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

The intention behind banning notes is noble, but corrupt people always find ways to escape such traps. As a result, a number of corrupt people managed to exchange the old notes to the new one by joining hands with bank officials. Though it was strategically planned to announce just before midnight, some people still managed to get rid off black money by acquiring some wealth. Banning notes resulted in common people standing in front of banks in queues for hours while corrupt people had already new cash. Some amount of success could be found due to this drastic decision but it was a disaster to many middle-class men and women. It should have been planned properly. Truth to be told it is a mix of changing clothes as well as uprooting corruption.

Hi friends.

Ban of 500 and 1000 notes was a good step by our government but it fails in many views.

There was no any black currency caught during the demonization time.

There is no good effect on people's but so many bad effects are some during the denomination. No any businessman or any politician are not stand in the queue but poor and middle-class people's are stand in the queue of ATM or bank. Demonization takes some lives that are not any rich person that are poor people's.

Hello, friends.

In November 2016 midnight suddenly a news had broken that what we are considering legal tender was no more to be termed as legal tenders. There was a ban on 500/1000 rs notes a huge decision by our prime minister but is it actually helped to uproot corruption well actually not we all heard that many people got their notes changed by illegal sources even many people earn a lot during that phase by exchanging notes by offering lower percentage. All that was claimed by the government was that they took this step for bringing back the black money circulated in the economy but actually they gave a change to uplift corruption at that time many bank officers were also involved in exchanging black money even that step leads to a change were people got their black converted into white. Even government is not allowing people to get their old currency notes change as they promised from RBI. There are numerous genuine cases where people are having old currency and they are not getting any chance to get them change. After so many months passed after Demonetization, there is not a huge change in the rate of corruption so it's just a change of clothes where all those got benefits which had sources and the masses of people got only problems.

Thanks.

I have a point on this. It was declared by the government that most of the currency notes that were in circulation have come back into a banking sector and it has helped people in some way or the other. I support the idea of banning old notes and feel that it has however made an attempt to curb corruption.

Hello everyone, the ban on 500 and 1000 notes is popularly known as PM Modi's surgical strike against the black money. Corruption is carried out mainly through cash because You can't pay bribe to a government official by cheque, bank transfer or by credit card and thus by banning 500 and 1000 rupees notes promised to get back illegal and black money and promised to provide justice to the citizens of India but point to be noted here is that it has not become so efficient way of reducing the corruption and it also mainly caused inconvenience to the common people rather than the corrupted people and also the government has not given the proper picture of after effects of the demonetization about how much black money has been collected etc.

At first, I think banning 500 & 1000 rupees notes will bring black money out. But after some time I just realized that this just turned the black money of corrupted people into white money. Only the positive thing of banning notes and bringing new notes is that we get rid of the notes with cheap words & drawing made on the old notes. Ordinary people suffer much from this decision by leaving their work and standing in the lines of banks. This also impacts on bank staff as they have to work for extra hours. At last, I want to say that banning 500, 1000 notes do nothing on corruption although it becomes easy for the corrupt people to store their bribe with 2000 rupees notes.

Hello everyone, as we have a topic that due to demonetisation in actual the corruption has uprooted or else it is Jus a changing of clothes. Yes actually it is nothing but the changing of clothes. In recent, RBI launched a report in which it had been said by RBI governor urjit Patel that 99% of money is again in a system out of demonetised money. So, it means, the revolution for uprooting the black money was full of worthless and even we would say that because of it we are in a huge loss. Because the money that we would have incurred for printing new notes, that should also be in a counting and in totality wether we are in a profit or loss. It Is also not been spoken by anyone even after the completion of one year of demonetisation incident. And because of it now our economy has been fallen down to 5. 6%. Because of this current account deficit has also down. Import is even more lesser than export now. Because of that GDP had shooked up. So my point of saying is that before execution of any thing proper planning is required where the govt had lagged out. If they would have properly planned it then could have scenario different now.

Demoralization is the good move by the govt and this move is the fight for ill society like black money, corruption etc. This is the good move by the government. But I think so that govt and any authorities is not prepaid this activity because poor people and old person are very suffered and standard in ATM lines. But this is the short-term losses.

Hi everyone,

According to me, Demonetisation has both advantages and disadvantages. Because of demonetisation the value of old 1000 and 500 notes became zero which reduced the illegal weapon businesses with took place between the terrorists through fake old Indian currencies which is an advantage and the replacement of the old 1000 currency notes with new 2000 rupee notes may increase the production and easy transport of new 2000rs fake currencies which is disadvantage.

I believe that the banning of 500 and 1000 which took place on 8th November 2016 was just changing of clothes as although the notion behind it of removing corruption and black money in India was good but the implementation part of it didn't work well as 86% of the currency which was in circulation was brought to a standstill because of which a normal man faced a lot of problems and the purpose behind banning it was also not fulfilled as 99% of the currency was exchanged.

But, the positive part of this whole act was it promoted digitalization in India as this was the time when the use of digital currency increased and people started using apps like paytm etc. Also to promote digitalisation at this time government launched BHIM app. It was a big step in a country like India where people believe in having more of cash in hand also I would appraise the government for the reasons they have for banning this big currency notes in India as it helped in reducing terrorism too.