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

I don't think it is a good idea of banning 500, 1000 notes. People (mainly handicapped people, old persons, job holders) suffered a lot. They use to sleep near the banks in line as we all saw this in news channels. They just ban 500, 1000 note only to catch the corrupted people, but they didn't think about the poor people and middle class people. They provided 2000 notes in banks, even after that also people suffered to get the change. Again they use to stand in the line for change of 2000.

According to me, it is very well known to us all that only 12% of black money were evaluated after demonetization, the rest are in the form of gold, private property and swiss bank, so this major part of black money is required right, and this is not the first time demonetization had occurred, so creating these event just for political purposes is not fruitful, and because of this middle class or poor get suffered.

So demonetization is not the right way for bringing black money back, there must be some other way around without affecting the middle-class people and poor.

Demonetisation has not been able to create the effect it was meant for :

-> The initial propaganda attached with the move was to eradicate black money. Though, 14 trillion out of 14.3 trillion rupees of notes scrapped are now accounted for, which means the black money hoarders have proved adept to launder black into white. apart from using phony bank accounts, corrupt bankers made sure to make the way comfy for big guns.

-> Demonetisation saw a spike in deposits in Jandhan accounts but a couple of months later stats suggest those were mere proxy deposits and money is being withdrawn at an even higher rate.

-> Another stated goal of demonetization has been to fight counterfeiting of currency. It is estimated that 250 out of every million note are fake and often claimed as a fuel for terrorism. This may be effective for short term but it is almost impossible to completely eradicate fake currency with current security features of note.

Guys actually PM sir have taken correct decision, but somehow it was spread to the many corrupted people before it is announced to the public. But circulation and transferring money have made limited know so they cannot recycle the black money much easily. Whatever the decision has taken by the government We the Indians should support than only even govt will come forward to take decisions.

It will reduce black money and fake currency from the market. The intention of banning 500 and 1000 denomination was to get hold of black money holders as well as tax evaders. Big earners left out of their black money in the form of foreign currency, Gold, and are hidden from taxes.

Hello everyone,

The nation came to standstill when honourable Prime Minister of India announced that Rs. 500 and Rs. 1000 notes cease to be a legal tender.

The idea was really good but they failed in its execution. We can understand the effect it caused to the 3 classes- low, middle, upper.

Lower class people had affected the most due to demonetization. Most of them weren't really aware of the situation created. Even though schemes were launched ensuring people open their bank accounts, they weren't well trained regarding its usage.

Some of the middle-class people were affected as well, mostly who had a business which involved cash. Others had nothing to worry about unless they had black money hidden in their basements.

Upper class consists of most of the people with black money which includes politicians, businessmen. As our Ex-RBI Governor said 'People Will Find Ways To Divide Their Hoard', that is, people will find new ways to convert their black money into white.

Many people died during this process and I feel instead of demonetization, the government of India should've ensured strict taxation laws which would've saved the people of India from such chaos.

Hello friends,

The sudden ban of 500 and 1000 rupees notes was like an avalanche for those whose pockets were stuffed with the black money. Yeah, when PM announced that 500 and 1000 notes are ceased to be a legal tender much middle class and lower class people were ready to face all kinds of problems happily as they just wanted the corrupt people to be ruined. But I don't think this step was that effective because these corrupt minds have far more powerful networks than that of PM's web. The scenario is still the same, only thing is the technique of corruption is changed. It's very difficult to uproot corruption from present India but still, we have confidence in our Respected PM.

At present, I personally feel that the ban of RS. 500 and RS. 1000 notes were unable in uprooting corruption it is just changing clothes.

Hii friends, in my view banning of big notes like 500, 1000 didn't show any impact on the prohibition of corruption in our country. We saw many leaders, VIP's got exchanged their old currency directly from the banks. This shows that there is no impact on the ban of 500, 1000 notes.

But the middle class and poor people suffered a lot in order to meet their allowances. All the VIP's exchanged their notes before the declaration of demonetization.

I want to describe an example which shows that corruption is not uprooted because of banning of the old 500 and 1000 notes.

According to my point of view, the banning of these notes has two perspectives.

The best part is the growth of Indian economy which had achieved a GDP of 7.6% from 7% and removal of fake currencies in which big shots were involved.

The bad thing is about common people who are suffering from the effect of demonetisation which included bank terms.

But in a long run, this decision would make India grow economically more powerful.

This is good for the reduce corruption but it was not proved good for the economy of our country. Only 5 to 10% black money in cash but major part is not in cash. And ban of this notes at that time we could show the effect only on the middle-class population. And our GDP also effected and it is 2% less than our estimate GDP. So if we will want to changing the clothes first find cashless or swid. Banks blackmoney.