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

The move by the Central government and the RBI to pull out the old Rs 500 and 1000 currencies out of circulation is indeed a bold move, with the stated objective of hitting hard at corruption. However, the hasty implementations of such a move have taken the country by surprise and we are all familiar with the inconvenience it has caused. Now talking about corruption, we may be inclined to agree that yes corrupt people have been caught and money in huge amounts confiscated, according to media coverage and government revelations. However, we need to be enlightened to the fact that the sharks swim deeper. Those with the power and reach don't stash the money in their houses but dump it abroad. And only the small fishes fall into the net.

Also, thanks to confusions and misinformation, we are aware of people forging even new bank notes. This has given a new face to corruption. People even are able to whiten their black money, with some help. We can accept that corruption is a social state that can never be uprooted till human greed prevails. Yes, the move is a welcome one, but a ton needs to be done still for achieving the results the nation desires.

Corruption has its root deep. But after the cancellation of 500 and 1000 notes the rate of corruption has somewhat decreased. One evident example is that after this ban approximately 1.5 lakh new accounts in SBI as weel as 1.2 lakh new accounts in PNB has been opened. And several money holders have invested heavily in automobile etc. The goal of the government is clear that whatever money is being circulated in the market that money should be in record books of government. So the more the accounts more the cleaner will be the flow of money. And prior to this ban, approximately 36000000 crores of notes of 500 and 1000 were missing from RBI's record book. So the value of that money is nullified as well.

So this move is not a panacea but it has checked the rate of corruption.

Hi, good morning all of you.

As our topic is demonetization I think PM Modi takes the good decision, and his decision is very useful for our Indian economy, there are lots of corrupt peoples are in India they provide money to the terrorist and in Pakistan there also they made fake notes so that all problems are now solved. In India, there are so many peoples not paying their taxes in time. So because of this decision they do not have any other option. And that's why now our Indian economy very strong compared to other country's that Modi said. So that'it.

In my aspect, the poor people is affected by taking this decision. Not arise any problem to middle people and high-class people. Our country is a developing country so many people are in below poverty line. First, satisfy the basic needs of the poor people and then implement this.

Hello everyone,

Yeah, this topic had made India to a different level all over world's media were talking about it. I don't know exactly in terms of co-operate language it affected or not. But as a common man, from middle-class family, we think that this was a bold step and helped us to think that yes this can be a one step to get black money business low. I read somewhere that it's necessary to change currency for development it helps you to track money and increase revenue. I'm not denying that note ban didn't affect our economic lives, but it helped us to think that yes India can change. As after this step, our GDP is stable.

At last, that was a good step and as well must needed step.

Banning 500, 1000 notes in our county last year has some very major effects. Everyone here already discussed 'demonetisation'. So, I will try to add few points regarding after-math of Demonetisation

Particularly, with the sudden change in the banking sector in our India, few changes has vast -ve impact on our system.

Certain reforms which were recently announced like cash transactions of an individual person are limited to 2,00,000/- only, and if some person does more than 2 lakh transaction is liable to pay the total amount as fine to the firm where he/she did the transaction. So, people of India are forced to do cashless transactions. Here there is another reform, If any citizen of India do digital transaction more than 10,00,000/ then he get notices from IT department.

So, what I want to infer is that in one way government is forcing people to go cashless, and in another way they are imposing extra burdens due to digital payments.

Hi friends in my opinion, demonetization was a decision that was taken without considering its future effects. As India is the fastest growing economy in the world and the GDP of about 6-7% the government might have thought of taking this decision. But in a country like India where we are used to cash transaction baning 500 1000 notes was a stupid decision. Balck money holders do not have their entire wealth in cash. It only accounts for 20% of their wealth. They invest in gold, land and they have enough way to hide their money. Hence this note ban has only caused trouble for the common man who stood in the rows in front of ATM. Corruption cannot be uprooted by baning notes and I would further go and say that it cannot be uprooted entirely it can only be reduced.

Demonetization was the action taken by the government against black money and their holders. This somehow affected the common because they also keep money in their homes but they have all the statement of that money. So in order to support the idea of demonetization common man suffered a lot of due exchange of their white money.

Not all the money got recovered by this idea because the idea was not to get all the black money but to stop it.

Furthermore step like this should be done in order to uproot it or else it will be a fresh start for the people to start corruption of black money.

So basically it is not uprooted.

Now people have black money in the form of 2000 rs notes that means it has changed clothes.

Let's find out the next step by discussing it here at INDIABIX. I request IndiaBix to make the next topic as.

"What could be the next step after demonetization to uproot the black money corruption".

GOOD EVENING FRIENDS,

I think the step of demonetization taken by the central government is a very good step in the welfare of our country India.

India is a country of more than 121 crores of people. The step was taken by the Indian government surely reduces the rate of corruption and the prices of goods will also be reduced by this step.

Not ban means stripping the status of notes as a legal tender. Demonetization is like a two side of coin which one side shows it has some good reactions like transparency, tackle black money, digital economy etc. But there is some drawbacks of demonetization like it reduce the growth rate from 7.4 to 6.9. Many problems were faced by the local traders like shortage of supply and many deaths occur from demonetisation because many hospitals refuse to accept old currency note which leads to death of patients. If government really want to go cashless then government has to maintain law regarding the online frauds.