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

Hello.

According to me, demonetization was one of the steps taken by the government to reduce or remove corruption from India. And up to some extent government got success in it. But it seems very difficult to remove corruption from the roots of India.

After demonetization, a lot of black money was collected which could help in the growth of the economy. So, we can't say that it was just changing clothes.

On the other hand, corruption is deep rooted evil and to remove this evil, our government needs to take more actions than changing currency.

At last, demonetization was a necessary but not sufficient step to remove corruption.

Thank you.

According to me, banning of 500/1000 notes was a good initiative but it didn't make a direct impact on corruption as people invented numerous ways to go through the situation and also govt fails to implement it properly. But I think it was a good move to extract hidden money from people. Because within few days much more money gets deposited in banks & there was a huge increase in payments of Property Tax to municipal corporations.

One of the best results is that, because of less/no available cash, people started using digital mode for making payments. Though at the start people suffered a lot, then they end up using new technologies for making payments. Digital Payments are important to make transactions transparent so as to reduce corruption.

I think Demonitation is a drastic step taken by PM Modi Government on last November, to exchange the currency also given a very little time, mainly to increase Cashless transaction and enhance the economy growth of India. Due to this poor and middle class suffered, to stand on a long queue for a few thousand rupees, no amount is used to available in ATMS and banks. Higher grade people is continued by bribing the officals to complete therepending works, next to avoid fake currency but I guess no within the release the new notes, fake currency started producing, it is running everywhere in India.

Banning 500, 1000 notes was one of the orders passed in the "Demonetisation" scheme. The main purpose of the step was to uproot corruption from the country. I indeed, feel that this is a progressive step to achieve the above objective.

In the fist place, banning the above currency notes would compel the black money holders to immediately replace them with new ones. The corresponding bank transactions would be kept track of by bank officials, and the guilty one would be punished.

Secondly, it would also lead to a decline in corruption, since serving money to officers to fulfill demands would be risky.

It would also lessen corruption by preventing the manufacture of counterfeit 500 and 1000 notes, which has been prevalent in many parts of our country and even across the country borders.

Not only this, but this new step would also hinder the conversion of black money cash to gold or property equivalents, since even gold purchasing would demand a copy of PAN card for purchasing gold worth more than 2.5 lakh.

These assumed procedures, if sincerely followed by everyone- both government and people, would surely relieve the country of corruption soon.

No, I Don't think so because we all have seen that 99% of old 500&1000 notes were deposited to banks. And if they all were submitted then where is the Black Money? Actually, this money was given to the middle class or lower class families to deposit to there a/c and after the end of Demonetization, it was taken back in any form after giving them their part.

Hi friends, I am Prashant, and my opinion is that yes it is necessary to make some changes in an economic system. But before taking any serious action the government should sure that the medium class people will not get affected a lot. Because in an Indian economy the medium class people plays a very imp role. So, firstly make fully aware of them and then implement on that. Then it will be more efficient.

Hello everyone.

In my view, banning of 500 and 1000 rupee notes is just like changing clothes for wealthy people because they changed their money without going to any bank and they do not stand in queue hours and hours in banks, they changed their money without knowing any pain but whereas for poor people they don't have enough money to change in banks per day only 4000-5000/- per member so due to this they faced lot of problems but rich people changed crores of money without any limit. I think govt had made this for abolishing corruption but it is not actually done even now corruption is almost all same before ban of 500, 1000 notes.

Hello friends I think you all are right.

I agree with you all, demonetization was a very good decision but if 98% money is back to the rbi then where is the black money I think this is happen because every people wants black money back but many people doesnt wants to pay tax if we can't change ourself nothing will be change.

I think, not affect on corruption because. On this planet, MAN is very intelligent. If one door is closed, open another door, like same happen in this situation. If corruption is not possible through money, they can take Buy something Big amounts goods, Invest somewhere without cash. I agree corruption had been stopped only that period. When Notes had been changed.

Hi friends. I am Gyan.

I think it was a good discussion, the ban of 500 & 1000 rupee notes to suppress the terrorism at that time. And it was short-term benefit and problems.