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

It will be loss for our Indian economy.

Good afternoon.

Well corruption has its deep roots. It cannot be completely uprooted with a single move. By banning 500 & 1000 rs. Notes, our hon. President Mr. Modi has initiated a move against it. The effects of this ban has created chaos among the black money hoarders ultimately busting a few many. Digitization is promising since whatever transaction is made is under surveillance. It may have a positive impact on our economy by bringing back the black money to the government's treasure, thus resulting in price fall which are under public sectors. The fight against corruption has just begun.

According to me, banning of these notes just gave some rest to people who do corruption and now they took new ways for doing this. "Nothing changes".

Hello friends, this ban has just been corruption changing clothes. Demonetisation of big value notes brought out new faces of corruption like those of bank employees, finance agents as everyday newspaper highlighted such ample news. Corrupt individuals would find some or other way to break the law and feed their greed. Also its not only in cash that a highly corrupt person keeps his money. It can be in form of gold, swiss accounts, real estates. The impact of demonetization is being far borne by common man for his hard earned money. Nobody is questioning the real stakes of black money. For where did it came from. How did it come, etc? It's only about common man's money being questioned. Now with new high-value currency of 2000/-, the corruption would continue to take place. By introducing Rs. 2000/- note, the aim of banning high-value notes is seeming absurd and blurred.

Hello everyone,

That's great! many of us have mentioned good points, as far as I concern, it's very difficult to get rid of black money because even after the Demonetization people started the same strategies with respect to their respective black currency and taking to initial peak. If government Or any other would try to rid it of their black hair turns white!

Not ban means stripping the status of notes as a legal tender. Demonetization is like a two side of coin which one side shows it has some good reactions like transparency, tackle black money, digital economy etc. But there is some drawbacks of demonetization like it reduce the growth rate from 7.4 to 6.9. Many problems were faced by the local traders like shortage of supply and many deaths occur from demonetisation because many hospitals refuse to accept old currency note which leads to death of patients. If government really want to go cashless then government has to maintain law regarding the online frauds.

Demonetization was the action taken by the government against black money and their holders. This somehow affected the common because they also keep money in their homes but they have all the statement of that money. So in order to support the idea of demonetization common man suffered a lot of due exchange of their white money.

Not all the money got recovered by this idea because the idea was not to get all the black money but to stop it.

Furthermore step like this should be done in order to uproot it or else it will be a fresh start for the people to start corruption of black money.

So basically it is not uprooted.

Now people have black money in the form of 2000 rs notes that means it has changed clothes.

Let's find out the next step by discussing it here at INDIABIX. I request IndiaBix to make the next topic as.

"What could be the next step after demonetization to uproot the black money corruption".

Banning 500, 1000 notes in our county last year has some very major effects. Everyone here already discussed 'demonetisation'. So, I will try to add few points regarding after-math of Demonetisation

Particularly, with the sudden change in the banking sector in our India, few changes has vast -ve impact on our system.

Certain reforms which were recently announced like cash transactions of an individual person are limited to 2,00,000/- only, and if some person does more than 2 lakh transaction is liable to pay the total amount as fine to the firm where he/she did the transaction. So, people of India are forced to do cashless transactions. Here there is another reform, If any citizen of India do digital transaction more than 10,00,000/ then he get notices from IT department.

So, what I want to infer is that in one way government is forcing people to go cashless, and in another way they are imposing extra burdens due to digital payments.

All the black money holders are either having multiple bank accounts or they have their own corporate banks. They have changed their currency in a huge amount by their personal banks. So, I think only a common man suffers for demonetization and corruption only changed its clothes.

According to me, the ban imposed by PM on 8th November had a very huge impact on the most corrupted people in india, because, they were high denomination notes and takin off the legal tender of such notes would have definetly hampered. There is no other way to implement this type of proactive step by GOI. And it is not the first time. Ultimate benefit will be always for us in the long run. And we are not discounting the life of those 93 people who lost their life owing to demonetization. One should remember. NO PAIN NO GAIN. It is one forward methord to curb black money stashing and hoarding. Jan dhan accounts experianced a very huge hike in the terms o deposits. This has also boosted digital India motive.