Demonetisation has reduced the Corruption, Black Money and Terrorism?

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89 comments Page 1 of 9.

Divya said:   6 years ago
Demonetisation means replacing the current currency notes with the new notes. It reduces black money fake currency and all other terroristic activities of malpractice. Actually, it is a good step towards the nation, it is the third time of demonetisation in India but in my view the implementation of this is a big failure. Many common people suffered a lot than the corrupted persons.

In this process, I never saw a person who is rich standing in a line outside ATM's or banks but a common person did.

Many people with the help of bank officers convert their black money into white legally without any difficulty.

So, please before implementing anything design some effective steps to avoid difficulties.

Thank you.

Lakshmi said:   6 years ago
Demonetisation was indeed a big step to achieve a society free of black money, terrorism and corruption but the scheme was introduced without proper preparation that it didn't produce the desired result.

Even though it aimed at reducing the black money the new RBI statistics stating 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 ATM's.

But still this scheme has indeed had some positive effects too. Most people are now aware of digital transactions and people are aware of the 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.

Vaibhav said:   5 years ago
Hello, my name is Vaibhav.

With a view to curb the black money PM Modi has announced the demonetization but the plan didn't give any fruitful result.

Because somehow these tax offenders find a way to hide their money and stay safe, that exact thing happens at the time of demonetization, these offenders find a way to hide their money to other personal accounts.

RBI has reported that 99.3% of the money has returned to the bank account.

So, the scheme of Modi government failed and in the recent time we are facing huge slowdown in the economy and every economist is chanting the same reason for slowdown i.e. demonetization and GST and In my view they are right because before the demonetization the money was in the hand of the person and they were spending money and there was huge demand for the product and services, but the all the money in the bank account people are fear to spend they may be caught in the eye of tax administrator.

So right now there is huge demand deficit and demonetization is the big reason for that.

Khushboo singh said:   6 years ago
According to me, this step could be a good plan but it just happened without proper preparation. As a result of it middle and lower class people suffered a lot. And the main reasons are-.

1) demonetization took place in November, in which most of the Indian marriages are organised. So people could not understand what to do now because of long lines in banks they suffered a lot.

2) no sufficient printing of new currency at that time.

3) ATMs were empty mostly at that time and long lines in banks. It wasted time a lot. People had to suffer a lot for their money. So acc to me, firstly there should be proper new currency providing facility first then demonetization should take place.

The main reason for this big step was curbing black money, abolishing corruption but it failed in it to some extent. Like corrupt people converted their black money into white by putting it in other middle-class people account by just giving them a small amount of money.

Demonetization has some positive points also.

1) it increases digitalization in the country. Now we are about 5 years ahead in terms of technology.

2) people get to know the basics of online payment before it they afraid of doing it.

3) due to increase in online transactions the government will be benefitted too because it can keep eye on corrupt people.

Thank you very much.

Ravi said:   6 years ago
Demonetisation was a good step taken by our honourable prime minister Shri Narendra Modi on 8 Nov 2016 to reduce the corruption and black money and terrorism, under that Rs 500 and Rs 1000 was no longer legal tender.

And I think the demonetisation has achieved its objective so far, the first objective was the elimination of black currency and no doubt black money has been eliminated from the market because according to data only 86% of total notes were collected by RBI. And the notes which were used to supply to terrorist has become reduced for their purchasing of guns, bombs etc. Now government are more focused on the cashless economy, digital India etc. So now the government can keep the record of any people which are purchasing anything, so there is no scope of fraud and corruption. There is a huge increase in the number of the taxpayer after demonetisation.

So, overall we can say it's has achieved its objective.

Rajat Jain said:   4 years ago
Hi Everyone,

Let's first understand what is Demonetisation.

Under Demonetisation, a particular currency notes circulating in the market are removed and new currency is issued.

It was a very bold step taken by our honourable Prime minister Mr. Modi on November 8, 2016 to rein over the Corruption, black money, terrorism, smuggling and fake currency. Although this decision couldn't be proved as fruitful as expected. It was expected only 70% currency notes of Rs. 500 & 1000 will be returned to bank after Demonetisation but later it was found around 99.3% currency notes were returned. So this proves either there was no black money in the market which doesn't make any sense or people found other way to convert black into white. And after few days of Demonetisation, a no. Of terrorist attack occurred which proves that there was less adverse effects of Demonetisation on the terrorism activities beside this.

After issuing of the new currency, the fake currency notes were caught after a month not only this, the middle man and the poor had to suffer a lot i.e. standing in long bank and ATM queue, limit on withdrawal but somehow it made a big loss to the terrorists, corrupted politician and many more and a bit rise could be seen in tax collection after this, it also helped govt to make a black list of those who deposited non informed money in bank.

So we can conclude that it wasn't only a great but also a bold step too towards reducing the corruptions, black money and terrorism but couldn't be successful as it was expected due to various reasons like improper planning & lack of Strategies, Corrupt bureaucrats and politicians, lack of harsh punishment for the offenders and many more.

Thank you.

Vinod said:   5 years ago
Good morning all of you.

Today we are going to discuss the topic of Demonetisation that has reduced corruption, black money, and Terrorism. Demonetisation was a big step taken by the PM Modi on 8 Nov 2016 to reduced the black money and change the currency notes due to fake notes present in the market.

The effect of this step is different for the different levels of people lower, middle and upper-level people. The lower financial condition suffers very much by this step, if I am taking the example of a labor person who work for a full day to earn some money, I was standing in front of the bank for money.

There is no proper arrangement to change the currency notes.

Firstly people go to add money to the bank then again to debit the money.

Small scale business was a flop due to absence to money.

Some positive point of demonetization is to improve the banking sector, reduce corruption, a step towards digitalization and many other benefits.

In the end, I want to say that India is a big country, it is difficult to take any step for the country along with the comfort of all peoples, we have to understand this and support the steps taken by our leaders.

Vivek said:   6 years ago
Hello everyone !

I m glad to take an opportunity to initiate the group discussion.

Today our discussion topic is "demonetisation has reduced the corruption, black money and terrorism".

It is a current relevant topic.

As per my opinion, the concept of demonetisation is very good for reducing corruption, black money and terrorism because whole money which is in form of old notes is present with each terrorist but as demonetisation occur he/her failure to do any activity.

But if we discuss in respect of Indian demonetisation it is failed because of.

1. Improper planning - there is no planning for travellers, weddings and small-scale industries perspective.
2. RBI does not include in the planning stage.
3. Improper implementation.
4. Lack of infrastructure of updated atm in the whole country.
5. Due to done currency exchange by many bank officers.

But there are some advantages also seen by demonetisation.

1. Digitisation capture high-speed growth.
2. India is being ready for the cashless economy.

Simran said:   5 years ago

Demonetization is a bold step implemented by the NDA government to cover 5 major aspects of INDIA and its economy.

1. To control black money.
2. To control fake notes/currency.
3. To control corruption.
4. To control terrorism.
5. To increase tax collection.

As demonetization is failed to control black money according to the report of rbi 99% of black money remain uncovered as they are in the form of assets and liabilities.

It is very much successful in controlling and removing fake notes from the Indian economy.

This is also helpful in corruption control but not that much success because of less availability of printed notes people refused to take online transacted money because all the transaction is properly governed by the bank and so because of this reason terrorist also remain calm and avoid the online transaction.

As per the report of income tax department tax collection become double in this 2 year.

It also has some negative impact as people have some times suffer from the lack of money but we can't ignore its other side so it is well accepted by Indian citizens.

Abhijeet said:   5 years ago
Hello everyone!!
The NDA government under Narendra body took A bold step of demonetisation mainly to cover 5 major aspects. They are;

1. Control over black money.
2. To control the fake notes/ currencies which was travelling all the way in the Indian economy.
3. To control corruption.
4. To control terrorism.
5. To increase the tax collection.

The concept of recovering black money was failed. According to the recent RBI data it was clear that 99% of the black money remained unrecovered. The failed in this section because they failed to recognise that that the most of the black money are not in the form of currency rather they are in the form of asset and liabilities.

After the demonetisation, the government was successful in controlling the fake currency travelling in the Indian economy.

The corruption has devastatingly reduced as due to the unavailability of the printed notes. the corrupted peoples refused to take the money in an online form as the whole data was governed by the government. Talking about the current scenario the corruption has just changed his clothes but it is still in the economy.

Due to unavailability of notes the terrorism terrorism has either stopped or had became calm for sometime. The online money transfer data is well governed by the banks so there is no terrorism issues on big scale as it was earlier. But it has not completely vanished.

The government was very much successful in increasing the tax collection like the recent reports that tax collection has been doubled.

Although there is a more negative impact of demonetisation as compared to positive impacts as people had suffered a lot and bank employees have to work a lot of hours late night in the and the bank. due to the unavailability of the notes the people were failed to purchase their daily regularities .but although there is a problem, the people of India supported the same time it provides a new time new journey for the digital payment apps which supports the economy.

Finally, I want to say that the demonetisation was not a successful step but the Peoples of India saw a bold and powerful Prime Minister Who has the capability to take decisions in the favour of the citizen.

Thank you.

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