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

I remember the night of 8th of November 2016 when PM Modi of nowhere announced banning of 500 and 1000 notes. From poorest to the richest, everyone was shocked. The next few days people were rushing to banks to submit their old invalid notes. While people with black money finding ways to convert it into white and many succeeded except few who set them on fire or threw them in dustbins or even distributed in form of acknowledgement.

The Black money came out in a different way but most of the black money was already converted into white that is in the form of property or gold.

Corruption isn't uprooted yet. After demonetization people have just found another way of securing their black money.

I will suggest that keeping track not only on the income but also on the property or gold a person has bought. Instead of starting it with lower or middle class, the upper class plus the government officers and ministers must be targeted first.

On 8th November 2016, our honourable PM Narendra Modi took a decision to ban all 500and 1000 rs notes. The idea of banning 500and 1000 rs was very good but it was not implemented in a proper way due to that many people in our country especially weaker sections and middle class people had faced a lot of problem.

Demonetisation has both merits and demerits. Merits: due to ban of 500 and 1000 rs notes all money which was stored from many years comes out. Also due to the demonetisation fake currency which is used by the some unscrupulous elements get destroyed. Because most of the fake currency is used to spread some terrorist activities in the country. So demonetisation was a good surgical strike on these fake currency.

Demerits: The only demerit due to that the demonetisation drive was failed is its implementation. Government did not implement it properly. In banks and ATMs the availability of 100 rs and 20, 10, 50rs note was very less due to that the common man had faced a lot of problem. If government makes the arrangement of these small rs notes before the implementation of demonetisation drive then it is very helpful for the middle class and weaker section of society. Total 125 people were died due to the improper implementation of the demonetisation drive. .

In the evening of 8th Nov. ' 2016, our Honorable PM announced that Rs 500 & 1000 will not be legal tender, to stop the corruption, terrorism & black money etc. The decision was in the favour of nation but the people of India are so clever, they again searched a different mode to benefit themselves. Although, we can say that corruption has been reduced but by the introduction of Rs 2000 note the generation of black money has started again. The anti national activists could take the benefit of this by printing of duplicate notes and our nation will face the same issue. Before implementation of any legal boundation a complete research has to be done, so that previous mistakes are not repeated. So according to my opinion, corruption has not been truly uprooted from our country. It will really take some time for a corruption-free India.

On 8th of nov. 2016, our worthy PM announced the ban of 500, 1000 notes for any kind of transaction. This step was a ray of hope for bringing forward the black money in the form of cash and the culprits behind this but after few days people faced the dark side of the policy in the following ways :

1. It has grievously affected people's livelihoods and basic liberties. Many people have committed suicide, some have died of shock, some have succumbed because they couldn't buy medical care with the old currency. A large number of people have been deprived of their daily incomes. Worse, the "inconveniences" are unevenly distributed. The poor and lower middle class have been most severely affected, while the affluent sections, with access to plastic money and deep pockets, are better off. Marriages and private ceremonies have got derailed. Not a day goes by without a tragic story of personal grief being reported in the media.

2. Not a single business man or minister was seen in those question before banks which are the primary source of the black money.

3. Insult of our own currency was seen when people threw notes in garbage and sewage & some of them burning them.

4. The policy also seems to be detached from the socio-economic realities of rural and semi-urban India. Agriculture sector, micro, small and medium enterprises and rural economy have been badly hit.

According to the government record, in October 2016, the 500 Rs note and 1000 rs note accounted for about 86% of the Indian economy, and only 24% of the notes were being circulated. Rest notes had been hoarded up by corrupted authorities of India.

There had been the case of counterfeiting of notes also, the paper on which the notes are printed was being circulated secretly from Germany and Pakistan and illegally notes were being printed and circulated in the country. These cases made Mr. Modi takes a step forward and brings this accrued money back to the Indian economy. The step he took was right but the way it affected the common people constituting of more than 75% of Indian population. They suffered each day since 8th of Nov and till today in some regions. Still, in some North East regions, there is a lack of cash in banks. City life has flourished again, and the people in cities got affected for a few months by standing in lines of 100s to take out just 2000 Rs from ATMs that can fulfil their need for just a few days.

For the villagers and for the labourers who work on daily wages, whose family survived on the regular 100-200rs that they earned, their life came to dark. Few more cases of marriages around that period were heard, the dowry was not accepted because of 500-1000rs currency, although dowry should not be taken still that poor person arranged so much money for his daughter's marriage and the money he accrued since years got wasted and the marriage got cancelled. Many farmers like him committed suicide.

These small factors that together become our country's biggest failure were not noticed by few higher authorities who must have known the consequences of such a huge step. Although some corrupted money got back to the economy it was at the cost of many poor people's grief and death. And now people in India are deciding who was more valuable, the people who died or the black money that's brought back and will be gone soon to some corrupted pockets.

Demonetisation, in my point of view, is a very good initiative taken by our honourable prime minister. It is a first step to eradicating the corruption, though it may not fully uproot it. So before criticising about what he has done (i.e. Demonetisation), we must participate fully for its support. For any revolution to take place, we have to handle some problems.

We must make an active participation in it.

This step has given a shock to a lot of rich people who had black money. A lot of black money came out during this period. Therefore I would conclude by saying that a minor portion of corruption has been uprooted by the banning of 500 and 1000 notes.

Rome was not built in one day. As per my views, demonetiZation is a very favoured step. As it's is a corruption uprooted process not fully but it can be shakable to all illegal black money holders. This step may take time and people may suffer for a time being but in the result this will help our economic growth. As changing of 500rs note and 1000rs note unexpectedly was the great step. Although it had affected the common and poor people in return more illegal money came out from the pocket illegal holders. Demonetization of notes was corruption uprooted. One cannot say it was like changing clothes. Because if you want some good change in your life you have to face some difficulty in this part common people were suffered more and badly affected the Swiss account holders. As per my opinion, demonization was like nasty kick for the bad black money holders. As they were forced to come out of their holes.

Ban 500, 1000 notes was the good step taken by our honourable prime minister. Through the common people and poor people faced to some problems but in this way black money came out the pocket of illegal holders. Demonetization reduced the corruption. We can't say that was like a changing clothes. Demonetization was like nasty kick for illegal holders. They were a force to come out their wholes. If we want to some good change then we have to face some problems. Light comes after darkness. Ban 500 and 1000 notes werethe good decision taken by prime ministor. In this way, a portion of black money was reduced.

Yes, I agree with your views my friends. Demonetization has uprooted the corruption as it has removed the curtains after the tainted leaders and all who are involved in bribery and all. This massive step has opened the truth of all those who have lined their nests with feathers and it was a great effort by Mr Modiji, otherwise, the scams which are going on in the name of development would not have been opened out.

" 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.