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

First of all demonetisation was done before in many countries such as Nigeria, Soviet Union. Australia, Pakistan etc. And the results were very bad. At least our govt should make a proper plan before announcing any decision.

Many of you don't know but before many atms used to dispense 500 &100 rs notes but few months before demonetisation each atm started dispensing 1000rs notes.

It was just a publicity stunt as 2019 elections are comming. If we see the speech of our PM he has just been announced the decision to the public not in the parliament.

And the next day he just flies to Thailand and Japan. It's not fair. Is our honourable PM doesn't have any of the 1000 and 500 notes or he is changing them in Japan.

Post demonetisation there were many cases of police catching crores of new notes. Where are they from?

And one Gujarati man surrenders with a black money of amount 800 crores.

It's just like a game in which common man is going to suffer adversely.

No one has given the figure that how much black money has been caught.

Our Ex-PM Manmohan Singh who is a Great economist. Former governor of Reserve bank stated 2 days ago - Demonetisation was not at all necessary in India.

Corruption is something that cannot be uprooted. This is the unbelievable truth. Yes! It can be shaken a little. Banning 500 and 1000 notes did make some politicians and other famous people amaze and at the same time put them in a situation to protect them or else see themselves in jail with their black money. But if this ban was kept in mind to uproot the corruption then it was a failure not the total failure. The common people were only affected at higher percentage. What the government did was good but it required a proper implementation.

Though demonetization was done with a clean purpose of sweeping out the black money from India but without proper arrangements, preparations and without deeply considering its future aspects. While demonetization affected the current stock of black money but it did nothing very effective to stop it's (black money) future flow.

I have to say that through PM was successful in bringing back 97% of the total demonetized currency I was not very amazed to see that a recent survey stated that most of the black money in India is not held in form of cash but as investments, real estate, jewellery etc.

India is a democratic country i.e a govt of the people, for the people & by the people! Now, that our honourable pm Mr.Modi declared demonetisation of notes all of a sudden, People - the illiterate & poor sections suffered a lot in a confusion regarding the exchange & the fear of losing money took a few people's lives too. Though it was a good decision, it required some preparation, the govt being a democratic one along with aiming at the rich section of our society, it should have foreseen the ill effects of demonetisation on the weaker illiterate section of the society.

Hi,

Demonetisation of 500 and1000 rupee notes is one of the major economic reform announced by our govt this year. This is done paramount to the rise in the flow of black money thereby destroying Indian economy. This is a great decision but it failed in its implementation. The failure happened in its implementation makes Indians suffer more especially the common people. The sudden announcement and the short span allowed for exchanging the demonetised notes make a large queue in front of banks and atm, make the life of common man miserable. The govt aimed at the black money giants, but they handled the situation without making any harm for them.

In fact, the everyone claiming that demonetisation is a failure, govt argues it could bring out some of the black money. The another drawback happened is we all know India is a country with a many illiterate people they were ignorant about this demonetisation and they got trapped and even some others make use of them. So in my opinion demonetisation could not bring out whole the black money or couldn't uproot corruption but this reform makes them changing their strategies in corruption.

As we saw the latest news after all calculation Ban on old 500 1000 notes is just all publicity stunt of BJP GOV.

So that they can say to their people that they tried to collect that black money but they didn't get succeed.

But the bulk of black money which is in the swiz back no BJP person talks about it.

If they capable they should ask for swiz bank tell them all the account holders that are from Indian.

Mostly they're all politicians which hide their money so nobody can point them out.

So that's it from my point of view 500 1000 ban is a blunder of our gov.

Our GDP growth goes down and 150 people lose their life's.

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.

The process of banning 500 and 1000 notes is called Demonetisation. It was a great move took by the Indian Government. The process aimed to remove all the black money from the corrupted people. The honorable PM took a great step that old 500 and 1000 rupees notes would be valid for the hospital use only so that medical patients couldn't get harm from it. Moreover, there was a restriction on the purchase of the gold so that the corrupted people would not be able to save their black money. The astonishing step that was taken by the government resulted into Corruption uprooted. Because all those people having black money suddenly get this information and were unable to exchange their black money. The government took the smartest step that one can exchange their money only up to 1 lac only. Otherwise, they need to tell all the required information about the money. At last, I can conclude that there was a larger decrement in the black money from the corrupted people.

Hats off the Modi for taking a bold step - which most of them could not have done.

I am sure lots of fake currency which was in circulation in India came to an end.

Other than that I do not think it has any effect on black money or corruption. It's a fake concept just to please the public.

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.