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

Hi all,

I believe that Ban on 500, 1000 notes was just changing clothes! as it moved from common man to the ruling Govt, But also it was a good initiative with bad planning taken by the Govt of India.

In some Latin American countries demonetization occurs frequently so as to route out corruption in the Govt sector, so we also should do this more often but with proper planning and not giving the cash away first to the rich and the politically influential people.

Banning 500, 1000 notes is just changing clothes. In short, it will affect the corrupt channels but this ban is not ready to uproot corruption in long term. The Government has introduced 2000 notes which will surely revive corrupts because bundles of 2000 notes will reduce stress on their soldiers and occupy less space. We have need to be more serious about all these corrupt channels rather putting ban on currency. Banking system should be more stronger to deal with these corrupt channels. A bridge is needed to impart the gap between all departments where corrupts can invest their corruptly hard earned money which is stolen by honest tax payers. To uproot all these corrupt channel we have need to bring change in our education system. Value addition is required in our education system.

Hello everybody,

In my opinion, on one hand, Demonetization has partially uprooted the corruption. And as to develop any country, some decisions must be taken by the government that may not please you always but may correct the things by giving little discomfort to you. So did this "Demonetization". Up to an extent it unveiled many people's black money and still counting.

And on the other hand, in recent Lok Sabha meet when Rahul Gandhi asked Modiji about 1600 times profit made by Amit Shas"s son, Modiji was speechless. Because their own parties candidates are corrupted. So if these politicians are just doing all this for the sake of politics and their party winning the elections then it's no less than merely changing clothes.

Hii everyone,

The initiative taken by Modi Ji on 8th of November 2016 was a good step for eradicating corruption, or reduce the black money to huge level in nightmare only. As there was no Pre-planing done for this that what should be the consequenes of this on people of poor & middle order. It should be the responsibilty of our PM to discuss everything with the RBI officials & should print the New notes in excess but confidentially, even without discussing anything with their party members because although this proved to be benificial upto just 2 to 3%, because only those who don't have high approach are treated as defaulters on the other hand the fact is that the India total income are just in the hand of 1% of total population these are high level persons or in some way connected with the political parties even they are exchanging their notes beyond the mentioned limit for a week, and also withdrawing more money than the limit decided by the govt at that time. They all changed their notes before the mentioned last date to change the notes, so in my opinion their is no profit of doing demonetization as the black money holders changed their old black holdings with new ones, It should not have implemented as this without curing the curse has proven deadly for many poor people who have no fault in all this, they loose their lives standing in long ques, one with approaches changed their notes with great ease sitting in Ac rooms.

Also the introduction of 2000 notes is totally a medium to increase the corruption to more level as if earlier only 20 lakh can be carried in suitcase now 20 crore can be carried in the same suitcase. There is no such rays in these notes (2000) saying all these nonsense stuff that these can be traced by using equipment are nothing but a way of making fool of people.

Hi friends.

On 8th Nov 2016, the NDA govt banned the 500 and 1000 rupee notes. It was a huge shock for the people's of India. The perspective of the govt to ban the currency notes were to uproot corruption, reduce counterfeit notes, reduce terrorist funding and also to bring digital payment solution in India. The motive of the govt was good but at the initial days the common man had to face huge pain and hardships and also the actual cause of uprooting corruption were not successful. The corrupted people i.e. the politicians did not face any problem, they converted their black money to white money very easily and none of them came to limelight and no other strict action was also taken against them. Apart from that in the initial days to some extent corruption was removed but it is again generating due to the introduction of new currency notes. And corruption will prevail throughout as it is in the blood of each and every Politician. So banning 500 and 1000 notes is like changing clothes but again wearing the same clothes.

BENEFIT OF 500 & 1000 NOTES BANNED.

Large loss of Black money:- This conclusion is a pain in the ass for black money owners having vehicles of cash undeclared and experiencing without spending any tax. More and more businesses will be sorted those who accept paper money only such as small jewelers, hotels etc.

End of Fake currency racket:- If applied properly and successfully then it will outcome in end of fake currency noise as most of the fake racket is of Rs500 and Rs1000 but later scammers will create fake Rs2000 observe.

The Hurdle for terrorism:- As said by PM Modi "From across the border, our enemies operating racket in India through bogus currency, We all know he was referring to Pakistand and Chinese suppliers so this choice will put an obstacle in their direction. Funding for arms, smuggling, terrorism will take a blow. This is a most important advantage to the country.

DRAWBACK ALSO THERE.

Inconvenience to people:- load in trading notices to the comman individuals.

Elimination to common Individuals:- lots of Indian have a fake currency that it accidental or earned by effort and they are using it without knowing it. Now banks will refuse to take a fake money it direct loss for innocent people.

Lack of Tax Payers Cash:- Rs 500 printing expenses Rs 2.5 and Rs. 1000 expenses Rs 3, (approx). Multiply it by the number of 500 and 1000 notes present in India; now govt has to pay these funds from tax payers.

According to me, banning of 500 and 1000 rs notes has definitely reduced the amount of black money but the execution of the ban was not proper as a lot of people has rotated their money even after the ban. It created such a chaos in the country. According to forbes editor in chief this decision of banning of notes is a theft. Gdp of the country has also reduced from 2015 to 2016 year. Also, the money required to make the new currency also added to the loss.

I think in most of the place many changes have been seen but people who have black money they again started collecting black money of new notes. And it will again happen that rich is going to be more rich and poor will going to be poorer. And the economy will get gradually decrease.

Black money is the result of the mentality of people. Any action towards removing it completely, would not help! And so was demonetization. Of course, black money reduced, in the economy, as compared to it was earlier. It did not root out all the black money from the economy as much of it was in terms of investments and not in cash. But fulfilled one of the objectives of demonetization, i.e to control terror funding. Terror funding has taken a pause since demonetization was announced. Best we can do is to bring our mentality on track and focus towards growth and development of our country rather than just practicing tax evasion!

Hi everyone.

Demonization is a step taken by our honorable prime minister. It is a good step which not implemented perfectly but it shows some effect like somewhat our country GDP increased by these step but according to me 5 percent black has been caught and we never seen demonization effecting black money holders so both positive and negative faces or there like a coin had two faces but according to me it's a great step with small change and less effects.