Demonetisation has reduced the Corruption, Black Money and Terrorism?

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88 comments Page 1 of 9.

Sudir Kumar said:   1 year ago
Now that demonetization has been done, remove all currencies including the lowest denomination notes from the system and go for complete online transactions.

Lack of internet connectivity, poor technical literacy and what have you in my opinion are just lame excuses. If the government's intention is clear with the initial hiccup gradually people will get habituated to online transactions, UPI payments, and Google Pay systems.

If 100% digital transactions can be achieved across India, then corruption from the top to the grass-root level will disappear and even the government's tax collection will further increase.

Indian economy will be able to make a quantum jump from the 5th to the 3rd largest economy in the world in a very short span of time.

Karthik said:   2 years ago
Greetings to all.

Firstly, demonetisation means changing the currency notes that have value till now to new ones. When Modi became prime Minister black money was a major problem and the government intimated us that measures will be taken on it initially. To demonetize every family should have a bank account so that they are included economically. For that govt initiated Jan Dan Yojna. This ensured most families had bank accounts before demonetization. After this demonetization was initialized. The main motive was to reduce black money, corruption, terrorism and fake notes.

So, coming to the advantages many have bank accounts now and almost all are depositing money in banks due to this banks don't face money issues as before and many can invest and take loans which will increase our economy and the amount of income tax also increases.

But it had more consequences. Many old people were unable to change their notes. Many rich people had given their money to poor people to change notes and some of them even bribed bank officers and changed their black money. Many poor people lost their livelihoods and many died as well. Terrorist attacks increased after this. Black money and corruption eradication has not been done by demonetisation rather it caused many issues to poor people.

Aditya said:   2 years ago
Yes, Demonetisation not only reduced corruption but also changed the way we Indians use to live before it happened. The only opposition to demonetisation was from People who were enjoying black money. Where the poor people had faith in the BJP-led government, they knew their pain and hard-earned money won't go in vain. When it comes to terrorism large amount of black money that was sent earlier saw a drastic change with a downfall. I would thank Gov for taking such a step.

Ritesh said:   2 years ago
Demonetisation was indeed a big step to achieving a society free of black money, terrorism and corruption but the scheme was introduced without proper preparation and it didn't produce the desired result.

Even though it aimed at reducing the black money the new RBI statistics stated that 99. 3% of the 500 and 1000 rupee notes have been collected back clearly shows that the intended result has not been achieved by the government.

The major problems due to demonetisation were faced by the middle-class people because of the lack of new currencies in banks and ATMs.

But still, this scheme has indeed had some positive effects too. Most people are now aware of digital transactions and people are aware of banking services. And hence supports the digital India campaign.

So, even though demonetisation didn't have the desired effect on the economy but still it has had some positive impacts too.

Mohana said:   2 years ago
My opinion:

From my point of view, the simple way to reduce corruption, black money, and terrorism is for every citizen of India to be honest in their profession and give their level best. Thank you.

Krishan said:   2 years ago
Good evening everyone.

First of all, we should discuss what is demonetisation?

Demonetisation is a process in which the money running the market is removed and replaced by the new currency.

IN India on 8nov 2016 prime minister Narendra Modi announced demonetisation keep in mind that it will reduce black money corruption terrisiom.

Demonetisation is not easy for the public.

It increases the unemployment rate.

People have not sufficient.

People stand in with queue of the bank for exchanging money.

It is the marriage season in India so people do have not sufficient so they face a lot of problems.

Shohini said:   3 years ago
It appears there are still a huge number of ANDH BHAKTS in India.

Actually, all these posts are written by one or two persons using different names. In order to sound balanced, a few disadvantages have been listed. The reality is that demonetization devastated India and permanently crippled its economy. Poor people were the greatest sufferers.

Indian's can't see that Modi has totally destroyed India. It will take a generation to bring it back to the state where it was in 2013. Manmohan Singh elevated India to a position where India rapidly gained a huge amount of respect in the world. Books were being written on "Emerging India" But the Modi government is not concerned with INDIA. The only concern is to collect money from the poor of India and use it for election campaigns and rallies.

Manisha Jadhav said:   3 years ago
Hello everyone.

Greetings of the day!

First of all, we will see what is meant by demonetization, it is the step by which particular currency notes which are running in the markets are removed and replaced by other currency notes.

Demonetisation is the drastic step taken by Modiji in November 2016 by keeping in mind that it will reduce black money, corruption, and terrorism in the whole country.

Disadvantages of demonetization:

Demonetisation was not very easy for peoples because they were not ready for that. They faced harsh problems.

Small and medium-sized businesses shut down due to this so unemployment increased.

People faced a shortage of cash. There was a big queue for exchanging money.

The government thought that it will reduce black money but 90% of people exchanged their currency notes so there may be 2 causes for this either no black was in the market or somehow people managed to convert it in white money.

After demonetization also terror attacks happened hence there was no logic that by doing demonetization financial support would stop the terrorists.

Demonetisation also couldn't stop corruption as nowadays we are seeing it.

Some money spent on printing of new currency.

It announced in November so in India marriage season was there so most people faced a shortage of cash for that function.

Advantages of it-.

Due to demonetization, people used digital payments mode and still using it so it's good. Hence, due to digitalization in payment government can keep eye on it. It supported the Digital India initiative.

Thank you so much.

Have a great day.

Dnyaneshwar Doke said:   3 years ago
Demonetization is the best thing that was happened shortly before. Corruption, black money, and terrorism were also reduced at a huge level. Reason for that the storage of black money by rich people or by peoples who drives their businesses without under any governmental licensing authority. Those type of money is only stored and stored for a long time and no any pieces of evidence can be collected by the respective government. Because the hiding of black money can be done anywhere at any place and no records were found for that money. The government prints money but these black businesses make that money black. Hence after demonetization, because of none of the pieces of evidence present for black money, they remain black. And other works like terrorism or any other non-relevent activities that run on these black money were stopped. As we can see after demonetization lots of terrorist attacks fall down because of lack of new currency applied by the government was not present to them and thus they were unable to purchase any weapons by using that black money.

Corruption is a very big scam that followed by most of the government officers each and every day. And the amount that was collected by them does not have any records thus they were unable to recollect that black money from a bank account and these notes remained as a piece of paper.

Online transactions of money nowadays coming forward which will also help everyone to maintain their account history.

Poonam said:   3 years ago
Hello everyone.

We have the most hit topic to discuss here that is 'Demonetisation has reduced the corruption, black money and terrorism.

Demonetisation is a restriction of circulation of money and currency.

Demonetisation was implemented in 2017 by gov in which rs 500 and 1000 note was banned returned to go and that was replaced by 2000 note.

Real facts:
1. It was expected by gov that only 70% of the money will be returned to gov but approx 99 % of the money was deposited to gov. It proves that either there was no black money or somehow black money converted to white money.
2. It was expected that terror attack funding will be stopped after demonetization. But after demonetization also terror attack happened.
3. RBI which supervise the financial sector of India did not agree with demonetization decision.
4. It was expected that tax payment rate will increase,

But as per past data by economist tax payment rate is increasing yearly.

Disadvantages of demonetisation:

1. GDP growth was decreased by 2.2%.
2. Unemployment rate increased, many small and medium scale company shut down their business.
3. Terrorist funding was not stopped.
4. Some money spent on new cash printing.

In my opinion, it doesn't seem demonetization has reduced corruption, black money, terrorism by the survey.

Due to Demonetization, some people tend towards digital payment that is a positive impact. It took more time to replenish losses occurred due to demonetization.

For the financial reform, we must have to take advise from the respective financial sector that is RBI or from the economist.

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