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

In my opinion, demonitization is the first step to avoid corruption. But I agree that the middle class and low class peoples affected a lot by this. Corruption could not be cleared fully by this technique. But it worked a little bit by saying that lots of money thrown in to the river and somewhere fired. All belonged to the rich people who were not paying their tax correctly. They were not legal money. They were stunned after hearing that news. Demonitization created a good impact on economy. Every citizen should accept this to build a better future. And I accept that behind this lots of difficulties are there. But as a citizen we should support this. And finally we have to support all the strategies for anticorruption.

Hy everyone,

I appreciate and definitely find its true that banning 500 & 1000 notes is just a very powerful action taken but to be honest after one year of its implement anyone can hardly see any drastic changes due to it. According to RBI, 99.2% of floating money i.e. before demonetization has come back resulting in a very less or can be considered nil amount of black money is find out. Actually, the scenario is way more complicated then what it is as every person who carries money in a big amount never goes for paper money, he either invested it in business or in lands or in shares and other techniques i.e.no one carries money in cash therefore there is no major impact on them and let assume some may carry but believe me they definitely have figure out how to deal with it. The only people affected are the mediocre and poor ones standing in a queue, worrying for the cash they have just pulled out for their daughter marriages, no acceptance of old notes in hospitals and the count is countless. So I see no major changes in the society but creating a lot more of havoc in peoples only, therefore, to sum up, I can say that the banning of notes is a very heroic action taken by anyone after so long but the way it has done is not so successful because the result after one year is in front of all. It is just a major setback of a very powerful action with no reaction at all. Therefore, can say that the system of corruption is still same it has just changed its clothes now it's kinda pink.

Hello everyone.

Demonetization was a great initiative taken by PM Modi to stop corruption. But it's implementation was a big failure.

Mostly middle-class & the lower class family were affected by this. They have to stand in long queue to exchange their old notes with a new one. For rich people, it was just like changing clothes they have great influence on bank managers and these bank manager exchange their money.

Also, there was a shortage of 500, 1000 notes in the bank and atm machines so even when middle or lower class people go there they don't get money. They suffered the most.

It also reduces India's GDP to 6.3%.

Hello,

I am Abinash.

In my views, demonetisation has neither uprooted corruption nor changed its clothes. It has just became created a trend. Before demonetisation, farmers used to get low incentives and even today they are suffering from the same problem. Rich is getting richer and poor getting poorer. However, it has provided a digital model through which India can progress. Less reliance on cash transactions has increased and almost all govt services are made available online.

I'm Dev.

Ban on 500 & 1000 rs note it's not a cloth changing action. Our government took this decision on 8 Nov 2016 to stop money laundering and black money in India. Which was a very huge decision ever taken by the Indian government in last few years. Now if people say that it was just cloth changing then it's not correct because nobody can change a country in one day. So we have to wait for a time to see the final result of these changes. We can say that after demonetisation a very big part of black money recovered by the government till the time and they are still working on it.

Though demonetization affected many poor and middle class people and not wealthy people but the government is not responsible for it. This is the fault of the third person who for the sake of his own needs and greed have cheated with the countrymen by taking commission from wealthy people and exchanged money for them. Due to these few frauds entire country is suffering a lot. Until and unless these people change themselves no big step can India execute successfully. And believe me if no one will work as a third person for the rich people or VIPs, there will be no need of suffering for innocent people. This is the dream for India and I really don't know when and how can this come true.

Hi friends.

In my opinion, the idea of banning Rs. 500 and Rs. 1000 was good. But the way of implementation was not done properly. The government's intention was to end black money dealings and put a cap on corruption. At the time of this ban, the economy was not in the position to handle this change. Many of the lower class and middle-class people who did not have the access to cashless ways suffered a lot. The unorganized business sector faced a big challenge. Many of the small-scale industries and merchants forced to shut down their business. The government had to spend huge money to implement this change.

The result of this demonetization process was as expected. 99% and above money were returned to the government. Which shows somehow the black money got replaced.

The results could have been better if there was a proper planning made before the implementation.

In my opinion, it is good for our economy to replace the currency periodically. A particular currency can be given a specific lifetime. Say for example, Rs. 2000 currency valid only for 5 years then there will be no hidden storages of the currencies since everyone will be forced to use it in the market and get replaced within 5years. The timespan should ve decided and announced along with the introduction itself. So that there will not be any last minute rush.

Hello everyone,

This is Shreya. Demonetization was introduced to combat corruption from society. I have one question from all of you. How much government has recovered the black money?how many faces of corrupted people come in front?Does it really reduce the corruption? The answer is No. So, how we can say it has reduced the corruption. In fact, the decision which was supposed to destroy black money, helped people launder it. According to data offered in the white paper published by the ministry of finance, about 4. 9% of black money held in form of cash. A bulk of the money is held in form of real-estate and gold. So this decision is just for changing clothes, not for uprooting the corruption.

Hello friends.

Here, I will say that demonization of 500, 1000 notes is not just changing clothes. Yes, I agree on both major points that the idea of demonization was good and the implementation was not proper. But after demonetization govt has done a good job.

Let us take one example that you have one bucket which has some holes and one cannot see it by naked eyes after filling the water you realize that the bucket has some holes and then you can fix that holes. But you have to find that holes fast otherwise the water will drain.

Here also same theory takes place that the govt has made the policy which they think that it will work but after implementation, they realize that it is not working as they needed, it has some loopholes so then the govt tried to fill that loopholes by introducing new schemes for marriages and student etc. But the govt has taken much time than needed in implementing the schemes and that goes against the government.

Yes, at some instinct the demonization has done good work in decreasing corruption but not in the way that govt needed too.

Thank you.

On 9th November, 16 government announced demonetization of 500, 1000 notes nd the reason given for this move was uprooting of corruption and wiping out of black money but in my opinion this ban was like just changing clothes because the black money in 500, 1000 currency notes constitute barely 1-2% of total black money in the country and those who were having undisclosed money deposited their money in different accounts under different names to evade tax so the sole purpose of fighting black money was defeated and 2000rs notes made it more convenient for people to store the money.