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

Demonization was brought into action for several objectives which are:.

1) To curb out black money.
2) To stop the funding of terrorism.
3) To swipe away the fake currency running in the market.

But due to several slacks in the implementation, this step had mixed outcomes. First of all, banning 86% of the running currency without having a single note to replace it was a huge mistake, which made people suffer in lines as we all know. Also, the step was taken around the sowing season, the farmers suffered too but provided they could use old notes to buy seeds and fertilizers.

The government thought that a major amount of black money will come out in the open but the stats say that 99% of the regulated money has come back to the banks showing that only 1% was the black money which is a big failure. People found out loopholes to save their black money by several means. Also, there a big mistake in printing new notes. The new notes were printed in a shape longer than the older notes which made it a tedious task to put them in the existing ATMs for which government had to hire big number of engineers.

But there were positive outcomes too, the demonization led to stop the funding in terrorism because large proportion of money got banned. And the fake currency also got swept away due to the ban.

I think the ban on 500 and 1000 rupees notes is just like changing of clothes. People who were corrupt have somehow made a way to secure their black money from the day when this rule came into action. The common people have to suffer a lot due to this change.

Myself belong to a village area and there was only one bank which was responsible for providing services to 10-12 villages. One day in a month of December I saw there was no money in the bank still the poor and needy people were in the long queue standing from 4 A M. And also they were only given 2000 rupees if money somehow supplied to the banks. The poor people who had work very hard and save their money in the houses in the form of 500 and 1000 notes suffered a lot in the exchanging them. The poor people who did not have a bank account and they daily earn wages to fulfil their daily needs such as people who drive a rickshaw, earn wages on the daily basis such as painter, sweeper, small fruit and vegetable sellers and many more common people.

The people who had to suffer for only the common people and no one else.

I am not against Modi Ji who had taken such initiative to remove corruption in the form of black money.

But they should have planned in such a way that the poor people could not have been in such a worse problem.

Hello friends,

In 8th oct, 2016 our PM Narendra Modi has launched ban of 500, 1000 rupee notes. I think it's a good idea by Indian government can uproot corruption from our economy. When this decision was implementing we saw a lot of 500 and 1000 rupee notes were in dustbins and roads so we can say that lot of black money is destroyed but it not implemented fully cause many of big leader, businessman is also having black money but govt couldn't find any money means they are hiding it. So, govt must be taken strong enough step that those black money should be destroyed.

There is also some problem like common peoples especially old persons were stood in a long queue in front of the bank, ATM's for changing money or withdrawal money so that is a very struggling situation for them even in situation 126 people died.

They do not get enough money from the bank because of unavailability of money so peoples were anxious about them and more over bank giver 2000 rupee notes to customers so when they went any shop shopkeeper and customers both are not able to give changes. In that situation, many businessmen were getting loss. But after 500 rupee notes in market situation came to normal.

I think if government Take enough backup then peoples are not getting harassed so.

Thanks.

On 8th November 2016, our honourable PM Narendra Modi took a decision to ban all 500and 1000 rs notes. The idea of banning 500and 1000 rs was very good but it was not implemented in a proper way due to that many people in our country especially weaker sections and middle class people had faced a lot of problem.

Demonetisation has both merits and demerits. Merits: due to ban of 500 and 1000 rs notes all money which was stored from many years comes out. Also due to the demonetisation fake currency which is used by the some unscrupulous elements get destroyed. Because most of the fake currency is used to spread some terrorist activities in the country. So demonetisation was a good surgical strike on these fake currency.

Demerits: The only demerit due to that the demonetisation drive was failed is its implementation. Government did not implement it properly. In banks and ATMs the availability of 100 rs and 20, 10, 50rs note was very less due to that the common man had faced a lot of problem. If government makes the arrangement of these small rs notes before the implementation of demonetisation drive then it is very helpful for the middle class and weaker section of society. Total 125 people were died due to the improper implementation of the demonetisation drive. .

Hello, friends.

In November 2016 midnight suddenly a news had broken that what we are considering legal tender was no more to be termed as legal tenders. There was a ban on 500/1000 rs notes a huge decision by our prime minister but is it actually helped to uproot corruption well actually not we all heard that many people got their notes changed by illegal sources even many people earn a lot during that phase by exchanging notes by offering lower percentage. All that was claimed by the government was that they took this step for bringing back the black money circulated in the economy but actually they gave a change to uplift corruption at that time many bank officers were also involved in exchanging black money even that step leads to a change were people got their black converted into white. Even government is not allowing people to get their old currency notes change as they promised from RBI. There are numerous genuine cases where people are having old currency and they are not getting any chance to get them change. After so many months passed after Demonetization, there is not a huge change in the rate of corruption so it's just a change of clothes where all those got benefits which had sources and the masses of people got only problems.

Thanks.

Yes, I think demonetization was a great initiative taken by our Pm but it was not implemented the way it should have been. Its main aim was to curb the black money out of the pocket of rich people and break the parallel economy. It has helped to a great extent as news of currency being dumped into the river and being put on fire were heard. But I think the majority of rich people were able to convert their illegal wealth into white money through their links with the bank officials. Also depositing their money in the bank a/c's of the middle class and lower class people and giving them their part after demonetization helped them further.

One thing which could have been done better is maintaining a proper stock of new currency notes. As soon as the concept was implemented, banks and ATM'S went out of cash due to which people had to suffer a lot.

In our country, the problem is that everyone is of the opinion that our political and economic system is corrupt but when it comes to changing it but showing a little patience and support no one comes forward. Everyone was just complaining that they had to stand in question to get their money exchanged instead of showing some patience and feeling that they are contributing on their part to overcome corruption.

It's a historic step taken by the government at the centre whether it will be beneficial in uprooting corruption is a matter of how one perceives this decision of demonetization of 1000 and 500 rupee notes. According to me, it's a very bold move and with its implementation, the government has shown great intent in getting away with corruption. Though the middle and lower class people of the society are getting affected with this step but I believe it's a short-term pain with huge benefits in the long run. Apart from it, the digital push encouraged by the government should be taken seriously as it is Hassel free and quick to access though there are problems too with it as for the people living in the rural areas are not well known with these technologies and they don't either possess digital cell phones, laptops etc. To conclude I would like to end by saying this step taken up by the government of India is a very bold step against corruption.

Whether this banning of the notes will be a success, will utmostly depend on the way people perceives it and accordingly do their bit in helping the government and in return government must also listen to people's grievances with regard to this demonetization cash crunch and should take necessary steps.

Hellos, in my opinion.

I think that the demonetization is a very good idea but which is implemented in very bad manner. Due to which the middle-class ppl have to suffer the cause. As on November 2017 government Of India decided to ban the RS. 500 and rs. 1000 banknotes at midnight. And orders to change there notes in a bank with a new note of RS. 2000 and on the next day there is a long queue in banks to exchange the notes. But in many banks, there are not sufficient notes of rs. 2000 so ppl had many problems. No Rich people stand in a queue who had black money. There is no change given to the ppl who went to get the basic daily needs item in the market because there is lack of RS. 100 notes in the market and new rs. 500 notes are not available. So I think there is lack of planning before implementation of such big decision. Government Had to laugh rs. 500 notes with RS. 2000 notes. Economist also thinks that this is not the good decision for the GDP, which is true because GDP goes down. At that time. But demonetization plays an important role in making India cashless. Because it increases the online transaction. So in my opinion, demonetization proves to be a very good decision if it was implemented with better planning.

Dear all,

Demonetisation of Rs.500 and Rs.1000 was announced by prime minister Narendra Modi on 8th Nov 2016, . It was a shock to the Indian public. The intention of implementation as said by the govt was 1. To curb financing of terrorist activities, 2. To stop the circulation of counter fiet currency and 3. To eradicate black money.

It was a welcome move, and was successful in curbing circulation of counter fiet currency and affected funding of terrorist activities, to some extent. It has also succeeded in reducing cash transaction and encouraged digital transactions.

But, the most affected were low and middle-class people, who suffered a lot standing in huge ques, some of them died standing in crowds and some died not withstanding the shock.

In my opinion, demonetisation has nothing to do with corruption, many of the black money holders had found their ways to exchange currency and govt did not take any stringent actions against them. As said by one of our friend above it is the intention of public having more and more and most of the times corruption is due to offerings by people, the anxiety of getting their work done at any cost. This can only be changed through a change in mindset of the public.

Hello everyone.

The process demonetisation is one of the effective processes to cover and get back all black money. Finally, we have seen nothing changed. It was initialized in the Congress ruling time but not implemented. There was a big voice against the demonetization when Congress ruling time. Even Mr Modi tweet this does not favour in our country. But currently BJP govt Mr. Modi implemented the demonetization of banning 500 and 1000 rs notes. The intention might be a good way. There was quote Mr. Manmohan added after the failure of this process. Bz everyone pointed out this process was initialized by Manmohan period. He said there was different the major operation who done by doctor or compounder. But the implementation happened really worst. It should not be harm peoples. The govt should think about the peoples who are living in India. But it's really hit middle-class families. We have seen almost 1 km to 2 km peoples are standing in the queue to withdraw their money. No one can be seen high-class peoples standing in the same queue and so many places Latti charged by police. It's clearly saying there was a loophole in the process before implementation. As my opinion, it's just changing clothes.