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

I think the motive behind the demonetization was for betterment but this didn't work very well as the poor or middle family people suffer more and the ones who were really guilty found a way to get them out of this. As a student we live in hostels and we don't keep that much cash with us and in demonetization days we had to suffer a lot we were run out of cash and we have to buy food and there was long queues in front of every atm and bank and sometimes there was no cash in atm's as well. So according to me demonetization was a huge stroke for common people as they suffered during those days.

The process of banning 500 and 1000 notes is called Demonetisation. It was a great move took by the Indian Government. The process aimed to remove all the black money from the corrupted people. The honorable PM took a great step that old 500 and 1000 rupees notes would be valid for the hospital use only so that medical patients couldn't get harm from it. Moreover, there was a restriction on the purchase of the gold so that the corrupted people would not be able to save their black money. The astonishing step that was taken by the government resulted into Corruption uprooted. Because all those people having black money suddenly get this information and were unable to exchange their black money. The government took the smartest step that one can exchange their money only up to 1 lac only. Otherwise, they need to tell all the required information about the money. At last, I can conclude that there was a larger decrement in the black money from the corrupted people.

Friends,

I gone through all of your opinions regarding the issue in question. As some of you have already said that a coin has two faces. Similarly demon decision by the Govt to ban legal tendering of 87% of currency notes in the denominations of rs 500 & 1000 also has some merits and demerits as follows:-.

Merits.

1. To bring back black money into main stream, stashed with some rich people or to nullify it from its use by them. Inturn curb curruption.

2. To curb counterfeit note already in the market and to stop its making and infusion by introducing currency of high security features.

3. To creat hardship into terror outfits by sudden stoppage of monetary supply to them. Which was largely in these currency notes.

4. To inculcate habits of digitalised transcation amongst Indian common man, though most of the rural population are not ready for that. But you all will agree to that old proverb here "necessity leads to invention". Which is visible in our day to day life that now a days the poor rickshawala, rehriwala and small vendors started using paytm, bheem, upi, aadhar based and other card and wallet based transactions.

5. To control inflation. Which is visible in falling down of prices of pulses and vegitables which were heighest before this. For eg. Toor dal, Onion and Tomato. It is also visible in uncontrolled raising prices of plots and flats and other infrastructures, which has now came down to a large extent.

6. Further for a gain you have to face certain risks and challenges. That the peaple our country have very silently accepted this move of our Govt and made it a success, except few incidents which is but natural in such a huge move which affected the whole such a big nation. Unlike other steps in the past like forced family planning led to sampoorna kranti and emergency in the country due to strong opposition by the public.

Demerits.

1. The demonitisation though was a step taken in a right direction but could not achieve the degree of success it was expected to, due to lack of well planned execution.

2. It was certainly lacking execution part otherwise crunch of currency should not have arised.

3. It couldn't eradicate the black money problem as well as the curruption uoto the extent expected due to the deep rooted curruption tendency which had made a permanent house inside our veins, and for which the govt has to do complete blood transplant of these currupt cancerous people.

4. The promise by govt that the new currency notes can't be copied due to high security featutes, seems bogus since lnitial launch of these currencies as we could get the news of fake currencies of 2000 and 500 new notes within first tow days of its launch.

5. The demonitisation issue ultimayely converted into digitalisation of money issue.

6. The RBI has not yet revealed the data regarding amount of banned currency notes deposited till now.

7. This demont issue has adversely affected the GDP growth our country and small industry has also been adversely affected, thereby causing hardship for the poor people who were dependent on these industries and also labrouer class who work on daily wages and whose family wait till evening for the money to come from their daily wages for their bread and salt.

Finally I would like to ask you all a question that don't you think besides lots of demerits at present, this step is going to have a boomoing effect for Indian economy in the days and years to come by recovered black money, huge tax deposits into govt accounts due to increased digital mode of transactions which was hidden earlier by the businessmen?

Demonitisatization is a step taken by govt with a good intention but with out taking advice from competant authorities and the preparation was also not up to the mark as asserted by many financial experts.

Declaring 86% of the currency invalid at midnight was nothing less than a nightmare.

Financially it was a bad move as conveyed by Forbes as well as raghuram rajan our ex governor rbi.

The main intention behind note ban was to eliminate black money but what I think is that govt was not ready to implement it unanimously because of the following reasons:.

Firstly The note ban was not applied to political parties which acted as the catalyst for black money holders to convert their money as we all have seen the case of bsp supremo Mayawati.

Secondaly the cash crunch reserted complete paralysis of indias informal sector.

Thirdly govt claimed that it will help to reduce terroe fundings in kashmir and in moist areas but the ground reality is a bit different as we all have seen that many terror attacks in kashmir as well as in moist areas has taken place that resulted in large casualties.

Lastly if we look at the stats of rbi it conveys that 99% currency has come back so possibility of fake notes is also ruled out to large extent.

The main effect that cash crunch has created can be seen on our gdp which plunged 2% that means a loss of 2000 lack crore.

There are many companies and factories that shutted down due to demonitization, and of coarse we all know the plight of it sector which witnessed loss loss of lack of people.

So in the end I just want to say that doing things for the sake of doing will create nothing but problems for our nations so we all should think rationakly become taking any decision.

Thank you.

Hi friends.

This is Raghava.

I think the idea of changing 500 and 1000 currency is not a good idea. Because after changing the currency also so many people change the new currency as black money. We have to change the mentality of a person to stop doing corruption. If we change the currency 1000 times then also the people do corruption. Because they are edited for the doing corruption. So change the people heart first after automatically the people stop the corruption.

According to me, it is nothing but just changing clothes. Corruption never stops in India. It finds its own way to spread out. Banning 500, 1000 notes will be a temporary solution to stop corruption but is not a permanent solution. New notes are coming to the market but in some places its also fake. Blackmoney is everywhere. Under the bed, in wardrobe, in a bathroom. Indian govt can't change India's atmosphere in one day by banning notes. If India govt can change people's mindset then corruption will be stopped.

Hi friends, according to me, demonetization is a good step taken by our government, but not implemented properly. I accept that many middle-class family and poor have to face a lot of problems. But we know that without pain nothing gain. So if we want to control corruption then we have to face some difficulties. In a short time, we can't change any anything. Our government is taking many steps to control corruption and demonetization is one of them.

Hello everyone.

I think banning 500-100 notes is just the way of changing clothes and nothing else. Actually corruption is everywhere and no one can just diminish it by banning some notes. Demonetization has not just affected our public but also effected our economy too. From that day until this day India's GDP cannot be survived. Demonetization has to tear India's GDP apart.

I think demonetization is very good idea of Indian Government Because due to this digital payment become popular and it is necessary for each country. But ban of 500 and 1000 notes has not gotten 100% success to remove.

Black money because many rich person distribute their money to their worker as their salary as well as many bought diesel and patrol etc. As everyone felt that during demonetization only general people face lots of problem and stands for hours in line before atm but rich have direct contact with bank officers so they directly got their money from bank. So this idea couldn't show it's effectiveness so much.

For the first time in years, a big reform has been taken to uproot corruption. The amount of black money recovered may not be the same as was expected but the initiative on such a big magnitude to tackle corruption is appreciable. However, the long-term benefits are going to be more significant as more and more people shift to cashless modes of transactions. It has also accelerated the process of financial inclusion on a large scale. However, a single reform cannot uproot corruption completely as unaccounted money may be held in different form such a property, jewelry etc. Hence a number of reforms need to be taken to eradicate corruption completely. Moreover, the small ticket corruption that we face in our daily lives in government offices is also an issue. More of such big bang reforms are needed in the future to make India a zero corruption country.