out. I think it was a good decision.

Hello friends.

I think it was the great decision by the government although it will take some time to see results of demonetization.

- According to news Rs 3 lakhs crore has been submitted to banks as black money which was not accounted, recently around 13000 bank accounts details have been giving to the government and they are taking appropriate actions against them who had the black money.

-Many people have disclosed their income after banning notes of 500 and 1000, now they will come in the tax circle who were not paying taxes earlier or paying less tax as much they had to pay. Till now only 1. 5% people of India were paying income tax.

- The fake currency has been destructed and terrorism and illegal businesses were running because of a huge black money and fake currency have been destructed and become useless.

- During demonetization many people of India have started doing cashless transactions who were frightened before for using digital transactions, it will be very beneficial for making India cashless economy.

Hello friends.

According to my point of view, demonetization is a big step taken by our government to stop corruption. Actually, demonetization is a process of imposing a ban on 500 and 1000 notes. It is a major step taken by the government on 8 November 2016.

In my point of view, it is a good step. Actually, everything has some advantage and disadvantage. There is some problem faced by the people due to note ban, but after that, a big change can be seen in our Indian economy. According to the latest report by World Economic report, India ranked 40 in terms of economic growth.

The USA prime minister donald trump's daughter said that india's economy is increasing at a faster rate than ever. According to the latest report, our GDP has increased from 7.2% to 7.5%. At last I want to say that this is one of the major step towards the development of Indian economy.

Thank you.