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

Demonetization was a noble attempt to reduce corruption and hoarding of black money which is detrimental to our growth.

Demonetization has led to the return of money minted by RBI back to banks which is loaned to various businesses and people at lower interest and lead to better growth and development.

The psychological impact on corrupt or tax evading individuals was also great as they have witnessed how their illegal money and greed can work against them by losing the money, paying hefty fees and fear of being arrested.

There was a huge spike in property prices because of part payment being made in black but after demonetization the property prices reduced.

Though people faced huge trouble due to demonetization and the stock market indices decreased but people endured all of this without any Mass protest etc and also the market recovered quickly. It was mostly the opposition politician who spoke against demonetization but there was a lot of support from honest people on the government for it's an effort on curbing the menace of black money and corruption.

However regardless of this corruption has not been uprooted and there is still widespread corruption though it has been reduced by some amount. Also instead of asking for cash and storing it in safe houses, the corrupt are asking for money transfer digitally to Swiss accounts or through various innovative means.

Therefore we can conclude that demonetization did not uproot corruption and it has rather changed it's medium or clothes. However, the move was very bold on part of the government and it has reduced corruption and black money to some extent.

Also, in order to make huge changes in our society, we must play a part by not giving or accepting bribes and collectively educate the masses of the menace of corruption.

Demonitisatization is a step taken by govt with a good intention but with out taking advice from competant authorities and the preparation was also not up to the mark as asserted by many financial experts.

Declaring 86% of the currency invalid at midnight was nothing less than a nightmare.

Financially it was a bad move as conveyed by Forbes as well as raghuram rajan our ex governor rbi.

The main intention behind note ban was to eliminate black money but what I think is that govt was not ready to implement it unanimously because of the following reasons:.

Firstly The note ban was not applied to political parties which acted as the catalyst for black money holders to convert their money as we all have seen the case of bsp supremo Mayawati.

Secondaly the cash crunch reserted complete paralysis of indias informal sector.

Thirdly govt claimed that it will help to reduce terroe fundings in kashmir and in moist areas but the ground reality is a bit different as we all have seen that many terror attacks in kashmir as well as in moist areas has taken place that resulted in large casualties.

Lastly if we look at the stats of rbi it conveys that 99% currency has come back so possibility of fake notes is also ruled out to large extent.

The main effect that cash crunch has created can be seen on our gdp which plunged 2% that means a loss of 2000 lack crore.

There are many companies and factories that shutted down due to demonitization, and of coarse we all know the plight of it sector which witnessed loss loss of lack of people.

So in the end I just want to say that doing things for the sake of doing will create nothing but problems for our nations so we all should think rationakly become taking any decision.

Thank you.

Hello everyone.

In my opinion, demonetisation was a great move in the Indian history which was implemented by our government of India on 8 November 2016. The main aim for this demonetisation was to eradicate corruption and to remove the circulation of black money from our country but I personally feel that the corruption has been reduced but not to that extent that it should be and if we talk about black money than Indian people will definitely find the new ways to counter this.

And more over the implementation of demonetisation could have been definitely better. Our Prime Minister suddenly banned the currency in the evening due to which many people have faced a lot of difficulties. The one who were supposed to face trouble were quite comfortable with it as they were higher class and they have their agents and servants who were standing in the queue but the middle class and the common people had to go through a lot of difficulty, they had to stand in long question for hours to deposit their old currency in the bank and to withdraw the cash from ATM.

Within a Span of two to three days there were a lot of downfall in the trade and due to which our GDP also went down during that financial year.

But like every coin had two sides. Apart from demrit demonetisation has resulted in emergence of digital transaction and there is a huge shift towards electronic payments after the note banned. The electronic method of payments are gaining popularity among the common people and this was after the demonetisation only.

So the conclusion is that the the main aim of this demonetisation had not been fulfilled completely so the government should find new ways to eradicate corruption and black money from the economy.

Demonetisation is being painted by some as a colourful picture of the future while by some as dark and gloomy picture of the past with lasting repurcussions. All in all, it's still a grey area, for it's confusing.

Demonetisation was carried out with an intend to get rid of the black cash in the economy. But the recent RBI reports show that 99% of the cash was deposited back into the banks. So what the government assumed of the money hoarders that they will throw away their hidden stacks of notes, didn't really happen.

Supporters of demonetisation claim that although the black money is back in the system, after demonetisation, the tax department now has the information of people who deposited large sums of money which may not be explained by their incomes. And hence, demonetisation opened a window for taking action against such people. But these consequences were declared by the govt at the time of introducing demonetisation and the money hoarders and tax evaders found new ways to get their money back into the system through some loopholes. Large sums of black money was split into smaller chunks and deposited in the banks using different accounts (mostly jan dhan accounts). Theses accounts holders were then paid some commision. Hence, paradoxically demonetisation created opportunities for more bribes and curruption to take place.

The intend behind this drive was laudable but it wasn't a thought out decision. It could still haven't garnered as much critiscism if it was managed properly at the time when ATMs were out of cash while the people queued up outside. Most of them where still smiling in appreciation of the govt's move but little did they know about how the pain wasn't all worth.

Demonetization has caused a lot of ruckus in our country. When our honorable prime minister had brought to notice that high currency denominations will be discontinued from the midnight of 8 November, the whole country was plunged into chaos. The bold move taken by our government has badly shaken all the corrupted people who have stacked a lot of amount in their lockers. For some, it became a nightmare since they have done very hard work to earn black money (More's the pity). The considerable part is the inconveniences faced by common people as they have to lined up in long queues for whole day outside the bank for about a month. Many people have criticized this move openly. Also, opposition parties have left no stone unturned to poisoned people's mind against the move. This is true that demonetization has created a lot of hurdles for common people, but what made demonetization interesting is that apart from all the anxiety that people had, a huge part of population has come out to support it. The reason may be that demonetization has created a hope among people that it will tackle the menace of black money. But the sad part is that demonetization didn't turn out that effective to curb black money problem because a lot of illicit wealth is held by corrupted people in the form of benami property, gold etc. At last I would like to say that as a citizen of our nation, I think we need to understand that demonetization is just a step towards removing the stigma of black money from our country. So we should appreciate the government for its brave move and give full support so that government could take some action further in future to eradicate black money problem completely.

Hello,

Recently India has banned 500/1000 rupees notes W.E.F. 9th Nov 2016. This step taken is known as.

Demonetisation. Demonetisation is act of stripping of currency units and its legal tender.

Although the step taken was considered bold, as it affected the common people. But due to lack of.

Planning and execution the situation get worsen.

The reason behind the ban of currency notes can be.

I) eradicating counterfeit currency.
II) eliminating black money.
III) moving towards the cashless economy.
Iv) fight against corruption.

However, it turned out to be.

I) Reducing money flow, hence created panic among people (500/1000 has 86% of country economy).
II) Lack of planning which causes further suffering among small scale business.
III) Negative impression among some people.

Due to the above consideration, it can be said that people of India are not ready for such steps or.

Rather these steps should be properly planned before execution.

As far as eradication of corruption is considered, the step somehow manages to remove black money.

And counterfeit currency but only reduced the corruption to the certain extent. Because corruption is.

In the minds of people and it can not be removed easily. However, it causes an alarm among corrupt.

People that government can take further actions as this was.

So it can be concluded that the ban of 500/1000 rupees notes caused certain panic among common.

People but the intentions of government are clear. Also by taking the step the government reduced (not removed) corruption and if these type of steps are not taken regularly this will turn out to.

Be a step which will be considered same as changing clothes.

Demonetization is a very bold move and gutsy step taken by our honorable Prime Minister Sri Narendra Modi on the 8TH November 2016. This was done to remove the black money which have been saved by our corrupted politicians and businessmen. Use of rs 500 and 1000 was stopped from the midnight only and was declared those currency note just as a piece of paper which doesnot have any market value.

The main purpose for demonetisation was to remove the black money but in the meanwhile it made suffered both commom people along with buisnessmen. Common people faced alot of trouble due to scarcity of cash. Some of them lost their loving near and dear ones due to the inhumanity shown by the doctors. They didnot treated the patient at old currency note and most poor people were unawre about the digital transaction so they don't have any option rather to lose them.

Infact suffering of cash continue till 1-2 months. Most of the corrupted people got their black money into white money by getting in the gold or with the help of some of corrupted employees of the bank.

But there has been one good impact in our country that cocept of "Digital Transaction" has been applied. Now, people can go for shopping cashless. And this concept will soon led India to be a Digital India.

Banning of note was done with the purpose to fight against corruption and was lso successful to some extent.

Lastly, I would like to say that Demonetisation was meant with the concept of betterment of nation but it lead to the sufferings of common people. We hope these suffering would be able to convert into sweet mango as output in the future.

Thankyou.

Hi Friends, I am Vipin. I agree with my all friends but here I would like to mention that:-.

1. Do we ask something to the government before implementation anything or government do the same?

2. Are people of India is ready for this change from villages, metropolitan and city?

We know that every reform has its limited benefits and more losses/disadvantages. Demonetization also is like that.

How can a government come with a reform without conveying any dialogue to the nation before implementation on it. It is like that a king of princely state ignore the suggestions of the people.

It has been 38 years when the last demonetization happen. From last 38 years, we are running the country with the corruption and black money. I know it uprooted the corruption from some areas of Indian states. But know the condition is same in some areas.

We have the shortages of the printing machine of notes. We have the shortages of running tools which can fill the gap between inconvenience and difficulties.

We know there is a huge gap between India and Bharat i.e. city and villages there is no such type of facilities as we are getting in city and metropolitan areas. We need to aware the people about that and its merit and demerit.

Note changing is not a medium to stop the all eligible things. Here, we need to change the current system and old constitution.

We need to change the education system, government machinery and corruption in government organizations. We need to change the ethical system that we are currently running now.

I hope we could change it then things can change automatically.

Thanks,

Let us first analysis the situation then you can decide:.

1. According to RBI 99. 9% circulating money return back and 0. 1% which is 16000 crores never returned back, which means the either the black money holder number is less or they have found alternative routes or loop holes in government practice in eradicating black money and to me the second option seems more true.

2. Govt said the fake currency would be minimized but soon after a month of release of 2000 notes a large amount of fake 2000 notes was reported to be circulating.

3. Govt said Terrorist attack would go down and yes it went down for some few days but after few days the rate of terrorist attack was as before the demonetization.

4. Govt said people would move to cashless India and yes cashless transaction reached a peak upto february but as soon as the notes were made widely available the cashless transaction drastically dropped.

5. Govt said the number of tax payer increased to 14% from 8% this year but as we see the statistics the number of tax payer increased by 13.8% in 2011-12 and 14.2% in 2012-2013, so fooling people by taking 8% as the base is not acceptable.

6. Loses in 1st 50 days is:. 1.28 Lakh crore, 15 Lakh persons became unemployed, 120 deaths.

7. Cost of new printing notes is 21000 crore.

8. GDP growth decreased by 2.%.

So after analyzing all the above points we can conclude that it was a great step taken by government but it lacked the management post demonetization which didn't helped to uproot the corruption but yes it helped to buy a new pair of dresses for higher denomination notes.

Yes, Demonetisation is a good thing to happen. The reasons behind this are to make India corruption free country and also to make digital transactions more familiar to the public. Until now everything is fine. But, did it happen exactly as what they thought to happen? I don't think so. Only 5-8 % of the black money has been demolished. What about the black money which is in the form of lands, buildings, illegal activities. Even though banning of 500 and 1000 rs notes is a very good idea, I strongly say that implementation was not done appropriately. This will not happen only our Prime Minister is willing to do so, but this will only happen when each and every individual involved in this will act and operate without any scams eg. , bank employees, all politicians and many more people. At the end, it is the common man who was suffered a lot during that two-three month of the period. I personally, didn't see any politician, celebrity or any public figure standing in queues in front of banks and ATM's. Did you people? Don't say me they would have run their day-day activities through digital transactions which is NOT POSSIBLE! The worst part is, the very next day of 2000 rs into the market, many politicians have lakhs of money in the form of 2000 rs. How is that possible when the day limit to withdraw the money is 4000. It's possible only because of the banks, which got corrupted. I like to conclude saying that Demonetisation is really a good idea, but would have more impact if the implementation in a better way and also every personnel, involved in this should be genuine enough.