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

Hello Everyone!

It seems the decision of banning 500, 1000 notes can encourage corrupt people in long run. Although it was a good decision to ban these notes since it although didn't bring black money back, it was like a thunder-stroke for the corrupt ones. But still, this decision has confirmed that no such decision will be taken in next few years and thus now people can be sure that the black money they will collect now will remain same and corruption will start again. Thus the decision is more like situation changing clothes.

I support for banning of 500, 1000 note because it plays a vital role in our country development. This stage of banning notes over black money container businessman necessary to show details of theirs money how to earn and why they do not pay taxes.

I think this effect the more in lower class and middle class people but the decision is good no doubt but at the time of changing the money it effects the lower class more and we saw at that time there was no ban on the 100 notes. So at that time people using their corrupted money in 100 notes.

I think that note banning is not a good idea because it was issued without a proper plan. By demonetization poor and middle-class people were most affected because the are fully depend on cash. They do know cashless transaction bit rich and black money holders know everything. ThEy do not have their money in total cash they invest it in gold land etc. They have many ideas to change their money to black to white.

That is why that there was no good conclusion of demonetization.

Many people died due to problems like marriage medical etc.

I think that demonization has some effect on reducing corruption and black money. Because I have seen some lakhs of old 500 and 1000 notes at dump yard. At the same time, it creates a lot of inconvenience to middle-class people by not providing new notes. If demonetization is implemented in a well-planned way, then it will be very nice.

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.

What I believe that to curb corruption ban on 500 & 1000 rupees notes were useless according to Indian statistics we have only 6% of black money available in cash form. So how Modi Government had taken the foolish decision to ban the money in order to get rid of corruption.

What I think is to better the tax and transparency are available in the system, then it will be quite easier to track the money and hence we have to look for better taxation system rather then flushing out the circulating money. The consequences we are already facing such as loss in GDP, perish of small & micro business, unemployment etc.

Hii friends, in my view banning of big notes like 500, 1000 didn't show any impact on the prohibition of corruption in our country. We saw many leaders, VIP's got exchanged their old currency directly from the banks. This shows that there is no impact on the ban of 500, 1000 notes.

But the middle class and poor people suffered a lot in order to meet their allowances. All the VIP's exchanged their notes before the declaration of demonetization.

I want to describe an example which shows that corruption is not uprooted because of banning of the old 500 and 1000 notes.

It is totally useless to ban 500, 1000 notes. Indian economic strategy is slightly different. According to the government, the black money will be uprooted if we ban the said notes, but in reality is like a joke. I said 'joke' because there are 5-6% black money in cash in India. So it is quietly impossible to uproot the black money. However, Modi government took the decision. In my point of view, it (ban of notes) is helping to propagate black money in the market again. Why 'helping'? If you see the problem closely you will find that there is no problem with the black money or black money holders. Then why government take a decision like that? Some issues have no particular issue. This 'Ban' is that kind of issue.

In addition, I hope the businessman (like Ambani, Tata etc) have a lot of black money but in this demonetization, they cross the road perfectly. We have seen in the news channels and many other places that common peoples are trying to change their money in the bank and post offices but we never saw a businessman is changing his money. So how can we say that they were affected?

Whole the ban case is just like clothing change to me.

Most of the people think that demonetization was a very bold and wise step taken by the prime minister of India. But in my opinion, it was just a measure to create discomfort to the people since it wasn't properly planned and executed as well. The big reason for this action was to prohibit corruption and uproot black money.

But the actual fact says only 5-6% of the black money exists in cash in India. And for this, putting a ban on 500, 1000 notes is worthless. The people who were corrupted are still corrupted and have black money in the form of gold and property. There was no use of this action as this brought only problems in various regions of the country especially in villages where they were no ATMs. Also, many daily wage workers lost their jobs because of unavailability of cash on daily basis. Many people suffered an acute shortage of money and thus survival problems.

Also, as far as the circulation of money is concerned, many people holding black money burnt their cash which was a total loss to the economy.

But the roots of corruption hasn't lost its strength. It was there and it is still there. Putting a ban on notes didn't help anything and was just equivalent to changing clothes.