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

Good evening everyone,

I would just like to say that banning 500 and 1000 notes doesn't affected corruption at all it was just changing clothes. We indians are corrupt and we are used to it. Instead of helping to fight against corruption we support it. We people don't accept changes easily even if it is for our betterment. No doubt our honourable prime minister took a great step against corruption but still we won't support his effort because corruption starts from our home itself. Example: if a traffic police catch us for breaking rule like not wearing a helmet while driving motor cycle we don't let him do his job we will force him to accept our money instead of fine as a bribe. Thats where it all starts from and we idiots are used to it.

Coming to banning of notes it didn't affected rich people at all it was poor who got affected the most, the one who use to work on a daily wages to feed his/her family. He knows well if he won't work for a day his family will sleep hungry and some of those poor people were paid the banned notes from their place of work as a daily wage. So he had to take care of both the things to deposit his wage at bank and to earn for another day. Now coming to corrupt people they did it before with 500 and 1000 notes. Now they are doing the same with 2000 notes. They will never change. We need to support poor and farmers by changing ourselves.

On 8th of nov. 2016, our worthy PM announced the ban of 500, 1000 notes for any kind of transaction. This step was a ray of hope for bringing forward the black money in the form of cash and the culprits behind this but after few days people faced the dark side of the policy in the following ways :

1. It has grievously affected people's livelihoods and basic liberties. Many people have committed suicide, some have died of shock, some have succumbed because they couldn't buy medical care with the old currency. A large number of people have been deprived of their daily incomes. Worse, the "inconveniences" are unevenly distributed. The poor and lower middle class have been most severely affected, while the affluent sections, with access to plastic money and deep pockets, are better off. Marriages and private ceremonies have got derailed. Not a day goes by without a tragic story of personal grief being reported in the media.

2. Not a single business man or minister was seen in those question before banks which are the primary source of the black money.

3. Insult of our own currency was seen when people threw notes in garbage and sewage & some of them burning them.

4. The policy also seems to be detached from the socio-economic realities of rural and semi-urban India. Agriculture sector, micro, small and medium enterprises and rural economy have been badly hit.

Any step was taken to make corruption free India, a country with a population of more than a billion would make things difficult for some people. And if no step is taken, we would again blame the government for its incompetence. So, there has to be a first step towards eradicating corruption. Also, the government gave an opportunity to everyone without bank accounts to open an account even with zero balance. Also, a chance was given to declare undisclosed money people had. I agree there was mismanagement. But when we do not follow government's instruction properly, we cannot blame them completely for mismanagement and chaos.

It is not easy to uproot corruption in India. We have hundreds of lack of black money in our country. Even if 1% of the money is deposited or captured, it's a huge amount and definitely not a bad start.

Corruption can be uprooted only if people change their mind-set. This move has also instilled a sense of fear in the minds of corrupt people. More of such measures (not exactly demonization) should be taken in the future to keep a check on it. We can be positive that in few years, we will be able to see corrupt free India. So, we cannot conclude that corruption is just changing clothes.

And we should not forget, this move is also a major step towards the cashless economy, counterfeit currency, terrorism, genuine politics etc.

Hi all, This is sunil, According to me the step taken by the Indian gov. to eradicate black-money through banning 500 and 1000 Rs. notes. Middle class people and poor people suffered a lot . Even roadside shops, small-scale business and daily wage labours were suffered a lot due to the following.

1) Unavailability of new 500 and 2000 rs cash.
2) Long queue at the ATM.
3) Many of the ATM's were closed.
4) Unable to pay to the daily wage labours.

At the same time, so many bank managers got arrested for exchanging old notes with new notes for the commission. There were rich people who exchanged old notes with new notes in the underground without anyone's notice. We can clearly say that this is completely a failure because its evident that GDP has been decreased after this ban. But in long run maybe after 5- 10 years there will be a good result due the following:
-
1) Introduction of Digital payments.
2) Taxpayers are increased.
3) Gov can have each and every citizen account in their notice.
4) Addhar and PAN attachment in all the bank accounts.

Overall this is not helpful for the Middle class and poor people. Anyways rich people will not suffer due to this ban, its evident by seeing So many old notes were thrown on the road.
The government should implement this kind of ban by keeping wellness of middle-class people and poor people in their mind.

Hi friends.

In my opinion, the idea of banning Rs. 500 and Rs. 1000 was good. But the way of implementation was not done properly. The government's intention was to end black money dealings and put a cap on corruption. At the time of this ban, the economy was not in the position to handle this change. Many of the lower class and middle-class people who did not have the access to cashless ways suffered a lot. The unorganized business sector faced a big challenge. Many of the small-scale industries and merchants forced to shut down their business. The government had to spend huge money to implement this change.

The result of this demonetization process was as expected. 99% and above money were returned to the government. Which shows somehow the black money got replaced.

The results could have been better if there was a proper planning made before the implementation.

In my opinion, it is good for our economy to replace the currency periodically. A particular currency can be given a specific lifetime. Say for example, Rs. 2000 currency valid only for 5 years then there will be no hidden storages of the currencies since everyone will be forced to use it in the market and get replaced within 5years. The timespan should ve decided and announced along with the introduction itself. So that there will not be any last minute rush.

Banning of 500, 2000 notes was a great step, taken by Modi government to remove corruption, as in our nation corruption has become one of the most leading problems. But the result of this scheme is not very much effective to get back all black money. As government Told that at least 30% cash can't be back because these all are corrupted money. But according to the latest census, 99% of the demonized money is backed. These might be due to either there is no one is corrupted or people by different methods convert their black money into white. So I think the second point is more suitable to say that people by various techniques turn their money into white money. In fact, not only in case of corruption but also in case of GDP it shows drastic results, our GDP growth rate fell down by 2.2%. Further, it shows a poor result in case of fake notes seizure and if verily said then due to this our nation incurred a loss of near about 500-600 lakh crore. But yes we can't deny from that it showed a good rise in the number of tax payer as well as tax collection. But when we check previous years tax collection report it shows gradual growth in tax in every year. In fact, in the year 2013, tax growth rate is exact to 14%. So as per my view, it's not pertinent to show it as a demonetisation result. In a nut, for me, it's not uprooted.

Hi friends,

Good morning to all,

In my point of view, The prime minister takes a good decision in 500, 1000. But most of the peoples don't use 1000, 500. Maximum the political and rich business man's are using. The big suffer from normal peoples for daily wages. Villages side's many peoples are suffering from this decision. They don't know about online banking and then government rules and regulations. So This decision is correct but corruption and black money are not reduced in the process, are continue to the India. So the prime minister Modi action is not reduced in corruption and then black money because the black money is safely in an abroad bank. So really affected for normal peoples and then village side. The corruption is not uprooted it's not changed TO the cloths because of Indians are not used in only Indian product, they are used in all foreign products so the economic levels growing is not well. First of all, all Indians are using only the Indian product they got the first place to the all the country because Indians are hard worKer and more than knowledgeable person's but they are not using. This is the big fault for in my country. The many Indians are working in abroad so in my country economic growing is not well. So Indians are come to your won country. That's all my point view friends.

I have been coming through many posts here, and I want to share my opinion.

In my opinion, demonetization is mostly kind of changing clothes more than tackle with corruption, Exploring black money.

It definites that it was a powerful, bold step taken by our honourable PM Shri Narendra Modi but unfortunately it is not becoming a success. According to me, it is most kind of changing clothes because whatever the circulation of the money was 99 percent of that has been coming back to RBI. Therefore there is no cracking of black money. Many corrupt people were able to change there high-value denomination 500 and 1000 rupee note very easily by shaking hands with bank managers. In case of corruption high-value currency is very useful as it is easily carriable and of course high value due to which they could keep the huge value of money in a single file, therefore it was good to demonetize to crack that corrupt money. But again a high value of currency note 2000 rupee has been coming which has high value than before, therefore this will again lead to corruption. That is why I want to say this is mostly changing cloth. It has a very little significant crackdown on black money which is more than the cost that has been spending in demonetization. Not only that most middle class and poor people were suffered more.

Hello, guys,

I am Prasanna and what I think that yeah demonetization was a brave step from our PM Modiji and I am also agreed to the point that I caused a lot suffer to only the poor and middle-class population of our country. But since as we Indians know that Congress were ruling India for so long and we have witnessed many scams from that time the corruption started spreading like cancer. He Mr. Modi ji has got only 5 years to do some serious changes so that we can have better future for us. Yeah banning of 500 and 1000 notes were looking like a giant step in order to eradicate the corruption but it didn't work the way it had to. But the step had to be taken there was no other way we could think that could possibly eradicate corruption from its root. So the step had taken and we suffered but at least what I see people now are getting aware of all these they are getting curious about how they can possibly avoid corruption on their own. This is what we need, we need to stop this from ourselves. Because the complete burnout of corruption is not possible. So we need to accept the steps if there's a little hope for a better future. We need to suffer a little as we are the people who wants this country to get corruption free. But the first thing to do is it needs not to spread from the oneself. Thank you.

According to me, our honorable Prime Minister is continuously trying to eradicate the corruption, but still, he is not able to do so. Recently, he discards all the illicit taxes and apply only one tax i.e. GST Because lots of corrupted people were not giving their proper tax to the government. That's why our govt had to increase the market price due to getting less number of taxes. And another reason was to reduce the black money as soon as possible. It is good that Modi takes the concept of scrap 500, 1000 notes to uprooted corruption and parallel economy which is based on black money and unaccounted money. He is trying to make "digital India" by eliminating taxes, demonetisation, by making Swachh Bharat Abhiyan any many more things. On the other side demonetisation is not good for poor or middle class people. They had suffers from many problems like they were not aware about demonetization, so on 8th November when they heard about these, they were shocked. They had to suffer a lot. They had been standing in a long queue in bank, waiting for money and still so many peoples do not got money at time. At last I just want to say that corruption will never end in India. Corruption would again begin with new notes i.e., 'It just changing clothes', by the way, political parties does. It will never end.