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

I would like to share something on demonetization. Demonetization was not a much appropriate step to stop corruption. I think that govt had not planned for this before taking this step. Many politicians and businessmen were able to change their money. But middle-class people had to suffer a lot. This step was not much affective and the black money is still there.

If you have a 500 or a 1000 Rs. Note, then frame it. It depicts an end of an era. The sudden, surprising and a definitely bold move of the government to ban denominations of Rs. 500 and Rs. 1000, has left all in a huge panic. With banks and ATMs closed for 2 days, people are in a state of helplessness. Any change/revolution needs a bit of sacrifice. How useful will this sacrifice be for India and our fight against corruption?

A huge and costly dent in black money.

1. The most prominent effect would be seen on people having money stored in form of currency notes. Most of the unaccounted money (Black Money) is hidden in denomination of 500 and 1000. This move will render that money useless.

2. This move will enormously affect the funding of terrorist organizations and arms dealers as they can never be able to legalize the currency notes they possess.

3. This would also remove a large chunk of counterfeit currency from circulation.

4. Many would cite that even earlier such a move was tried, yet black money prevailed. However, this time since the amount of black money is huge; the dent in it will also be huge.

5. Due to inability to use the entire black money or convert it to legal money in such a short time of 50 days, will lead to reduction in prices of many commodities. Black money has been prominent in increasing inflation as cash transaction is the most prevalent form of transaction in India.

6. Since Income Tax department and banks will report large transaction and deposits into a bank account, transferring money in others name would not be possible. This will tighten the noose on illegal and Benami assets.

7. If any person possessing Black money decides to deposit money in his/her account and pay the taxes which he/she might have avoided, these taxes will benefit the nation itself.

8. The newer currency notes of denomination 500 and 2000 will be much more secure and difficult to fake.

Corruption: Just changing clothes.

1. Corruption can never be uprooted completely by such measures as it is a tendency of humans and only a change within ourselves can be a solution.

2. The only effect this move will have is the inconvenience it is causing citizens and some small time corrupt people who might have cash stored away. The big fish will escape with small bruises.

3. Even though the notes are banned, there are host of other measures to maintain unaccounted and illegal assets.

4. The government will be introducing new 500 Rs and 2000Rs. Notes. This is pointless as people will again get chance to have unaccounted money because of the higher denomination.

5. Though some may not be able to use the huge stack of money they have stored away, most of them have their money in form of gold, etc. This will not be affected at all.

6. Since many will be using the unaccounted money to buy stuff like gold, jewelry, precious stones, etc. Under fake names, the prices of these commodities will increase a lot. This will again be an inconvenience to common citizens as these things will get out of their reach.

7. Many having black money have already kept it in tax havens, etc. This is a huge amount compared the amount we might find in India or as unaccounted cash money with corrupt people. So as such it will not bring back the unaccounted wealth stored outside.

8. The 50 days' time given for currency conversion is more than enough for tax avoiders to come with a scheme to make their other arrangements for their money.

It is a start. There can be no panacea for human tendency to be greedy and corrupt, but there can be measures to keep such people under control. Though banning currency notes may not be a long-term solution, but in the short term, it can have a huge effect as the stored caches will be rendered useless. It might not be a huge victory but it is a victory nonetheless. This measure when supported by other better policies and good governance will surely tighten the noose on corruption. So, it is important to support this venture and hail it as positive step towards corruption free India.

Hello Everyone!

I think it was one of the worst decision in Indian history. It was bad for Indian people, economy we still see result of it. From small villager to metro city everyone has faced many problems.

As far as corruption concern NOTHING HAS CHANGED. In fact all black money holder converted their money in white. The large amount of corruption happens in politics from Ministers to Government officials this amount varies from few to hundreds to thousands of Crore rupees.

So if you really wants fight against corruption and black money. Find the corrupt politicians, official who is still holding position.

Banning notes is not solution. Its like you think every single person in India holding black money at their homes. Instant of that just Identify the corrupt person and take action you have all power from CBI, ED, IT, Police etc.

Hello everyone.

Ban of 500, 1000 notes is initiated by our prime minister narendra modi. Well his motive behind this was to remove black money but this tend to be fail mission because those who were rich exchanged their notes however and middle class people was suffered. Due to this a great recession was in market. Middle class people was in long lines many people died in long queues. And according to data only 10000 carore was exchanged so it was just as changing clothes. Black money is still there.

Last year in November, our honorable PM Modi declared that from now 500 bad 1000 RS notes won't be a legal currency and even gave a span of time for exchanging old money with new one.

This was a very bold step taken by the Indian govt and the major reason behind it was.

1. to fight corruption.
2. to reduce the flow of black money in Indian economy.
3. to reduce face currency.

I think it was a very good step taken by the govt but it wasn't implemented in the manner it should be. The government didn't prepare for it there was a shortage of new currency. A Common man who was supposed to be benefited by this act suffered a lot bro it standing in endless lines and the limit of the transaction. Also, the old people and poor and uneducated unaware people were also affected very badly.

Corruption instead of decreasing increased.

Do I think it could be a very good move if before just declaring they were move prepared for the worst? A demonstration has only burdened Indian economy by the additional cost of printing more notes.

Hello.

First of all I'll really like to congratulate Mr. Modi for taking such a move which could have cost him his post and the trust among the people.

Now coming to the point that whether it has helped in bringing back the black money. Suppose that you are wearing jeans daily from 60 years without washing it and suddenly you realise that, oh, I have to wash it. Now, do you think or even want that the jeans are cleaned in the very first wash itself? I think NO.

Now, so how can we expect from the move to clean all the black money. And black money is not only in cash, in fact, it is divided into several parts like gold, land properties, Swiss bank etc.

So, demonetization of just h first move to clean the dirt and in that sense, it has not disappointed me.

Now if we say that due to that many middle-class people faced problems. So I will say that yes in some regions the implementation was not that good. But common its our country, atleast we can bear some pain for its well being.

Thank You.

I would like to say that just changing of clothes has been done in the name of demonetization.

If black money was in the form of 500 and 1000 notes then even it can be with new notes as well.

The ground effect of demonetization is very bad.

Rich are getting richer, poor are getting poorer.

But as we know everything has both pros and cons. Demonetization couldn't eradicate corruption but has played a key role in heading India towards a digital nation.

Hello everyone.

Ban of 500 and 1000 rupee notes is really a big and bold step taken by our PM. And yes it is successful up to some extent. Recently as stated by our finance minister almost all the RBI money has returned, this shows that every black money is stuck with themselves. I think no black money holder will say in public that they are suffering by this new system. By ban of this notes, black money holders are suffered in silence and even poor people are suffered but it is totally different right. But definitely, this pain of rural people will give fruitful actions. They may suffer directly but they will be benefited indirectly and here is how.

Eradication of corruption is ultimately a profit based phenomenon of the govt and as this govt is for people so these profits are for the people. Ultimately people will be benefited by this but indirectly. We may not see money directly coming to our hands but we will be benefited in one or the other way by govt.

Directly its a little pain but indirectly its for good cause.

And yes, ban of 500, 1000 notes is not just changing clothes and definitely corruption uprooted.

Thank you!

It was a great step taken by our government to taken out black money. Demonetization is a great move but it was not implemented the way it should have been. Because of these change the general people in India they suffered a lotIn my view, banning of 500 and 1000 rupee notes is just like changing clothes for wealthy people because they changed their money without going to any bank and they do not stand in queue hours and hours in banks, they changed their money without knowing any pain. Most of the rich people had great connections with bankers and by their influences, they found it easy to change their money. Their black money was given to the middle class or lower class families to deposit to there a/c and after the end of Demonetization, it was taken back in any form. The only people affected are the middle class and poor ones. It was a shocking news only for middle and lower class people. They were standing in a queue hole day but at last bank employee announced that there is no cash available for today. , worrying for the cash they have just pulled out for their daughter marriages, no acceptance of old notes in hospitals. Middle class people faced lot of problems but rich people changed crores of money without any limit. The result after one year is in front of all. The execution was a complete failure. It is just a major setback of a very powerful action with no reaction at all. Therefore, can say that the system of corruption is still same it has just changed its clothes. But Everything cannot be controlled within a short period. Corruption needs to avoided, so we cannot able to destroy it completely. We have to process it and destroy it by step by step. . So before taking any serious action the government should sure that the medium class people and mainly the poor people will not get affected a lot. That's thier irresponsibility in an Indian economy the medium class people plays a very imp role. So, firstly make fully aware of them and then implement on that. Then it will be more efficient.

AGANIST:

According to me, Banning of 500 and 1000 is good move to avoid corruption. Everything cannot be controlled within a short period. Corruption needs to avoid, so we cannot able to destroy it completely. We have to process it and destroy it by step by step. This banning of 500 and 1000 notes is one of the steps to avoid corruption. I Accept many people suffered a lot by this action. First of all, everyone understands this, No pain no gain. We have to suffer a little to avoid some portion of corruption. Rich people are not suffered by this, I accept. But everyone must know how many currency notes are thrown in the dustbin and in the street. This money belongs to rich people. This is a just a warning to them, to pay their taxes correctly. Switching over to new note is also needed. We have to keep using our old 500 and 1000 notes for past 10 years. So it is time to change it. Change must come from us. If we behave and act in a right way. Everything will be right. So, conclude by saying that no pain no gain. We sacrifice something to achieve something. Thank you.

Hi.

According to me, Banning of 500 and 1000 rs notes is good decision and one of the biggest step taken against corruption and black money taken in Indian history by our prime minister Modi ji. He also succeeded in it, many people have been arrested for hiding black money by the income tax department. Banning 500 and 1000 rs notes was just a first step of the whole process of stopping corruption. The corruption is not uprooted until the black money in terms of property, gold etc. Of course normal people will have to face the problem due to this. But if we normal people support the measures taken by the government by thinking that it would be better for us only the corruption can be completely uprooted from the country.