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

According to me, the ban imposed by PM on 8th November had a very huge impact on the most corrupted people in india, because, they were high denomination notes and takin off the legal tender of such notes would have definetly hampered. There is no other way to implement this type of proactive step by GOI. And it is not the first time. Ultimate benefit will be always for us in the long run. And we are not discounting the life of those 93 people who lost their life owing to demonetization. One should remember. NO PAIN NO GAIN. It is one forward methord to curb black money stashing and hoarding. Jan dhan accounts experianced a very huge hike in the terms o deposits. This has also boosted digital India motive.

From an economic point of view banning these 500 and 1000 notes are mere changing clothes. Theoretically there is little or no effect of demonetization on reducing corruption and curbing counterfeiting of notes, all demonetization does is, it reduces liquidity from the market and it induces people to use other cashless means of transactions but that is too in a short run, eventually people would hoard new currency notes and this would prove fruitless in the long run.

This demonetization has proved itself a failure with the economy being hit largely and employment affected especially in medium and small scale industries and.

Informal sectors where cash plays a vital role and business runny word of mouth.

Hi everyone.

It is a really good topic for us and for our country, If there is a positive change, there is development, It hampers very life of normal people because they do not bank account or saving money day by day whatever they earn, they expense. It hampers so many PSU and industry also, it also decline our economics, It does not measure a way to uproot corruption because who had huge money, they planned properly to save money, if it would have executed properly then Most of the corrupted person might have caught, but not executed fairly. It was an only harassing way for normal people.

Finally, I concluded that if it would have executed with proper planning, it might have given the fruitful result.

This is without doubt a really interesting question. However just as a coin has two sides, a head and a tail, demonetization also has its merits and demerits.

The ban is undoubtedly a good way to make sure that digitization gets a much needed boost in India in the form of electronic wallets, payment banks etc.

However it was disheartening to see people booking their railway tickets and cancelling them deliberately just for the purpose of converting demonetized currency without approaching banks, a move that actually defeats the very purpose of this initiative by the Government.

The actual problem lies in the mindset of the people. Simply banning high currency notes can't drastically change our mindset.

Demonitisation which was announced by our prime minister Narendra Modi. On a serious note banning of 500 and 1000 rs was just the one step to uproot d large body of corrupt people who were just using the money of innocent people. Many people suffered a lot in this whole scenario which took almost 50 days but still it's not completed because these corrupt people are sticked so badly that they will take many more years. Our Police arrested many people who were doing corruption and I think that this step was taken in the favour of Poor people and honest people who are really working hard to earn a penny. This was the big step which uprooted many people and still the counting does not stop, it still goes on.

Banning 500, 1000 notes is a very great attempt made by our Indian government to curb all the black money out. But still it can not be considered as the best way to uproot the corruption as if it has compelled people to remove their black money then on the contrary, it has also wasted time by standing on long queue in bank, created lots of problems to poor people.

On the other hand the rich people again won the battle by using their contacts thereby converting their money black to white.

In between middle class people get trapped. Meanwhile, many bogus notes were also printed.

So, according to me, it can uproot the corruption but it needs much proper implementation with all the forthcoming solutions.

Hello everyone,

In my point of view, demonetization was a good step towards reduction of corruption and black money. Due to demonetization a big amount of black money had been caught.

Although in the starting people had to face many difficulties like standing in the row for hours but they did it without any opposition and supported the government in this great move. But as we all know that corruption and black money are spreaded in our country widely, and it can not be removed/cut out in just one step, so to make India a corruption free nation few more steps are needed like demonetization. Hence the step of banning 500& 1000 notes did not go in vain, corruption is much reduced through this step.

In my point of view, there is no change in Indian economy after demonitization. After announcement of demonitization I think it would be helpful for the uprooting of corruption of India and it results in economic growth of India. The idea of demonitization is very good but it is not properly implemented. After ban of 500 and 1000 the middle class people are struggled and in that struggle also they take it in a positive way because they thought that it is first step for uprooting the corruption in India. Thats why they take it in a positive way. At the end the black money holders simply exchange their money. In their way of thinking they simply wearing a new clothes instead of old clothes.

Thank you.

From my point of view, ban 500, 1000 rupees notes have just stopped corruption in the short run as at this phase people would make mistakes during conversion of their black money. However in the long run it is not beneficial (hypo example); if a person stores one crore rupees of black money of 1000 rupees notes.

Therefore after the ban of thousand rupees note of coming of one two thousand notes has given people more chance to store their black money in more higher quantities as the value of notes has risen and more value can be stored with physical possession of less quantities. Therefore, I agree with the statement that Ban 500, 1000 notes - Corruption Uprooted or just changing clothes.

Thank you.

Corruption is one of a major issue in India, the government is trying to reduce it by implementing new policy again and again but what happens nothing changes because the executors are themselves corrupted.

Many ruling and opposition leaders have assets of crore, so please catch them instead of creating troubles for common peoples (especially villagers).

What happens even after demonetization, tell us about that, how much increase in GDP, how much black money demolished. What you will tell we suffer for nothing. And now GST again new trouble for us.

At last, I think it is just changing clothes because corruption blows in every corner of India and it will continue to persist with a new currency.