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

Hello everyone,

This is Shreya. Demonetization was introduced to combat corruption from society. I have one question from all of you. How much government has recovered the black money?how many faces of corrupted people come in front?Does it really reduce the corruption? The answer is No. So, how we can say it has reduced the corruption. In fact, the decision which was supposed to destroy black money, helped people launder it. According to data offered in the white paper published by the ministry of finance, about 4. 9% of black money held in form of cash. A bulk of the money is held in form of real-estate and gold. So this decision is just for changing clothes, not for uprooting the corruption.

Ban on 500 & 1000, it's a good step taken by India's government.

By doing this they try to reduce the corruption and uprooted black money. This step arise many problems at that time peoples stand in a row for many hours, banker we're also get irritated by seeing the public rush in the front of the main door. But this ban doesn't affect on millionaire peoples was actually black money has existed. They just convert their black money into white money. Jio is one of the best examples of this, Jio sim comes in May of 2016 and there is ban on 9 Nov. 2016 not much gap. I think all the millionaire know about Modi's step just because of this there is no need for them to go and stand in that row.

Hello everyone.

Demonization was the biggest and bold decision taken by our honourable prime minister which was in against of black money and corruption. As it is said that clapping is not possible with one hand so it is required to be responsible every person for what they are doing. This big step failed somehow at that time when bankers betrayed and convert all the old currency in newer one and they concerned chiefly. Banning old currencies was only way to took out which were stored forever as a black money. All the fake currency production market get hitted at that time. So I think we should come with responsibility and honesty to succeed these steps taken to improve our life and future.

Hello everyone,

Yeah, this topic had made India to a different level all over world's media were talking about it. I don't know exactly in terms of co-operate language it affected or not. But as a common man, from middle-class family, we think that this was a bold step and helped us to think that yes this can be a one step to get black money business low. I read somewhere that it's necessary to change currency for development it helps you to track money and increase revenue. I'm not denying that note ban didn't affect our economic lives, but it helped us to think that yes India can change. As after this step, our GDP is stable.

At last, that was a good step and as well must needed step.

In my view, the decision is good the government also give their whole efforts to implement this decision and also they are fully ready to implement this decision but the problem arises by banks because in banks the people who are sitting on the seats are the same people who also involved in the corruption. So we can't simply blame the government. And this decision also effect the Indian economy the fake notes of 500 and 1000 are regulated in our economy so that why this decision of demonetization is necessary to stop these fake notes and also decrease the supply of money in the economy and its a very daring and tough decision the government to implement this step in such large economy.

Though demonetization affected many poor and middle class people and not wealthy people but the government is not responsible for it. This is the fault of the third person who for the sake of his own needs and greed have cheated with the countrymen by taking commission from wealthy people and exchanged money for them. Due to these few frauds entire country is suffering a lot. Until and unless these people change themselves no big step can India execute successfully. And believe me if no one will work as a third person for the rich people or VIPs, there will be no need of suffering for innocent people. This is the dream for India and I really don't know when and how can this come true.

Hello, friends. In my point of view, the ban on Rs 500 and 1000 notes are really good and bold initiative taken by our pm. It will reduce the circulation of black money in the market. There are some advantages of it like.

It has increased the deposit in banks now, the base rate will decrease and the people get a cheaper loan, as well as they, had to exchange from the bank so there will record of each account and transaction so by this way black money could easily found.

Many companies and businessman had caught by it department for the illegal money.

It has also reduced the terror funding.

Hence we can say it is a very effective step towards corruption taken by the government.

Well, I think situation is more or less is same, if you think deep, you can clearly see that corruption is still exists in many areas, although it was good attempt to resolve this big issue, I have to say the government is only succeed 50 % in his target, although you just can't simply blame government only, the roots of corruption are very deep, & be realistic guys, in any country if their government wish to solve any major issue than the public has to cooperate the government, only government alone can't do this, the simplest example is swacch Bharat abhiyan, if the people simply doesn't have self discipline to keep their places clean, then it is really tough for the people.

I think the step of demonetisation taken by the government was big. There are pros and cons to every action but I will talk more about pros first as it is more relevant.

Demonetisation has helped to surpass the threshold of doing payments online, initially, people used to hesitate to do online transaction but after demonetisation people had no choice rather than doing the transaction, according to the survey online transaction has increased from 0 to 66.6 percentage. This also helps in keeping an eye on the black market.

The government was expecting to retrieve all the black money but it didn't happen as said by RBI officer that 99.6 percent of the old notes have been received.

Good morning everyone.

I would like to mention some points on this topic. Banning of 500 and 1000 notes is not the solution to Corruption. I think how govt thinks it is the solution to Corruption. Even after the demonization corruption has been increased. At the time of demonization those who were capable to change their notes from the bank they Changed by giving extra money in the bank. So corruption is in lower to a higher level. Govt didn't make a plan and didn't take strict action at the time of demonization. So I think If govt took strict action and implemented by the strategy then It could be decrease. So in my view banning of 500 and 1000 notes were like a changing cloth.