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

Ban of 500 and 1000 notes was major impact on middle class people, its a good idea but there should be a better plan by introducing the different currency notes to over come the problems. Many of them are still maintaining the black money but the major impact was on people who are in below poverty line. Main the political parties are using their power and doing more money so that they need to come with a different idea that should affect the people who having plenty of black money.

The demonstration of the banned 500&1000 notes it is very difficult to a middle-class people and the government they govt they don't see any buddy to people to suffer the cash and many problems to face and demonstration is a correct decision but they don't to seem the black money any politicians and any business man and the very struggle for exchange of money to take banks and other ATMs so this is not correct decision n the full black money was total in India was 150000 crores but they found only they don't found and then it is worthless and struggle for people so there is no corruption and no change in India.

Banning 500 and 1000 notes was a very good decision and the intention behind it was also genuine. However, the implementation was not proper. The greatest sufferers were the public. From standing in long queues to unable to buy things due to lack of smaller denominations, the public has suffered it all. Not everyone uses digital mode of payment. Neither does everyone have a smartphone to cater to the needs of digital payment. Moreover, due to lack of calibration of new notes, the ATMs were empty which was very disturbing. On November 8, demonetization was announced. Almost, 80% of the notes in circulation were made ineffective. This was a blow to the corrupt people, however, it was also hard on the public since the government was not fully prepared for this move at the time of this announcement. Corruption is undoubtedly rooted deep in our society and this disease needs to b eradicated before it swallows the underlying principles of a good man. It is true that demonetization has tried to b a challenge to the corrupts, however its consequences are still visible in the form of 2000 notes.

There is a need to introduce small currencies as soon as possible.

Hi everyone as one of my friends said that the maximum Indian currency should be not more than 250 rupees.

I agree with the statement as if there will be less currency than when anyone who wants to hide their black money should have to hide in bulk at any large place and it would be a heavier task and while transporting also it would require a much amount of caution which would be noticeable and terrorist will not be able to get much money as the quantity will increase but not the amount will.

Hello, myself Aditya ban of 500 and 1000 is a good decision but not a great. By this policy only poor or middle-class people have to suffer more than that people for those the demonetization had to take place so think the government had done the right thing but not in a right manner. I am sure black money holders have solution for this problem not suddenly but they make the solution very easy and after that big policy had taken place in our country the corrupted peoples once again started in making of black money in a different manner so that's why I think corruption is uprooted but not fully or properly and we can say that it is a just changing of clothes. Thanks.

Demonetization increase the fear in corrupt people or organization and whatever they have done to convert their illegal currency into legal currency whether they succeed or not but one thing that they have got and that is the fear to get caught in future and they will think hundreds to do such nuisance.

Hi everyone, In my opinion, banning 500, 1000notes is encouraging sound party people as they can keep huge money with them in the form of 2000 notes. Bpl people they suffer a lot and one more rule has been implemented if anybody writes on currency with pen no one is accepting it first off all please make the people aware of such information and then implement such rules.

By banning 500 and 1000 rupees the effect which the government wanted to see in the country to bring out corrupted leaders went in vain as it only caused trouble to common people as they had to stand in queue in bank for exchanging money not the corrupted ones.

Why ban Rs 500 and Rs 1000 notes?

In two words: black money. Unaccounted money, often used in any form of corruption or illicit deals, usually takes the form of high-value notes, which in this case are the Rs 500 and Rs 1, 000 bills. In his speech, Modi specifically pointed out that these large-value notes were being used to finance corruption and fund terrorism.

The Financial Action Task Force, a global body that looks at the criminal use of the international financial system, notes that high-value bills are used in money laundering schemes, racketeering, and drug and people trafficking.

In India, the Rs 500 and Rs 1,000 notes also constitute a huge percentage of the money spent by governments, political parties and candidates during general elections. A Centre for Media Studies report showed that nearly Rs 30,000 crore was spent during the 2014 general election, while official spending only accounted for Rs 7, 000-Rs 8, 000 crores.

This of course only scratches the surface: major industries such as real estate have historically been conduits of black money.

The most important fact, however, is that the share of large-value notes has only been increasing over the years. While some of this is no doubt due to the natural growth expansion of our economy, it also hints at the increasing size of our black money economy.

Modi's decision to decommission Rs 500 and Rs 1, 000 notes should ideally not hurt most individuals in the long-term, although it will have a significant negative impact on the working class and small and rural businesses in the short-term. Economist Ajit Ranade's back-of-the-envelope calculation shows that the highest face value in India should be around Rs 250; simply put, Rs 250 is the highest-value note that most Indian individuals should need.

On the other hand, what needs to be noted is that there's no good estimate for how much of India's black money is in forms other than currency physical notes such as gold, jewellery, land or any other form of wealth. Therefore, while banning Rs 500 and Rs 1, 000 notes will tackle the black money that is in the form of hard cold cash, it won't affect other forms of black money. On similar lines, this move will, obviously, have little effect on black money stashed away in foreign tax havens.

For a time after demonetisation, bribes were stalled as people taking bribes didn't know how to safeguard that income. So, many activities that require govt authorities to take steps came to standstill. As cash flow increased, these pending work has started to move, but values of bribes taken have increased exponentially, as people are suffering for many months due to lack of govt authorities' most basic activities. They simply refuse to do things without heftier bribe.