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

Hello, everyone.

The nation came to standstill when honourable Prime Minister of India announced that Rs. 500 and Rs. 1000 notes cease to be a legal tender.

The idea was really good but they failed in its execution. We can understand the effect it caused to the 3 classes- low, middle, upper.

Lower class people had affected the most due to demonetization. Most of them weren't really aware of the situation created. Even though schemes were launched ensuring people open their bank accounts, they weren't well trained regarding its usage.

Some of the middle-class people were affected as well, mostly who had a business which involved cash. Others had nothing to worry about unless they had black money hidden in their basements.

Upper class consists of most of the people with black money which includes politicians, businessmen. As our Ex-RBI Governor said 'People Will Find Ways To Divide Their Hoard', that is, people will find new ways to convert their black money into white.

Many people died during this process and I feel instead of demonetization, the government of India should've ensured strict taxation laws which would've saved the people of India from such chaos.

I think that just banning the notes won't be beneficial. Because new notes are also introduced. So the government should make sure that it is impossible to make copy of the new notes. And corruption won't go away so easily. For that, we need better laws and proper scanning of every individual involved in money related process.

Demonetisation of the 500, 1000 notes has helped to identify the shell companies operating across the country that is making transactions illegally evading taxes. Corruption in the country is unperturbed, as the corrupt officials followed different ways to monetise their money using Jan-dhan accounts, restrictions on withdrawal has no effect on these corrupted people as they knocked the back-doors of the banks. Certainly, this is a welcome policy by the government of India, as it at-least helped to identify some of the corrupt officials and shell companies.

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.

Banning 500 or 1000 notes was not a good decision in my point of view and one could say that it hasn't been so successfully applied to the community.

In further explanation, I would say its beginning was looking quite captivating but unless you plan it so the major corrupts people get affected then I think, the idea was eventually thrown into the dustbin. So, we need a good planning idea designs which further will result effectively.

Banning the 500 & 1000 notes is really a great initiative taken by Indian government. It's will not be uprooted the corruption fully but made the corruption hard to do at all levels. It's an alarm by the Indian government to the black money holder that the days are coming so harder day by day. Afterall currency is also on a way to lapse as the initiative of digital India program promotes the cashless Indian economy. So, the day is not far when the each and every money will be accounted for by the government. And era of corruption will go down.

Hi friends,

In my point of view, the corruption might be holding on for some time, and again corruption was started with new notes.

Hai guys!

A Few months ago 500 and 1000 notes were banned and it is an invitable action took by the government against corruption. But the implementation seems to be a failure because they didn't take the required precautions before and during the implementation. The Government said that notes with high currency value lead to the high range of corruption but, after the ban of 500 and 1000 notes they introduced the 2000 notes, then what about the range corruption now?

Let us take the above decision in positive angle and we should assume that the corruption existing up to now is cleaned away and now the government needs to take action to prevent the corruption in future, otherwise there is no use if also the government has to ban the notes for hundreds of times.

Good morning to all.

In my opinion, corruption is uprooted average level but not fully. By banning 500 and 1000 notes many people surrendered their black money to government. But some people kept their money in Swiss what about those money, they were escaped from demonetization. Only advantage of demonetization is digital payments increased.

For changing the old rs-500 and rs-1000notes we had a need to deposit that money in our account so that we'll get the new currency balance. But it was not a good thing as everyone needed to go the bank and submit the money those who didn't have the accounts, needed to urgently create the account which was a really unmanageable task for banks as well as common peoples and another issue was with the limit for the money exchange. Though the whole currency change procedure was for good purpose it just created problems for the common people and can't reach to its goal accordingly.