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

First of all, I wasn't against demonetization but there were few points to be considered.

1. In 2012, central board of direct taxes had recommended against demonetisation saying in his report " Demonetisation may not be the solution for tackling black money or economy which had largely invested in the form of the benami properties, bullion, jewellery ". Further they suggested that black money holder kept their assets in the form of property only 6% in the form of cash, hence for curbing only 6% black money, this will become a big strategy.

2. Also, there were few practices of demonetization done in past in 1946 & 1978 which was not fruitfull.

3. Demonetisation led to unavailability of cash to purchase food products this led to the sudden drop in demand, hence food product price decreases. Hence, for a farmer it is very difficult to recover transportation cost.

4. How much advantages achieved by Demonetisation are not disclosed by the government.

5. They don't take the preventive step because instead of releasing 2000Rs notes they should release 500Rs notes first to ease common man pain.

6. How many currupt people arrested ? Why politicians not trapped , aren't they currupt?

Most of the people think that demonetization was a very bold and wise step taken by the prime minister of India. But in my opinion, it was just a measure to create discomfort to the people since it wasn't properly planned and executed as well. The big reason for this action was to prohibit corruption and uproot black money.

But the actual fact says only 5-6% of the black money exists in cash in India. And for this, putting a ban on 500, 1000 notes is worthless. The people who were corrupted are still corrupted and have black money in the form of gold and property. There was no use of this action as this brought only problems in various regions of the country especially in villages where they were no ATMs. Also, many daily wage workers lost their jobs because of unavailability of cash on daily basis. Many people suffered an acute shortage of money and thus survival problems.

Also, as far as the circulation of money is concerned, many people holding black money burnt their cash which was a total loss to the economy.

But the roots of corruption hasn't lost its strength. It was there and it is still there. Putting a ban on notes didn't help anything and was just equivalent to changing clothes.

In context to demonetisation of 500 and 1000 notes, my opinion is that it just changing clothes. As we can saw easily that intially this step is welcomed by almost everyone even by middle class and poor people in a hope of helping government and discarding black money and ofcourse corruption from society though they are the part of society which have to face a lot of problem during this phase. People have to stand in lengthy queue for exchanging notes, they even couldn't have sufficient money to buy their daily use products.

Also, as claimed by some news reports, rich people had information about this demonetsation before its actual announcement so they smartly converted their illicit money and don't have to face a lot of problems as faced by lower class. Societies. In addition to this as reported by some politicians and economist most of the illegal money is in the form of jewellery, properties so this banning has no such good effect on discarding black money from society.

As reported on august 2017 that 99% of banned currency was deposited well in banks leading to only Rs 14000 crore of total denominised money had been discarded leading to total failure of highy preplanned stratergy.

First of all demonetisation was done before in many countries such as Nigeria, Soviet Union. Australia, Pakistan etc. And the results were very bad. At least our govt should make a proper plan before announcing any decision.

Many of you don't know but before many atms used to dispense 500 &100 rs notes but few months before demonetisation each atm started dispensing 1000rs notes.

It was just a publicity stunt as 2019 elections are comming. If we see the speech of our PM he has just been announced the decision to the public not in the parliament.

And the next day he just flies to Thailand and Japan. It's not fair. Is our honourable PM doesn't have any of the 1000 and 500 notes or he is changing them in Japan.

Post demonetisation there were many cases of police catching crores of new notes. Where are they from?

And one Gujarati man surrenders with a black money of amount 800 crores.

It's just like a game in which common man is going to suffer adversely.

No one has given the figure that how much black money has been caught.

Our Ex-PM Manmohan Singh who is a Great economist. Former governor of Reserve bank stated 2 days ago - Demonetisation was not at all necessary in India.

In my opinion, demonetization is the best thing which is done by Narendra Modi, By this, we cannot say that corruption is totally removed but can be reduced to a great extent. As we know that a coin has two sides, in the same way, demonetization has both advantages and disadvantages. By this corruption rate is reduced, a lot of black money will come out, that black money can be used in different fields like farming so that suicides will be reduced.

Narendra Modi wants to develop India as a "digital India", by this demonetization usage of apps like Paytm, Freecharge, will be increased. This means India will become as digital India to some extent.

Coming to disadvantages we must wait in queue for a long time at ATM's and village people don't know how to use this online transaction.

But we people wait for long time to take Jio sims but why can't we wait at ATM's for money? this is the question I want to ask.

Finally, my view is we must support to the government and we are educated so, we have to provide awareness to the people by conducting campaigns. He is the only one who tried to reduce the corruption. So, let him do and support him for the development of India.

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.

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.

Banning 500 and 1000 notes was a very good decision and the intention behind it was also genuine. However, the implementation was not proper. The greatest sufferers were the public. From standing in long queues to unable to buy things due to lack of smaller denominations, the public has suffered it all. Not everyone uses digital mode of payment. Neither does everyone have a smartphone to cater to the needs of digital payment. Moreover, due to lack of calibration of new notes, the ATMs were empty which was very disturbing. On November 8, demonetization was announced. Almost, 80% of the notes in circulation were made ineffective. This was a blow to the corrupt people, however, it was also hard on the public since the government was not fully prepared for this move at the time of this announcement. Corruption is undoubtedly rooted deep in our society and this disease needs to b eradicated before it swallows the underlying principles of a good man. It is true that demonetization has tried to b a challenge to the corrupts, however its consequences are still visible in the form of 2000 notes.

There is a need to introduce small currencies as soon as possible.

Hello, friends.

Todays topic is very interesting and good topic also. Many of us will say it is good nd many say it's bad for our society. But before expressing negative comments. We should know about the advantages of implementing such process.

Firstly, it will help to curb black money. Many govt officers specifically state govt officers have a habit of taking bribe before doing public work. And the bribe is always in 500 & 1000 denomination. So aftr implmntng this process they are caught. & they are unable to do this type of activities. Its quit helpful for public.

2ndly, Some of our neighbour country were attached to do some illegal activities like printing notes& distribute those in our market. For that reason our monetary system was affected. But aftr taking this step this activity is totally vanished. And many us saw that the duplicate note were in dustbins.

I agree that in that time many of us stood in line infront of banks. It was quite painful to old man. But if we take good essence. Then we will see the condition of todays market is far better than previous. And it is good for our money market and also good for us.

Thank you.

Banning 500, 1000 notes was one of the orders passed in the "Demonetisation" scheme. The main purpose of the step was to uproot corruption from the country. I indeed, feel that this is a progressive step to achieve the above objective.

In the fist place, banning the above currency notes would compel the black money holders to immediately replace them with new ones. The corresponding bank transactions would be kept track of by bank officials, and the guilty one would be punished.

Secondly, it would also lead to a decline in corruption, since serving money to officers to fulfill demands would be risky.

It would also lessen corruption by preventing the manufacture of counterfeit 500 and 1000 notes, which has been prevalent in many parts of our country and even across the country borders.

Not only this, but this new step would also hinder the conversion of black money cash to gold or property equivalents, since even gold purchasing would demand a copy of PAN card for purchasing gold worth more than 2.5 lakh.

These assumed procedures, if sincerely followed by everyone- both government and people, would surely relieve the country of corruption soon.