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

Hello, friends.

According to my point of view a definitely bold move of the government to ban denomination of Rs. 500 and Rs. 1000 can never uproot corruption completely it just changing clothes because corruption is not in the form of currency notes it is in our blood. It can not eliminate only steps taken by government, If we want to eliminate corruption from our nation then first we need to change our mindset then only possible our country will free from corruption.

By banning of denomonation of Rs. 500 & Rs. 1000 notes will prominent effect those people who stored money with them in form of cash that is called as black money.

The main motive of demonitisation is to remove black money from the Indian economy and become digitalized.

Advantages of note ban.

1- It helps to stop illegal activities like terror funding, arms dealing from Pakistan, Bangladesh, and Some of foreign countries, gambling, money laundering, and also inflating the major asset class like real state, gold and due to denominitization all such activities will get reduced.

2- This step also removes a large amount of counterfeit currency from Indian economy. Because about 86% currency in Indian economy in the form of 500 and 1000 Rs notes. If this step would not take by the govt on 8th of November 2016 then after some years 70 to 75% of Indian economy will be full of fake notes.

3- If any person having black money decides to deposit money in his/her account and pay the taxes which he/she avoided in past, these taxes will benefit the nation itself.

4- The newer currency notes of denomination 500 & 1000 are much more secure and difficult to fake.

5- Banning of denomination 500 & 1000 will lead to fair election because all knows how black money used by politicians in the time of election. Political leader used to give their black money to people and buy their votes or drunk them for their votes. By banning of denomination 500 & 1000 it will stop at some extent and led to fair election.

6- Banning of denomination 500 & 1000 led to decrease corruption for some months because it takes time to find new techniques for corruption with new system by the damaged traitors.

Disadvantages.

1- Denomitization has created a sort of inconvience to people regarding exchange of their 500&1000 Rs notes.

2- It would impact on daily wage earners like drivers, maids, Plumbers, electricians, cooks etc.

3- People live in rural areas suffer more because in most of rural areas people don't have the bank accounts and don't know about online transit. System. And banks are also far from their villages. They left their work for 2-3 days and stand in question for exchanging their money.

4- People whose daughter, sister, son having marriage within those 50 days suffer more because on that time unavailability of cash in ATMs and also in banks.

5- Big earners left out of their black money in the form of foreign currency, Gold, and are hidden from taxes.

6-On the time of denomitization there are around 29, 527 SBI ATMs are in working condition out of 58, 541 SBI ATMs. Because of that people suffer more.

7-Now a days it is difficult to get change of new. 2000 Rs note because there is less number of new 500 Rs notes in circulation.

8- People who got injured within those 50 days suffer more because in hospitals they said that first you have to pay money of new currency notes for further treatment.

So, in conclusion, I want to say that this is very good plan made by our government But the implementation is not good it recovers the 85% of black money within the country that will help in future to increase the GDP of our country and remove some extent of poverty from country. And denomitization decrease corruption only some extent if we want to remove corruption completely we have to change our mindset and work honestly for the people.

Demonetization may be one way to combat corruption but it's not the only and complete way to counter corruption. The biggest benefits from demonetization that I feel are flow of credit to banks, people's compulsion to link with banking system, elimination of flowing counterfeited notes.

Our Hon Prime minister Narendra Modi taken good decision to remove corruption from our country. Banning of 500 and 1000 rs notes became a headache to black money people their wealth accumulated because of black money and by banning the notes, our country will get some money to help suffering people for eg farmers etc. But poor people who are illiterate they don't know to use ATM even people don't have atm cards now we have to educate them and make them digitally emp[owered. So that our country becomes developed. And people are secure by means of digitisation. So I appreciate banning of 500 and 1000 Rs notes.

It was a good step taken by our president. I agree that during this period the common persons suffered the most. Bt still our citizens of India supported this step. It uprooted the corruption only till some extent not completely. Many corrupt people got into the picture carrying bulks of 500 - 1000 notes as black money. Our President did a good job but it affected only the middle class people who need money in their day to day life.

Well, corruption and demonetization both aren't related concepts. The intention of banning 500 and 1000 denomination was to get hold of black money holders as well as tax evaders. This might not bring a change in the extent of corruption but digitization will because then every money will be accounted for its legitimate source and the hoarder shall be answerable for it.

According to me, demonetization uprooted the corruption because persons who having black money are exchanged their money using others bank account or changed it using some illegal business. Normal people also helped this corrupted people to change their money for little concession because no source of money to them due to banned of 500 and 1000.

Hello, everyone.

In my view, banning 500, 1000 notes can't uproot corruption. Because no tax evader or black money holder interests to keep money in a bank locker. They will immediately keep their money in some business or on binamis or they convert money into foreign currency or even gold or some material form.

Of course I do agree that more than 80% of money in circulation are these banned notes. But they are in circulation among people but not with the tax evader.

Even if some people carried money we had seen news they got a suitcase of 2000 rupee notes while a common man was suffering to get a single 2000 rupee note.

So again the respective officials are far away from ground reality.

Finally, corruption free society can only be achieved by changing mindset of the people who give bribe for their own right.

According to me, population of India is near about 125 cr. Very few peoples have uncountable currency. Thus Govt of India had taken BAN of 500 rs and 1000 rs suddenly. Which will change India's face?

Good afternoon.

In my opinion, it will reduce corruption in the country. It will reduce black money and fake currency from the market. People who earn money by taking bribes or by evading tax would be thinking but they get at the end and also change mind sets of the other not to take bribe and evade taxes.

Hi Good Evening,

First of all, it is good move to curb black money circulation, terror funding and so on. But as a common man just think that no black money holders will have cash in their hand 95% of black money holders will not have cash in their hand they will have either in swiss bank or as a land or property.

Though as per government record there has been a lot of black money has been caught and mainly fake notes from terror have been primarily stopped.

So ban of 500 and 1000rs notes are really a good to move to uproot some main things from our nation.