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

Hi friends, the ban of 500 and 1k notes doesn't make any difference or doesn't reduce any corruption in India. But somewhere for the current period it has given a shock to the black market but Indian government need to continue the work to pressure on the black market, the ban of 500 & 1k notes made just news but the impact is low.

First of all, the demonitisation move was poorly planned because of which there were a lot of protests in different states. Several deaths occurred which could have been averted by a better plan. Hospital authorities refused to provide medical help in exchange of old 500 and 1000 rupee notes, which resulted in a lot of deaths. Due to sudden rush for the exchange of old currency notes, a lot of accidents occurred. And not only that, farmers also faced problems in buying seeds needed for plantation because they didn't have enough cash with them due to cash shortage in banks and ATMs. Demand for food products showed a sharp decline because people didn't have enough cash to purchase the products, due to which the small food stall owners, ration shops who didn't have any PIN pads (card readers) to accept payments had to face a huge loss. And by the way how secret was this plan?on Nov 8, 2016, demonitisation was officially announced. A fortnight before this announcement Dainak Jagran had published a report in which the some RBI officers had spoken about possible demonitisation of 500 and 1000 rupee notes. And not only Dainak Jagran but the similar news was also published in the Hindu Bussiness line on Oct 21, 2016. Not only these two hints but the chairman of SBI had also spoken about the possible withdrawal of 500 and 1000 rupee notes in April 2016. Now, what do you think?the black money holders hadn't read the news?

The amount of trouble that the common people who didn't have any black money or were already facing shortage of money had to go through could have been avoided by a better plan, in which the black money holders couldn't have got any time to spend their black money, rather than giving them hints and making them aware of the the decisions to be taken to catch hold oh them.

Hi,

Firstly, I welcome the great effort on banning 500 and 1000 rupees. This is a great time to figure out black money holders and scammers so in point view there were a lot of.

Struggling to exchange the money from banks. Otherwise, it was not welcomed by everyone because unfortunate announcement that was so much affected to the middle-class family and low-class family, I thing before they had announcement they should keep some procedures so only we can sustain that problem. Eventually, I am going conclude this conversation what matters in the problem anyhow now everything okay that's fine.

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.

Hello everyone,

Ban of 500 and 1000 notes in a market is a very brave move taken by RBI and GOI in 121million populated country. In this lots of up and down happens. But there are lots positive things happens due to demonetized huge amount of black money is get a tackle in this process. Lots of crime gets reduced which are works on direct cash process. Due to this, all payments can be made digitally which reduced corruption.

In my opinion, demonetization is a huge step taken by our PM to avoid the corruption in our country but it will not take a proper shape because only 5%-8% of black money caught by the government. No celebrity, politicians, businessman are not stand in an ATM Q's for new notes and much-corrupted exchanges their money with the help of corrupted bank employees, where as the common people get suffered a lot for exchanging their money with new notes. Bank employees also help the politicians, businessman, other corrupted people to exchange their old notes.

Hi,

Due to the demonetization, the common man of our country has faced a lot of problems also our farmers have faced a lot of problems. Actually, our government and RBI did not implement the demonetization drive properly. Many people face a lot of problem due to the unavailability of cash. In our daily life we need a lot of things like milk, vegetables, medicines, etc and for getting these things we need money and money is not present in our pockets every time. So whenever we want money we go to ATM and take the money and follow our daily life. But due to unavailability of cash in ATM, many people in the country have faced the problem.

Banned of 500 and 1000rs of Domenetization is a wise step taken by prime minister Modi on Nov 8 2016. In my point of view, it's not effectively executed main aim of this scheme was reducing corruption but it won't happen 5-6% black money has been obtained.

Lower level people has been affected based on his daily wages and middle-class people has affected by saving for his future implement such home construction, marriage and so on, high-level people such as politics, businessman few of them affected remaining change his black money based on investing on gold or diamond few politician member deposit in bank before itself because they are several group member with prime minister taken the decision.

It's only primitive level taken by the prime minister in my point of view.

Hi, I am Ganesh Ralebhat.

According to me, As every coin has two sides likewise peoples also have different perspectives. If you are looking towards Indian economy if we compared our GDP with 2015 then you will come to know that there is the growth of 0.6 % previously it was 7.0% now it is 7.6%.

Through demonetisation, not all black get demolished but few part of it get demolished and this contribute a lot in the growth of the economy. In the drought of money government suggest us to use cashless transactions during demonetisation, this again improves the growth of the economy and reduce corruption. So, It is not just changing clothes it gives us a direction and some positive vibes about changing our nation towards developed nation.

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.