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

Hello, everybody.

The topic of discussion here is the one that recently has affected our country in every possible aspect. In my point of view, banning 500, 1000 notes was a bold and thoughtful decision by honourable PM, as it has to face a lot of opposition. But on other hand, it was a really good step to stop hoarding money by so called paisawale of County as black money is stored mainly in a big denomination. On the other hand, we can't say that with this step, corruption is uprooted. Because it's a series of well-planned actions for a common goal. So we can say that it's a step we have moved toward corruption free country.

Dear All,

Demonetization is a very bold and sharp move by Government. it might not get the result as everybody is expecting but it shows the concern of the government that they are very serious and strict against the Black Money.

But as per me demonetization was not a success full plan. Because it was unorganized by Government and those who has the power and approach at bank authorities, they are used the situation for their benefit.

At the time of demonetization the people have the access to the authorities started a new business they are exchanging old currency to new currency for Few percent. By this black money holder got the clear window and get rid of this Old note ban thing.

It doesn't affect them much.
Its not the bank
Its not the Government
Its not the big Business tycoons
Its not the Political party
Its us who need to understand and mend our way to eradicate the Corruption, if we understand our duty towards the Country and society than only we can think our country is moving towards the better direction.

Most of the people think that demonetization was a very bold and wise step taken by the prime minister of India. But in my opinion, it was just a measure to create discomfort to the people since it wasn't properly planned and executed as well. The big reason for this action was to prohibit corruption and uproot black money.

But the actual fact says only 5-6% of the black money exists in cash in India. And for this, putting a ban on 500, 1000 notes is worthless. The people who were corrupted are still corrupted and have black money in the form of gold and property. There was no use of this action as this brought only problems in various regions of the country especially in villages where they were no ATMs. Also, many daily wage workers lost their jobs because of unavailability of cash on daily basis. Many people suffered an acute shortage of money and thus survival problems.

Also, as far as the circulation of money is concerned, many people holding black money burnt their cash which was a total loss to the economy.

But the roots of corruption hasn't lost its strength. It was there and it is still there. Putting a ban on notes didn't help anything and was just equivalent to changing clothes.

Ban 500, 1000 notes was the good step taken by our honourable prime minister. Through the common people and poor people faced to some problems but in this way black money came out the pocket of illegal holders. Demonetization reduced the corruption. We can't say that was like a changing clothes. Demonetization was like nasty kick for illegal holders. They were a force to come out their wholes. If we want to some good change then we have to face some problems. Light comes after darkness. Ban 500 and 1000 notes werethe good decision taken by prime ministor. In this way, a portion of black money was reduced.

Hi. Well withdrawing high-value notes from circulation and introducing new and higher denominations notes i.e. 2k rupee notes is definitely a big risk, yet a calculated one. With the demonitization phase, the government needed a currency denomination that could reach to the people in less time, holding a high value. Minting 100, 500, 1000 denomination notes would be taken time for the central bank, and difficult to curb the corruption and uprooting the black money circulating in the economy. I think this is the biggest reason for introducing a note which has high value and with less minting cost, hence cost effective for the government The black money holder have had 500 and 1000 denomination notes stored in bulk. Banning these notes will help in uprooting black money. Though this going to affect the economy for some time but this is something desirable for the benefits in long run.

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.

Hello all,

With this ban of old 500, 1000 and approval of new 500, 2000 notes both have some pros and some cons.

Let's first talk about pros.

1. New note of 500 and 2000 are small in size so you can keep more notes in your wallet than you keep previously.

2. New 2000 rs note have nano GPS chip.

3. More security features.

Cons:

1. New notes are small in size so corrupt peoples can store huge amount easily.

Hello everyone.

In my point of view, banning of 500, 1000 rupees is just changing clothes because it doesn't bring any major change in the society. Currency notes have been banned in order to uproot corruption in our country but actual scenario is rich gets even more richer and poor gets even poorer. This had made a drastic impact and affects mainly normal people of the country. Though banning is to uproot the black money holders but here normal people strives to lead their daily life.

It is to be noted that corruption is not done only through money. But also by assets so here demonetisation doesn't work well.

Thank you.

Some people say that there is nothing to going change after demonetization I want to ask question to them how they feel after demonetization when they travel without having cash in their pocket and go for online ticket booking how they feel when they go for shopping only having 2000 notes and some other 100 notes feel secure that's a point on that our pm Narendra Modi Ji think and go to for ban on 1000 and 500 notes.

Thanks to all.

Banning 500, 1000 is one of the steps taken in order to curbing black money and corruption. By this move little bit black money came under control as it seen people devastated their black money.

For uprooting corruption more steps are involved like forcing country to go cashless- As currently a round figure of 60% people are using cashless transaction mode and others are not aware or they didn't feel safe while doing cashless transaction. Indian government is also amending the security issue of online transaction so that hacking and security breaches does not come under the picture.

In conclusion, I can say that banning currency notes is good step and more to be added in order to curb on black money forcing country to go cashless this are the good move.