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

Hello everyone.

There is always two sides of a coin. None of them can be ignored similarly, this plan has also pros and cons. The main aim of this is to prevent corruption, funding of terrorist, exposure of black money. We know very well that corruption can't be uprooted in one or two weeks. Our country is so much indulging by corruption that it requires time to get overcome from this. Banned of old currency, linking your accounts with your Aadhar digital payments and so on are the stones with the help of which we can build a bridge to overcome from the specific problems and obviously it needs time. No miracle will happen in some years but yes its a good initiative.

Now, the cons. The govt should arrange proper facilities for changing currency. We all saw in news that there were huge queues in front of ATMs, some people died, some suffered from other health-related problems while standing in the queue. People who thought if they went to the bank to change their black money then obviously they got arrested so they destroyed our currency. They threw that currency in river, dustbins, on roads and so on. There was a huge loss of currency because of these things. Though it was black money they didn't contribute that money to the welfare of our country still it was a loss to our currency by destroying it in those ways.

At the time of demonetization we suffered from some problems but now we have successfully adopt that change.

So conclusively Demonetisation is like a injection to get rid of the illness of our country.

Demonetization is a very good thing to clear the corruptions. But during this process, our country lost the economy rate and corruption also increased.

The government simply announced but they didn't take any further step to provide new currency.

In my point of view, there is no change in Indian economy after demonitization. After announcement of demonitization I think it would be helpful for the uprooting of corruption of India and it results in economic growth of India. The idea of demonitization is very good but it is not properly implemented. After ban of 500 and 1000 the middle class people are struggled and in that struggle also they take it in a positive way because they thought that it is first step for uprooting the corruption in India. Thats why they take it in a positive way. At the end the black money holders simply exchange their money. In their way of thinking they simply wearing a new clothes instead of old clothes.

Thank you.

Hi everyone.

In my opinion, demonetisation hasn't done any good, in fact, it has created many setbacks such as many of the industries were shattered, lakhs of workers lost their jobs.

India's growth rate has been reduced due to demonetisation. During the demonetisation period, people faced a problem because there was no management done by the government to provide new currency to the public.

People get lined up for hours for withdrawal of money from ATM. Some people lost their lives while standing to get money from the ATM.

In my point of view, as demonetisation was a welcome move as above mentioned by one of my friend it needs courage because government is aware of problems regarding to banning of 500 and 1000 rs currency but as we are heading towards positive aspects this step is taken to counter flow of counterfeit currency it is stopped for very extent and stopped funding to terrorist group there are no reports during that time related to any terrorist attack.

And as we all read the news that on that time there are some cases that a large amount of cash is drowned in rivers and there are cases too that a large amount of cash is transferred to relative to whom they didn't talk from many years they get cash.

So the conclusion is as for what cause it has happened the objective is achieved for some level they are able to restrict the flow of black money.

Demonetization was one of the most brave and bold decision of Indian government. It was a move against black money, counterfeit currency and to abolish the funds for terrorism. But we cannot say that the demonetization was a success. Let us analyse it's targets one by one, starting from black money. It is a fact that India had thousands of crores of black money before demonetization and most of them might be in the form 1000 and 500 rupee notes. But most of the currencies that were circulating before demonetization have returned to RBI after demonetization. It is clear that the people who had black money with them have found their way to change it to new currency. Counterfeit currency of the new currency note also was caught from smugglers in a few weeks after demonetization. So this objective also was not achieved. Terrorism activities activities had reduced for a few weeks after demonetization, no incident was reported even in Jammu kashmir for a few weeks. But even terrorists have found their way to find the fund for their activities. So it is clear that demonetization could not achieve it's objectives. Let's check what were it's impact on the life of a common man. People had o stand in front of ATMs for hours to withdraw the new currency. Remember that all of them were standing for the money they earned, not for a money given free. Some people died paralyzing while standing in the queue. I have read news about a girl who had a kidney problem and had no money to treat it. Many good people helped her and made the money for her surgery. This money was deposited in bank before demonetization. But because of the restriction on the withdrawal of money from an account and shortage of currency they didn't get the money in time for her surgery and she died. Demonetization caused a deduction in the GDP of India. So I cannot say that demonetization was a right decision.

You should note that the government had very good intention behind demonetization. The government was aware of problems it was going to create, but still it took courage to do it. But I don't think it succeeded as much as thought.

When demonetization was announced, it was a big surprise for everyone. Most of the people welcomed this, may be because most of the people liked were on government's side. The government said this will curb the financing of terrorist activities and will eradicate black money. People had never seen this kind of thing before, and they believed it, they had really too much expectations. They thought this demonetization is going to bring miraculous changes. But today they aren't feeling much changes.

So did it fail completely? Or why it did not succeed as thought?

The demonetization did affect terrorists. They could not convert the money to new notes. So of course it the terrorist activities reduced for some time. But the terrorists are mostly funded by Pakistan or gulf countries. So after some time, they could able to receive money like before.

If we talk about corruption, the people who had made money by illegal ways or the people who had hidden their income to prevent taxes got enough time and enough ways to convert into new cash. But people who had considerably more money had no ways but to deposit it in bank. So the at least most of the money came under banking, which also provided capital. But there were large number of people who had deposited more money. One, it can't make out which money is honest one and which money was earned illegally, so the government could not make all people to ask to pay taxes. But of course it made big tax hiders make them pay. But as most people's money have come under banking, in future government can make more easily more people tax payers.

And because of demonetization people understood how corruption can be reduced by using banking and also the importance of digital payments. India saw big improvement in digital payments after demonetization.

So, the corruption can't be much controlled by demonetization, but corruption prevention wasn't the only intention behind demonetization. Demonetization will definitely bring positive impact on Indian economy. So demonetization is not big success, but not a failure.

Hi guys,

In my point of view, demonetization has a postive as well as some negative aspects.

Plus point of demonetization is that is has stopped fundings to terrorist agencies and also stopped corruption and black money to a larger extent. Its disadvantages are that enough time was given by our government To public to convert their black money into white as there was no curb on buying of gold etc. People had to suffer in long queues in front of bank and many bank employees died due to overburden.

It was a good initiative by the govt but was not completely successful.

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.

Ban of 500, 1000 notes is like a test case for black money holders. They just learned how to solve this case when the face and not only this they also learn how to store, exchange and transfer black money whenever they may these. So, what I would like to conclude is 'Ban of notes' made nothing of uprooting the corruption instead it learnt them how to face that situations and overcome them.