Points to remember before you participate in this discussion:
|K C Pandey said: (Jan 5, 2021)|
|Demonetisation was announced by the government of India on 8th November in 2016. It is very good decision taken by our government but I think our government not prepared properly. Because many poor people very affected by the demonetisation because they are stand at front of bank. Rich people have many source to change their notes. Bybdemonetisation our government collect the black money by the holder so I conclude it was very good decision taken by our government thanks.|
|Arun Chaudhary said: (Dec 26, 2020)|
|Demonetisation is the way to eradicate the currency which is currently used and introduce the new one which helps a lot to block the black money holders, terrorism from the country.
In India on 8 Nov 2016, Shri Narendra Modi gave the sudden news about demonetisation that notes of 500 and 1000 will be invalid from midnight today but they also gave chance to change our old currency from the banks but we have to give proof that our money is not black money. It affects a lot to common people too, because common people stand the whole day in a queue to withdrawal little amount of money and atm was empty. But the politician, celebrity, and mostly black money.
Holders change their currency from the bank easily by giving some bribe to the bank employees but not at every place but common people suffer a lot.
In my opinion, its the best initiative by our govt to block the black money, terrorism and it introduce a new era of cashless India because most of the people use the mode of online payment since that time.
|Adarsh Singh said: (Dec 19, 2020)|
|Demonetization is a process in which, the currency which is currently running in the market is ceased by the government.
It is usually done to check black money and to remove fake currencies from the market.
Our PM Narendra Modi, on November 8, 2016, declared notes of 500 & 1000 as invalid.
The idea of demonetization was good but there was no plan to implement it properly. Lots of people lost their job, the growth of GDP also decreased, common people were seen standing in ATM queues for money while rich people were not seen in this troublesome condition. RBI also stated that approx 98% of the currencies were returned to the bank, it implies that there was the very less fake currency in the market.
This demonetisation could have been a very good step if there would have been proper planning.
|Firoj Khan said: (Dec 1, 2020)|
|Demonetization is a process in which we modified the currency.
Our PM Narendra Modi demonetized the 500 and 1000 RS notes on 8th November 2016.
Demonetization is a good way to control over black money, fake currency and corruption.
Many people hide their money in houses this money is called black money. It is the main obstacles in our country's progress. Most people of India bear many problems and some died in the queue of ATM's.
Black money encourages terrorism most of the terrorist use black money and fake currency.
So, I think Demonetization is a good decision taken by our official.
|Raj said: (Nov 8, 2020)|
According to me, demonization was the wrong decision because of this many people lost their jobs and after that, we saw our GDP growth decreased, the economy also suffered a lot and if you talk about the collection of black money which was promised by the government according to RBI data almost 98% notes deposited in banks and finally this is so many example failure of demonization.
|Krishna Kanth said: (Jul 6, 2020)|
|According to me, demonetization is changed the corruption era. It is affecting common people more than black money holders but good thing is that it affects on corruption. We saw that in demonetization the goverment collect lots of money from black money holders also its increase GDP of our country. But common people faced lots of trouble in three months. They are standing in a queue for a day for 2000 or 4000 and ATM was empty. Also, bank employees help celebrities and politicians for withdrawing money from the backside. My view is demonetization is a good step but its affecting common people very much. Demonetization is a good step taken by the government it is definitely helpful to India to become developed country from developing the country and it is very helpful to decrease corruption in India. But for the demonetization common people's face lot of problems than the black money holders because for withdrawing money they wait a lot of time at ATM centres. It will apply for every five years it will definitely useful to decreasing corruption. Demonetization is affecting to the common people but they will get benefit from it in the future. Someone said that instead of immediate disclosed this information they should inform the people for fixing the date for demonetization if they do so, again it helps to black money holders before demonetizing they had exchanged the money from 500 and 1000 to 100 and 50 notes. Modi had taken a good decision of immediate action on demonetization. Of course, it had affected on common people not only in this matter. There are several matters are there which can affect to common people. If anyone made the survey immediate decision on demonetization they will get 80% to 90% good result because our country people know what is right and wrong. Most of the people knew that demonetization will help to the middle class and low class and it should affect on middle and lower class along with these things, they knew they will get benefits from this in future.|
|Sahil Thakur said: (Mar 16, 2020)|
|Hello, my friends.
Demonetization is an effectual step but was not much able to execute it properly. It ought to be planned before implementing this step. It should be remembered by the government that with advantages disadvantages also come. The government had to be ready before taking this step.
So I think that it was not a much adequate step.
|Juhi said: (Jan 11, 2020)|
In my point of view, demonetization is a very sensitive action which is raised by the Indian government on 8 November 2016. Government of India announced that demonetize of all 500 and 1000 rs and the new currency is provided at midnight. The major decision which is made by the government will help to destroy black-money and all the terrorist activity will be blocked. A negative aspect is all the common man faced the various and inconvenience to exchange their 500 rs and 1000 rs.
It will make a big change in our country we congratulate the entire government and we should thank those people who brought this decision.
|Sai said: (Jan 6, 2020)|
|From my point of view, demonetization led to suffer the economic growth of the country. Demonetization was not planned adequately and led to escape of some black money holders easily. After demonetization, the economic growth of the country decreased and with the introduction of new currency notes led to more confusion to the people. The common people are not eagerly waiting to buy some new items as they are afraid of such new incidents in future and this led to only saving the money and investing it, which would rather multiply easily than keeping it safe.|
|Naveena D said: (May 19, 2019)|
|Good Morning Friends.
According to me, Demonetization will helpful for development growth of the country. But at the same time, that impact is disturbed on common peoples. Because common peoples are want to re-modify the rupee notes. So these is disturbed on common peoples. Business persons or well-being persons have easily modified the rupee notes. So, these things also affect the common poor peoples. Black money holders also easily change their money but mostly does not affect them.
|Sourav De said: (Mar 12, 2019)|
|In my opinion, demonetization has been a huge success. It has broken the parallel economy which was going in the country all over the years. Tremendous growth in the cashless and digital economy has instilled fears to some extent in the hearts of those who were making huge amount of money through illegal roots. It has also affected the terror funding and fake currency. Though many people were claiming that it has affected the local shopkeepers, I would strongly object the method of gaining money by the traders and shopkeepers who would never give proper bills and would escape from the taxation. Why only the salaried people should pay taxes, everyone in the country who has cracked the barrier of min taxa limit should pay and ensure the development of everyone in the country. Some said farmers witnessed suicides, I would say that honest farmers would hardly have had a heart in their mouth when they heard this announcement. We know very well that their incomes have been due to their sweat and blood and not like the looters of this country. In the end, I would like to conclude that tough decisions are most of the times severe but their impact on the economy gives a long-lasting positive impact and demonetization is one among them.|
|Moin Mansur said: (Feb 23, 2019)|
Everybody knows that demonetisation have been implemented to get rid of the black money from the economy. Because holders have been able to secure their money in the mode of cash so due to banned of 500 and 1000 rupee note they have not an option because no one accepts the banned money but it creates a mode of earning income for some people. Persons who are connected with the bank got the new money and exchanged with old money in lower value. And the difference amount they earned.
So what the black money reduces or not?
The transaction is successful and black money holders got the money in new denomination but some less.
But the money was in the hands of people who had earlier.
Demonetisation creates the problem a lot to the middle-class family. They had to spent their time in standing rows of banks to get their hard earned money.
|Anim said: (Feb 20, 2019)|
|As per my point of view, I think it is a good step taken by the government because in our India many people who don't deposit their money in the bank and as well as govt is not able to charges tax from them. But it also affected some people who belong to a middle class family.|
|Hrushikesh said: (Feb 9, 2019)|
|According me, demonetization is good decision but it is implemented in well manner. There is no planned for that People belongs to the middle class faced lots of problems like, they have to stay in queue to change their old many. But corrupted people having sol for this issue. Manly farmer face lots of problem like distributed wages to workers.|
|Sharmila said: (Feb 7, 2019)|
|Demonetization is a powerful measure. But it is not implemented properly. Whatever modi did is in a proper manner except he would have taken a better steps to implement without suffering the common people.
If he would have arranged the quantum of currency for exchange for a common people who are depositing in a bank it would have get successful obviously black money holders cannot deposit black money to a bank except to some extent.
So the powerful idea gets flopped.
|Pooja said: (Jan 26, 2019)|
|Demonetization like everything in life has its pros and cons The idea behind it was to eradicate corruption which you can say was a good idea as it did put people with black money in a tough position and if not totally but did help the government, but at the same time the people in villages and people with savings did face a lot of issues but rather than just sitting and watching corrupt people, taking an action was important. If planned well it could be a great move.|
|Sahithi said: (Nov 15, 2018)|
|Demonetization means ban of currency in the economy. In 1946, demonetization of 1000 Rs. Note and 10, 000 rupee note took place in India. In 1954, 1000 rupee note, 5000 and 10,000 rupee note were introduced. Again in 1978, government demonetised 1000 rupee note, 5000 and 10,000 rupee note from the economy. The impact of demonetization on various sectors are:
GDP (Gross Domestic Product); we can say that GDP is directly proportional to the government Expenses, consumer expenses, and investment. After demonetization, the circulation of currency became less so GDP automatically became less.
Farm input is not available in the agriculture sector so daily wages farmers became jobless.
In long-term impact on lending rates became down.
Inflation arises due to higher liquidity presence in the market.
After the announcement on 9th of nov 2016, the gold price increased up to 40,000/- from 32,000. So 20% to 30% high was observed in gold price after demonetization.
After the announcement within 4 days 18 crore transaction was handled by the banking system.
Activities carried out by terrist hamper by demonetization of currency.
|Mohamed Hamza said: (Nov 15, 2018)|
|Firstly, Demonetization is a good idea to get rid of corruption, The Government has implemented without a proper plan !so, it doesn't have any impact.|
|Suditob said: (Oct 23, 2018)|
I think in the case of humanity if our government think about 1% then they defiantly did help our poor people because we have known many people who lived in villages they have no bank account. That's the big problem.
And the other thing is we already known how profitable people change theirs.
|Matu said: (Oct 16, 2018)|
|Good morning friends.
The motto of demonetisation in India was to weed out black money from every corrupt individual but we all know that common people in India is hardly earning it's daily livelihood they must be remaining unaffected but they were the most to be affected as they have to stand in long queue in order to get some cash to manage their day to day activities.
While corrupt people's are also affected as they have loosed their black money but they are not suffered a lot as they have found other ways to turn their money into white. While most affected people's were rural people's who were unable to understand what has happened to their country suddenly why their currency has become unacceptable suddenly. I think demonetisation would be more effective if gov could have saved the common public from suffering from its impact.
|Bhim said: (Jul 21, 2018)|
|According to me, if we talk about the people who are rich, having black money they even not affected a lot because they come with another solution for this issue. If we talk about the people which are middle class or in other words common people they have limited money. They suffer a little bit because they stand in the queue for money, many other problems that they faced.
If we talk about one more type of people who are living in the villages. They suffer a lot from this demonetization. One of my friend did the research study in the villages about the impacts of demonetization he get to know the result that people living in the villages don't have their bank account and they have some notes of 500 and 1000. How they exchange their money they even don't know what had happened in the country?
|Sohail said: (Jul 5, 2018)|
|Good morning all,
As we see that every coin has two faces so this is just like that.
From the common people point of view, it is of just like a change of clothes they have to suffer to bring the daily liabilities they have to stand in a queue to change their money and also they have to suffer from their boss to change his money otherwise they have to leave the job.
As we see from black money holders point to view they do not have to suffer because they have their servant to change their money also helpful in changing their black money into white.
So the result is very clear common people have to suffer in all circumstances.
|Pratik said: (Jun 21, 2018)|
|Behind the demonetization drive, the main aim was to minimize the corruption means minimize the no of black holders,
Demonetization has definitely affected middle-class people and poor families but in the short term only. While black money holder are affected in long term. In day to day activities and where they have to attend a marriage function and to organize special events or to build a home where one has to pay daily wages to a labour in cash. In all these areas people are much more affected in day to day life than black money holders. Demonetization basically occurred so that govt can have a good amount of black money and much black money holders are caught also due to it. And a large money has come to government many black money holders have do not put money in the bank and they ultimately have to waste his money.
And much black money holders went a sleepless whole night with the fear of getting caught in the eye of government Many black holders have some connection at the upper level and they deposited their money with the help of connectors and many people or black holders deposited their money through their servant and poor people. Hence they are not affected. They recovered their money back in form of new notes.
After the 4 months when the cash has flown in the market common people, got relieved but black money holder did not as they did not exchange money. And whatever the efforts they put into earning that entire money their efforts and all struggles got wasted. So black money hplders got a great lesson to not to cheat the country and when govt has got money from they can utilize for common people.
|Pratik said: (Jun 15, 2018)|
|Demonetization has cost the common people a lot. It did hamper the peace and tranquillity among people. People had to stand in front of banks and ATM's with thousand people standing in front of them. The people were told to submit all the 500 and 1000 rupees note to the bank within a stipulated time. People had jobs, but instead of going to do their job, they have a stand in line along with thousands of other people. The GDP (Gross Domestic Product) gone done from 7% to 6.1%. Many lost their jobs. The common people were worried but the black money holders even threw bags of black money in the street and some even opened several bank accounts so that they could hide their black money. But the thing is, they won't go to the bank, they would obviously give the work to some common people who will stand in the line for them. It's always the common people who are affected.|
|Saloni V said: (Jun 14, 2018)|
|Yes, obviously demonetization is one of the powerful aspect taken by our Prime Minister Narendra Modi. But although it has a huge impact on many people living in tribal areas or in urban. Like people have two faces in their life. This demonetization is also having 2 effects. One is by the sudden announcement of this act it has made the country to become corrupt free. And the second is that it had made many people in trouble especially middle-class people they need to stand in queue for collecting money to meet their daily liabilities. So, we need to go through this for making our country corrupt free.|
|Kavitha.S said: (May 29, 2018)|
|Hi, I am Kavitha.
Yes, obviously demonetization will affect the common people more than black money holders.
Actually, demonetization is the best act for reducing the corruption which is introduced by our honourable Prime Minister of India. But It has so many demerits in it. It mainly affects the people who are arranging the marriage and the people who is having the money for making any functions and at the same time it is the waste of time for standing in the queue for changing the value but what to do we have to face such problem for making the country as corruptions. Whatever the problem may be the act of demonetization is the wonderful act for making the corruption free country.
|Rakesh said: (May 25, 2018)|
|Hello, everyone, this is RAKESH.
According to me, this is not about middle class suffered or black money holders but if we succeed in our aim then it doesn't matter because in taken such step to remove the biggest problem of India each and every person willing to do it.
But did we get success in what we suffered for?
Yes, it is right, middle-class people suffered more they have to be in the queue for exchanging their notes. There is people marriage function are organizing in their house so they collected money for that and then this decision comes how they change their money. The patient got suffered. Many things are there.
But think once is this is an easy for gov to take such big decision. They took it after thinking about it thousands of times yes there was implementation problem they should circulate 10, 20, 50, 100 notes but we should support gov we should appreciate gov for taking such decision so that in future gov can take such decision with improvement.
If we talk about black money holders definitely they were in tension at that time. They couldn't get proper sleep and many cases are their we caught people with money. Now black money holders reduced at great extent.
|Abhishek Singh said: (May 6, 2018)|
|Good Morning to one and all.
As we know demonetization is one of the respected measures has been taken by our honourable Prime Minister Modi. Like two faces of the coin this measure also have two different effects.
The positive aspect is that this helps us to become a corrupt free country, it helps to remove terrorists and smuggling activity.
Negative aspects is that people need to stand in a queue and due to insufficient cash they are unable to meet daily liabilities.
But in overall aspect to meet corruption less country we also need to go through some tough times.
|Mritunjay said: (Apr 15, 2018)|
|Every coin has two sides and so demonetization is also having advantages and disadvantages. This step of demonetization against corruption by our Honourable prime minister Shri Narendra Modi is really appreciable. Announcing it suddenly was the best part of this strategy. We know it will take time to clean the corruption but if such steps will not be taken how come India would be a corrupt free country. Lack of cash availability, standing in a queue for a long time for withdrawals were weak points of demonetization. I appreciate the courage showed by our prime minister. The result will be healthier in future.|
|K.Sandeep Reddy said: (Mar 20, 2018)|
|Hi, my name is Sandeep.
I am talking about common people point of view, all the below middle class and middle-class people stand in front of banks to exchange currency, I haven't seen any rich people standing in ques, waiting to exchange.
People are standing and waiting near banks just to see the future of India as corruption less country, we should support our govt as it is a very good initial step taken by the govt, even though it has many disadvantages.
|Nandy said: (Mar 19, 2018)|
|Hello, all this is Nandy.
I am not in favour of this that demonetization is affecting commen people more than black money holders because it's very simple that those who have white money they can eailsy exchange they money however those who have black money holders first of all they will not sleep at all all the time they will keep in busy that how will they will make there money into white but common people they will face some difficulties like standing in long queue or to exchange there value but in the end they know this thing will really give them some benifits in long term not might be in short term that will find results but definatiley.
|Bavita Kumari said: (Mar 15, 2018)|
|Hello, this is Bavita kumari.
Yes, of course, demonetization is affecting common people more than the black holders. Behind the demonetization drive, the main aim was to minimize the corruption means minimize the no of black holders, but what is the reality we all can see. Before demonetization 14. 11 lakh core money was in the market and in which more than 13 lakh core money has been deposited. Then the question is: where is the black money? The answer is: all the black holders have some connection at the upper level and they deposited their money with the help of connectors and many people or black holders deposited their money through their servant and poor people. Hence they are no affected. They recovered their money back in form of new notes. The main people who are affected by this drive is:"common people". Even many people or old people died in queues. Many marriage functions was stopped, many patients died, means all the problem affected to common people. Hence demonetization is affecting the common people more than the black holders.
|Vandhana said: (Mar 13, 2018)|
|The demonetization was introduced to abolish the currency notes that are currently used in the economy. The demonetization has adverse effects on the common people rather than Black money holder's since the common people do not have enough backup facility to cope with the sudden changes. The commoners have to stand in queue for hours to get our old notes changed and at that particular time, only limited notes were available. So this caused a great chaos among the societies. Besides, the Black money is converted into various assets like jewellery, land etc. They will not suffer for their everyday needs like common people.
People have to stand in long queues to exchange their currency. The people who are in remote locations will have their savings in their home pose a major problem at that time since they can invest only 2L in the banks. So the common people will be more affected compared to the Black money holder's. The black money holders will find any other way to convert their Black money to White. The government must ensure to protect the common people before this kind of revolution is passed.
|Mansi Tyagi said: (Mar 8, 2018)|
|This is a big topic to be discussed like its name. Demonetization had done on 8 nov 2016. It was a sudden announcement by our Hon'ble PM after that all the 500, 1000 rupee notes had banned. Demonetization was a right step for the black money holder as most of the black money becomes white. But there is an advantage and some sort of disadvantage of everything so demonetization also caused many difficulties to the common people regarding cash withdrawals. But overall it was a white revolution.|
|Jose Priya said: (Mar 7, 2018)|
|Yes, demonetization affects the common village people more than the city people. It is better to saying demonetization is affected the middle-class people when compared with rich people.|
|Pvd said: (Mar 4, 2018)|
|Now we discuss on demonstration.
Government taken the good decision to stop the corruption. The middle class people are suffering more than compare to rich people.
The people are going to bank and standing in queue for whole day to exchange the money.
|Shubham Shrivas said: (Feb 20, 2018)|
|The decision which is taken by the Government was appreciatable because they know that if this thing went wrong, it will definitely create so many problems but still they showed courage.
Yes, we know that during demonization we faced so many problems like to stand in queue for hours, lack of cash availability, change issues. But friends after a long duration if someone tries to take the action against corruption at least we should support him.
And, I think the decision taken suddenly is part of the strategy, if they announced it before then there was a chance for exchange of black money. We know that there is a lot of money is laundered in terms of land, gold, in a Swiss bank. But we can't ignore this it is one positive step against corruption.
|Karan said: (Feb 19, 2018)|
|Hello friends, the topic for GD is How demonetization is affecting common people more than black money holders?
Demonetization has done on 8 nov 2017. There is very bad effect comes in common people. They all are face various problem at the time of demon. After stand in a very big line people only give 2000 in per day from ATM and lots of ATM don't had been money. And lots of poor people do not have a bank account so they face much more problematic for exchange money.
|Sufiyan said: (Feb 18, 2018)|
|Hello friends according to me, demonetization which had been done on 8th nov 2016. This demonetization has changed the whole economy. This was the great change in the Indian economy. I think the govt had taken right decision of demonetization but they had not made any plans. Many middle-class people came in trouble become of this demonetization. Many poor people in India don't know to sign his signature and govt had told them to fill the form and then exchange the notes. Those people which were having black people they had given corruption to the banker and exchange their notes. But the middle and poor people those who are having white money they came in trouble.|
|Rushabh Vaghela said: (Feb 17, 2018)|
|The main aim of demonetization is to kick out black money from black money holders. And it partially fulfilled due to sudden announcement of demonetization. But for that common people have to pay more by the suffering of a shortage of currency, rushing of people for money exchange. This all due to the improper planning of government to apply demonetization.
So as the conclusion demonetization take more on behalf to give less success to government.
|Pavithra said: (Feb 5, 2018)|
In my point of view, demonetization is announced to withdraw the black money from our country, sudden nature of announcement and long cash shortage for several weeks creates suffering to people.
People seek to exchange their banknotes had stand in lengthy queues and several people died in rush.
There is also a problem of protest, litigation and strikes against the government.
But in conclusion at the end of 2017, 99% of banned currency was deposited in banks.
|Prajwal Kanase said: (Feb 4, 2018)|
|First of all, we must know what is demonetization. What was announced by our Prime minister? What happened to our economy on 8th November, 2016 and months after that? So, demonetization means replacement of notes which are currently in working condition in economy. Our Finance Ministry announced that 500 & 1000 notes are banned and we have to replace them by 2000 & new 500 rs notes.
So, this is a big decision which requires lot of preparation. In Indian currency these notes' amount was more than 80% and in India most of the business is done in cash mode. It was disaster for the common people as they have to stand in long queue for hrs to replace old notes.
Now, I'm going to mention 2 main problems faced by people. 1. After standing in hrs, if I get 2000 rs notes and I went to buy stuff of my daily need, then I didn't getting any change. Because it was not available. 10, 20, 50, 100 rs notes were not available in that much amount. So, there is lack of preparation, if you're banning 500 and 1000 notes then you have to increase 10, 20, 50, 100 rs notes in the flow much before implementation of your plan.
2. Another problem is with ATMs, if government making new notes of 2000&500, then size of those notes must be of the same size of old notes. But, size was different and ATMs also needed replacements, which took work of over 50000 engineers for it and much more time and money. So, people at the same time were angry at the government and also appreciated government as they took step to remove the black money and corruption.
Government was saying this step is a milestone in cleansing of our economy, destroying of black money. But, real truth is black money was not hidden in cash only, it was laundered in many assets like lands, jewellery, foreign firms and it always gets turned in white some way. So, as government was expecting, there was not any type impact on black money, Neither big names, neither big black money.
RBI also stated that, approximately all old notes are got converted in new notes. This decision was dangerous for life of business which mainly depends on cash mainly small businesses. There growth and revenues decreased very severely.
So, this was a step without any preparation and harmed the middleclass people to much rather than black money holders. But, they endured the pain and appreciated government for this decision. This step was good, but taken without much thinking and planning. So, we can hope our respected government will take good decisions for good future of our country.
|Priti said: (Feb 1, 2018)|
Suddenly on 8th of Nov our honourable PM Narendra Modi declared that old 500 and 1000 notes will be banned from the very next day and can be used only in some Govt forums till a notified date and has to be exchanged from Banks with new notes. Most of the common man did not have enough liquid cash even to meet day to day needs for few days. People had to think before spending a penny because there was a limit of withdrawal of cash from Banks. Also, banks and ARMS were running short of new notes. Moreover, people had to stand in long queue for getting their old notes exchanged. Those middle-class families which had marriages faced a lot of problems as everyone was running short of cash and arranging cash was a problem then. What about the rich. The rich had a lot of employees working for them. They used their accounts to get there black money converted into white. They never faced cash difficulty as they had lots of employees to stand for them in a queue. Moreover, Govt gave a lot of time to exchange the old notes. This time was used to plan to convert black to white. Bank officials were bribed by the rich. Who were affected badly was we the common man?
|Siya said: (Jan 30, 2018)|
|Hello every one!
Before starting the discussion, let us understand the meaning of demonetization. Demonetization means current money is being scrapped and it is replaced with new currency or coins.
In India, demonetization move was initiated by our prime minister Mr Narendra Modi and was bought into force on November 8 2016.
As a famous proverb says every coin has two faces, even this has its own good and bad. The main aim of demonetization was to remove black money and to reduce the corruption.
To some extent black money flow was controlled. But more than advantage they are disadvantages. Many common people especially farmers and and ages old people, they have to stand in the long queue to exchange their old money with the new money. Some rural areas don't even have banks to exchange the money. People where not were not able to buy even the basic neccessity. Due to this even the gdp is also not increasing. Although this is a very good move but it should have been executed in a very planned manner so that common people are not facing the difficulty.
|Raj Khanna said: (Jan 28, 2018)|
|I am against demonetization. The idea was good but implementation was not up to mark. Think about the daily wages labour class people. What difficulty they had faced because people are unable to pay them and India is having a 65 % of its population in a rural area so who is going to teach them these bank rules. Thankyou.|
|Saikiran said: (Jan 21, 2018)|
|First of all, we have to thanks Modi Ji to banned 1000 and 500 Indian currency for stop the black money in the country once it has been done in 1946 and after that it was done by moraji desai to banned 10000 and 5000 Indian currency and now one of the biggest step by our honorable prime minster narrendra modi ji mostly people supported this decision and that is very appreciated and helpful to the government as I know that common people faced many problems during change notes and withdraw people should understand that if we stand in queue for railway tickets and movie tickets etc. Why we can not stand for stop black money in the country people must support to our government ever and it should be happening ever 5 to 10 years for grow economy of India and remove inflation.|
|Guru said: (Jan 20, 2018)|
|First of all, greeting to all of you. We are here to discussing the topic demonetization. From my point of view demonetization is good for us which is organised by our prime minister Narendra Modi in 2016 in November.
The main purpose of coming demonetization is to remove black money, corruption etc. But we are here to discussing the effect of this on poor and rich people. After coming to this approx 2 or 3 months people queuing in front of bank and ATMs for the purpose of the transaction, withdraw money. They serve problem for a long time but this type of problem is not happening with rich people they came anytime and take money or transaction at the right time they want. The currency of 200 0 and 500 note changed into new notes in which chip is inserted which cath the if your money is lost or stolen by any robbery. There are so many effects of this currency on poor people or rikshachalak. We know that Rikshachalak earn money in a day approx 300. They don't have a change of the large amount of 2000 notes when given by any customer on that time so this is the big problem on the time when demonetization came. But we can say that this organisation play a good vital role.
|Gulshan Kumar said: (Jan 20, 2018)|
|Demonetization has ruined this country resulting in a decrease in GDP of our country by 3%. All the results show that it has affected the economy of our country bvery badly. Even the data declared by reserve bank shows that the motto behind the demonetization has completely failed. If I would have to talk about the black money, the surprising fact is, that almost all the black money has been converted into white money. Thank you friends.|
|Saurabh Sharma said: (Jan 19, 2018)|
|I appreciate that everyone has his own point of view about Demonetization but coming to the topic Demonetization is affecting common people more than a black money holder answer is no. According to me, it is a great initiative taken by the Indian government to reduce the black money, however it also great impact over the common people to make queue over the ATMs and banks but for the great future, they cannot suffer for one-two months? its is like short time pain but long time gain for common people. Because Riche people becoming more richer and poor people becoming more poorer. Because rich people can't paying the tax. By which government increases the tax on daily uses product by this a great impact over the common people for buying the product. Coming to the topic By Demonetization play a key role to reduces the corruption.|
|Himanshu Jeet said: (Jan 14, 2018)|
According to my opinion, Demonetization was the good step for reduce the black money but it was affecting common people more than black money holders. While millions of people have been stressed over queuing up outside the bank and ATMs for their regular transaction. Common people struggle to get their own hard earned money withdraw and black money holders who funds the terriosst are stilk free and exchanging their money safely without any problm. Some people who run small business but unaware of digital banking are ones facing the biggest problem.
So, Demonetization is affecting common people more than black money holders.
|Manasi said: (Jan 5, 2018)|
Demonetization was a step taken by Honorable PM Narendra Modi on 8th of November 2016 for taken out black money from holders and also it related to the welfare of the people. This is really shocking news for all of us urgently we need to deposit all 500 and 1000 notes in banks there is a limited period for depositing money.
Who has black money are in danger they have black money in crores they find various ways to convert black money into white money.
Innocent people are not as much afraid of this decision because they pay tax time to time they face difficulties at the time of depositing money. They had to stand in a row for deposit money in the bank and it has taken lot of time. At the time of money taken out from the bank from ATMs, it takes also a lot of time.
All people have suffered innocent and black money holder also but innocent people were happy about the decision they thought all black money are out so there are an improvement in facilities provided to them.
This decision was short-term pain but it gave long-term impact on black money.
|Rishabh Gupta said: (Jan 1, 2018)|
|Demonetization was no doubt a very great initiative taken by our pm but it was not implemented the way it should have been. Its main aim was to curb the black money out of people's pocket. But most of the rich people were able to convert their illegal wealth into white money with the help of their links with the bank officials. Also, depositing some of their money in the bank a/c's of the middle class and lower class people and giving them their part after demonetization helped them further. It affected common people more as they had to stand in queue's to get their money exchanged. As soon as demonetization was implemented all the banks and Atm's went out of cash which made it even more difficult for the public.
So, I think it affected common people more than black money holders.
|Harshitha said: (Dec 30, 2017)|
|Demonetization is a way of defeat the corruption. But it does not executed well. Actually, most middle class and poor people affected the most. At the time of demonetization, people did not aware of that news, so many people do not have money in their hands. They need to dispose their old 500 and 1000 notes and move on to a new notes. Everyone stood for a long time before a ATM. Their plans have been destroyed. Many people who kept marriage had been definetely keep their money in bank. At that cruncy suitvation, what they will do, they need to perform the marriage, where he/she go for the money. Suppose next day is the marriage, he needs to stand in ATM queue? There is also restriction that only limited money can be taken in a day. At that time, what he will do? Common people are also important. So government must think of them and act. Thankyou.|
|Ragini said: (Dec 26, 2017)|
|At this time, after first at a first anniversary of demonetisation economy still coping with its after - effects, while consumers, farmers, small enterprises facing currency crunch, there was a surge in liquidity with banks, due to the invalid of Rs 500, Rs1000 notes being deposited in current, saving accounts this leads to inconvenience for small players rather than major players.|
|Syed Abu Talib Rizvi said: (Dec 19, 2017)|
|Yeah, It was the good step I appreciate it too. But think it from the other side like I am not against of any political parties or not in favor of anyone.
Actually on the 8 of November 2017, we were not celebrating the new era of the Indian currency but actually, we were celebrating in those Innocents those who were died in the queue.
There was no trouble for the rich ones but actually, the poor ones and middle ones get in the frustrating trouble. One of the BJP candidates had been caught with around 2 crores of 2000 new notes. And many more.
So according to me, it was the most foolish thing that government had done.
And according to the survey 99%plus notes has been back to the TBI. Then what was the use of demonetization?
And the last thing.
If you want to stop the black money then why you can't write the expiry date of the notes.
From this notes will in the flotation which will increase the economic condition and through this, no black money will also be there.
|Souvikkumarpal said: (Dec 16, 2017)|
|Of course, Demonetization is a good step taken by the Indian government to remove black money, terrorism and also a fake note of 500 and 1000. I would appreciate this step if it's execution was correct. Actually, it is a sudden step taken by the Modi government. People did not prepare for it. Thus they were suffered a lot. A long queue was made by people in front of ATM or a bank sector by leaving their important work for just a sake of a change of 100 bucks. Many people died due to stand in queue for a long time or by stroke etc.
A lot of people don't have any money at their hand for their household. They faced these kinds of the situation during whole November and December.
The main aim of this step is to remove black money but there still are a black money having in this society. Even a lot of fake note also arises of 2000, 200, 500 after publishing it.
During 2 months, this step impact on common people like a storm by which they suffered a lot. Black holders can make their black money into white by the unethical way because they have many sources who help them to do this. But what about common people.
According to me, Demonetization effected common people more than black holders and the government might take an more efficient way to execute this step properly.
|Renuka said: (Dec 15, 2017)|
|Demonetization causes problems to poor and middleclass people because rich people can transfering their money through politics so poor people are suffering by standing near banks and wasteting their time.|
|Uma Maheswarara Rao said: (Dec 13, 2017)|
Demonetization is a very important factor for reducing the black money of our country because of wt ever the money in the country is to be digitalization. It will definitely effect on the common people due to the if it's happening in without any proper plan. In the rural areas, there is a lack of facilitates in the changing their money. Finally concluded that demonetization is the effect on the common people if it doesn't happen in the proper plan. Thank you.
|Keerthipriya said: (Dec 7, 2017)|
|Demonetisation was a step taken with good intentions but planned badly. I have seen that 99% of money came back to the system as suggested by the RBI but nobody has stated that how much of it is white money so which is still to be known.
After demonetisation our tax base has increased considerably earlier only 4% people used to pay taxes now it has increased to many folds.
|Manisha said: (Dec 1, 2017)|
As demonetization is the biggest change happened in this year by honorable PM Narendra Modi. This step was actually taken to reducing the black money from the country. And most important to move the first step towards reducing corruption.
Although, its a very good thing decided by the PM but somewhere it was not properly planned. It hampers the common people more than the actual black money holders. Common people suffered from many problems in exchanging money. And as the middle and lower level people generally carry 500 or 1000 rupees note. Exchanging of these notes with 2000 not only affect those people but also government faced huge amount of lose in printing 2000 notes.
In other side, there also no result if found of it. Most of the ministers, corrupted leaders or businessman again saves themselves from the Money and by using some wrong ways. So for that time it has adverse affect that it enhances corruption.
|Samanthakamani said: (Nov 24, 2017)|
1) Demonetization is the act of stripping a cumency unit of status as legal tender sometimes,a country completely replaces the old currency with the currency.
2)The opposite of demonetization is remonetization.In which forum of payment is restored as legal tender.
3) There are multiple reasons why nations demonetization their local units of currenccy.
3.1)To combat inflation.
3.2)To combat corruption & crime.
4)To discourage a cash -dependency economy.
5)To facilitate trade.
6)The demonetization initiative by the government of india has taken the country by storm.
7)Every single person living in india has been affected by this major change in some way or the other.
8)That the repercussions of demonetization will continue to remian in the newsfor some time to come is evident.
9)However before familly an opinion on the governments decitson todemonetize currency in the form of 1000 & 500 bank notes.
|Raja said: (Nov 20, 2017)|
|In demonetization, middle-class people are more affected than the who kept black money inside.|
|Kiran said: (Nov 15, 2017)|
|Demonetization is a biggest change happened in this year. The idea for reducing the black money and terrorism is good and coming to the reality, it is not completely done. The recent analysis regarding demonetization issue, the world bank released the data which is almost 90% of the money is exchanges and the government has to invest a huge amount for printing Rs. 2000 notes which is more than the amount.
By this, common people suffers a lot in the ATM's and banks and many were died. They didn't have the enough change and money to buy the daily usage things. This issue affects a lot to the common people and small scale industries.
I conclude that, for a better change in our country we should accept such things for a bright future and development of the country.
|Ankit Singh said: (Nov 14, 2017)|
Demonetisation was a step taken with good intentions but planned badly. I have seen that 99% of money came back to the system as suggested by the RBI but nobody has stated that how much of it is white money so which is still to be known.
After demonetisation our tax base has increased considerably earlier only 4% people used to pay taxes now it has increased to many folds.
One more thing whenever a transaction takes place it leaves a trail behind it. So after demonetisation it is easy to look after those bank accounts which are suspicious and lots of transaction took place after 8th November 2016.
Common people were definitely affected many people lost their lives which could have been avoided.
It is a badly executed good move.
|Srilakshmi said: (Nov 13, 2017)|
|Demonetization idea was good to reduce black money, but only with idea govt should not declare that it will be reducing black money, with proper action and implement can possible. Our pm had come known this thought after announced demonetization, he hasn't fulfilled his promises so far in my view planning is very important before going to do big change in society, that was missed in demonetization.|
|Shubham Panchal said: (Nov 5, 2017)|
Demonetization took everyone by storm and created a big bubble in the country which gave us a hope for a better future without black money. Yes, the idea behind demonetization was good but the execution was very bad. The Indian government could have done a lot better then this.
The recent numbers given by the RBI shows that 99% of the currency was returned back to the government while the actual expected numbers were quite low around 85%. Around 100 lives were lost in the two months after demonetization was declared because of long queues of people waiting for hours to withdraw a few 100 bucks. I myself had to literally starve a few nights just because my hostel canteen was not accepting card or paytm. Most of the black money by a few hundred millionaires and instead of auditing them, rest of the people had to suffer.
The Indian government had months for planning and still was lost millions of rupees in just printing the new currency with a higher denomination. I still don't understand why the government introduced 2000rs notes instead of a smaller denomination. People are gonna are argue that demonetization happened in the 1970s and our country got through with it, but we are forgetting one big important fact that the population of country grew almost double in last 40 years courtesy of are grandfathers who had nothing better to do!
|Rinku Bhagat said: (Nov 1, 2017)|
|Demonetization was good to stop things like reduce Terrorism, Black Money and to remove fake notes from the market.
But failure of demonetization is that its not well planed that's why the corrupt people find some black hole in the system and they convert there black money in white.
Result is till end 99 % of demonetized notes reatun in the bank.
Now comes to common people because of they have not such connection to the banking system they standing in queue or front of ATM's to exchange or deposit his earned money which is they earned by his hard working.
They lost there jobs.
They don't have money to arrange his own daughter marriage even they don't have money to buy his daily uses things, because company's had not paying him at a time.
Around 100's of people died during Demonetization, they all are COMMON PEOPLE not a single millionaire or billionaire.
So these all situation shows how Demonetization effect the common people life more than black holder.
|Asmita said: (Oct 30, 2017)|
|Hello everyone, myself Asmita Mondal.
Undoubtedly demonetization is one of the biggest step taken by Indian government to bring up the black money, and there is a great impact of it in our social economy.
But this step is taken all of a sudden and without any proper planning how to handle the situation after banning the 500 and 1000 rs notes. For this reason the poor middle class family had suffered a lot. There were never ending que outside the bank's and ATM's during the whole November and December months, . The people stood up on the que leaving the works. As there were no sufficient cash in hand they couldn't buy household things. And as that was a wedding season, and there was a limitation of withdrawal of money the families had faced lots of problems. Many old people had died due to the heavy rush in ATM's and banks.
On the other hand, the black money holders were exchanging their money in many unethical ways. So according to my opinion the govt could be handle this situation in a more mature manner.
|Swaraj Relekar said: (Oct 28, 2017)|
|Demonetization is a good step our government, it leaked out the extra money which people had kept by earning through wrong paths, also the revenue in the municipal corporation and the income tax was paid in huge amounts during this demonetization period.|
|Shiv Roy said: (Oct 21, 2017)|
|Hello, friends, I'm going to discuss the topic '' How demonetization is affecting common people more than black money holders?''.
As we all know that everything has same advantages As well As disadvantages. Demonetization is also an example of this. Common peoples had badly affected by it than the black money holders. Coz, the powerful black money holders had found the way easily how to convert their black money into their harm worked money, by the hello of same corrupted peoples in the system. But common peoples had no way To get rid of this and they stand in a long queue of banks for their money which they got by working hard and honestly.
|Shan said: (Oct 15, 2017)|
Before starting a topic firstly I am discussing about demonetization.
(Demonetization means the current currency that we use for the transaction are not acceptable in the market. In place of old currency, government issues new currency. ).
On 8 November 2016 when pm announces demonetization then there are many hurdles are comes after that announcement mostly common people are more affected because the implementation of demonetization is not too good that it should be.
After the decision when I saw the long question in front of atm machine I thought the whole black money in the hand of poor people.
Our pm declares many announcements after demonetization even a promise are not fulfilled.
Our GDP goes down 7% to 6% that the big loss of any developing country.
The whole market goes down between this process.
The common pelope are unemployed causes of lack of money in the market.
|Prudhvi said: (Oct 15, 2017)|
|Hello everyone, of course demonetization doesn't show it affects on black money holders but it shows effect on people who or not corrupted only 3 to 5% black money holders were affected (most important thing most of the black money holders stored money in foreign currency, not in Indian currency) demonetization effects people like contractors, small-scale industries, some officials who stored their money in Indian currency. According to my conclusion demonetization affect non corrupted people but not black money holders.|
|Digambar Kumbhar said: (Oct 8, 2017)|
|Hi friends. Myself digambar.
I think demonization is a great impact on a middle-class family. Because by improving our life the rates will higher on imp needs. Like foods, clothes etc. By this increasing the cost this develops the problems in front of common people. Aand the black money holder's can easily exchange the black into white currency in banks. HHe does not face problems but common people can be faced problem in banks. By this situation, the loan is increasing day on our country.
|Singh said: (Oct 6, 2017)|
|Their is no doubt that demonetization is one of biggest step taken by the government to bring out the black money. It is clearly seen that the demonetization has a great impact on the economy. If we see the market its size has increased a lot after this revolutionary steps.
But the government was not fully prepared for this step. They are unable to analyse the situation.
But it impacts on common people is very much more as compared to the black money holders. If we talk about the small employers they are unable to buy or sell the products, due to which they have faced losses. Maximum number of peoples who are in the long question are common people not the black money holders. The daily life of common people is fully affected by demonetization. They have to leave all of their important works just for the sake of changing/ getting new notes. A number of people also died in those long question of ATM. People does not have the money even to buy the necessity goods. Their is the shortage of cash in almost every bank. Most of the ATM machines are also not working.
Most of the Black money Holders converted their old currency into the new one with many unethical ways. They are the ones who never stands on those long ques, on the other hand the common peoples were their in those question and faced the problems.
|Saswati said: (Oct 1, 2017)|
|Udoubtedly demonetization was helpful in eradicating black money to some extent but as it was announced all ofa sudden and was poorly planned the middle class people suffered a lot. There was a large que in atm's as people had no suuficient cash to buy their households even people even had to rush to banks to exchange the 500 and 1000 notes by taking leave from their offices. Many people died due to rush in atm's and as there was a restriction in withdrawl of money people faced a lot of difficulty.|
|Princess said: (Sep 26, 2017)|
|I think common people have suffered a lot after PM announced ban on 500 n 1000 RS notes. The decision was quick and people were not ready for it. Common people had no money for buying common things required for household. Also they had to take a leave from their office to stand in que of banks to exchange their notes. I think it was not planned properly they should have first make sufficient currency available.|
|Shiva said: (Sep 22, 2017)|
|The demonetization was a good idea.
But it not up to the mark, our honorable Prime Minister is came with this idea in midnight so it took bit success.
But the urban poor peoples are got struggle, and lot of machineries to be changed because for note is changed how the old machine will work (ATM & NOTE PRINTING MACHINE).
The govt got loss instead of getting a profit.
As well corruption is eliminated little bit, we can't say that it is eliminated fully it is not possible too.
If everyone supportive for this demonetization means our country will definitely go to somewhere else.
|Vibbin said: (Sep 20, 2017)|
|Our government made reasonable action of demonetisation to convert black money into white but common people are seriously affected by this movement than who doesn't pay the tax.|
|Raj said: (Sep 17, 2017)|
|I feel like demonetization had affected the middle-class people more than the black money holders. However, this will be useful and as our country is very large in its population decisions should be taken in a planned way which would affect the corrupted people.|
|Nisha said: (Sep 17, 2017)|
|We all have talked about the demonetization affect at the time of its implementation, but it been around 10 months from then.
It affects common people in terms of lower interest rates for the savings account as well as fixed deposits as most of their investments are in the form of fixed deposit.
Lower prices of land and buildings as the one didn't get the price what he or she wants for the assets sold.
Due to demonetization, most of the payments are through the digital medium, due to which people are facing security issues and are being the victim of online frauds.
|Sahira said: (Sep 12, 2017)|
The intentions of our government behind demonetization was pure and true. But their planning, implementation, and consequences were not up to The mark. This was the reason of the failure of government on the mission of eradicating corruption.
Demonetization affected both common people as well as black money holders up to some extent. But common people was the one who affected more than black money holders by demonetization.
First of all, the rate of rural people is more than Urban people in India, and there is no or little internet facility in rural areas. Also, there was no awareness about a digital system which caused a lot of problems for poor people.
Common people had to wait in long queues from morning to evening and then also there was no guarantee that if there was money on their Palm at last.
Whereas black money holders used their servants and laborers to change their black money into white by standing them in long queues in place of themselves. It may affect common people's time, health and their work.
|Rohith said: (Sep 9, 2017)|
|Demonetization is a bold move taken by our PM to eradicate black money in India. Though the motto was clear no one estimated the practical complications to be faced.
Both, common people and black money holders were affected by this move but the troubles faced by the common people was just a short term problem which is temporary for 1 or 2 months but which was a very difficult situation as most of the transactions made by common people was by means of money and a lot of them were unaware of the digital transactions particularly in villages.
People having black money were affected the most because the money they had been saving for years without paying tax was all in vain. So, even though demonetization has created a lot of problems to all sections of people it was a very good move to remove black money and in my opinion doing something is better than doing nothing.
|Gaurav said: (Sep 7, 2017)|
|According to me, demonetization seemed to be a great move at first but later because of its poor execution, it changed everyone's mind. People didn't had any cash in their hands, long atm lines, long lines at the bank for deposition of money. People who were not internet friendly were hit the most because they cannot get their transactions done online. Most people rotated currency their currency even after demonetization. Small markets like grocery market, transport, petrol, which are done with cash mostly were hit badly. There were only notes of 500 and 2000 available so there was a problem in doing small transactions.|
|Deepu said: (Sep 6, 2017)|
|Hi, friends I am Deepu.
As on my view, It's a good step to reduce corruption and black money. But it affects the middle class and poor people when compared to rich people. We all get to know about that whatever scheme like this came it's not for a long future use it's just for a temporary corruption free India because again rich people and politicians get that new currency and hold it as black money.
|Priya said: (Sep 4, 2017)|
|Demonetization was a very good step taken by our prime minister, but it adversely affected the common people. As we know that most of the Indians live in villages and don't know about the digital system while the black money holders are rich and corrupted so they led the same life as before and also got their money back, while the poor villagers were unable to get even a one time meal. It also affected the normal shopkeepers who have the cash as the only source of the transaction. Thus I would like to conclude that although it was a good step illiterate persons were affected most.|
|Brinda said: (Sep 1, 2017)|
|I would like to start with detailing about the consequence demonetization on common people. Common people had to stand in queues for hours and hours, for transactions, and unfortunately few people lost their life standing for currency exchange. This was not only the consequence but, also there was restriction on deposition and withdrawal of cash. This had created a miserable situation for most of the people, though it was known that, all this would not remain long. When common people were struggling, few of the black money holders had already exchanged all their black money with the new 2000 and 500 rupee currencies. So now, obviously it was the common people who were the sufferers.
Also RBI claims that the demonetization resulted in decrease in overall business which led to downfall in economic status. Out of all black money, only 1% came out and the rest has remained still undiscovered.
Now the point is, was demonetization, which led to soo much inconvenience, worth only for 1% of black money to come out!?
So I believe that, demonetization was not a effective solution to bring out the black money out. But "something is better than nothing", the efforts should always be made for betterment of the country by getting all the black money in Swiss bank and other sources out.
|Sayan said: (Aug 31, 2017)|
|First, we should understand what is black money. Black money is a money which is illegally obtained or not declared for tax purpose.
We all know that Govt of India has taken a step called demonetization to retrieve the black money. But the question arises is it an effective and practical way to address black money?My answer is no.
Demonetization has been proved to be ineffective as 99% of banned notes have returned to RBI. And it was predictable.
First of all, only 5 to 6% of the total black money is in the form of hard cash. So to target that minimum amount of black money Govt of India banned all 500 and 1000 rs. Note. These notes are the back bone of Indian economy.
We saw over 100 of common people died in the long queue waiting for deposit 500 and 1000 rs notes to the bank. But we did not see any business man waiting in the queue. Many people lost their jobs due to demonetization. Govt of India also announced every citizen would have 15 lakhs in their bank account but I don't know if anyone got 15 lakhs in their account or not. They also said terrorism would be decreased but unfortunately every day in the newspaper we saw that many Indian soldiers are being killed by the terrorist attack. Before new 2000 rs. Note coming to the market fake new 2000 rs note is found from terrorists on the Kashmir border. So it is enough to prove that demonetization has been failed.
Now the question arises why Govt of India takes a drastic step like demonetization, is it only for black money or there is also another reason other than retrieving the black money.
We all know that total 63 business men are not returning their loans (total amount of 7016 crores rs where Vijay Mallya 's personal loan amount is 1201 crores rs. ) to the SBI bank. Now SBI bank has lost hope to get return their loans and has given loan waiver. But farmers don't get loan waiver and are forced to commit suicide. After demonetization SBI bank has also announced to deduct your money if the transaction exceeds a certain number. The interest rate has decreased from 4% to 3. 5% if you don't have at least 1 crore rs in your savings account. But those who have 1 crore in their account, at least they can not be common people. You also have to keep a minimum amount of money otherwise you have to pay fine. It means that common people can not use their own money how they want to. In this way, SBI bank has earned 235 crores rs as fine from common people this year.
I don't know whether there is a link between not paying loans of big business men to the bank and to make up the deficiency of that money and to save the bank from bankrupt collecting all the money (500 rs and 1000 rs note) in the name of demonetization and putting burdens (in the name of fines) on common people from the bank. Govt of India also said that they have a profit of rs 16000 crores but the interesting fact is they have to spend rs 21000 crores to make new currency. So does it make any sense?
If Govt of India really wants to curb black money then they should address the black market from where black money is coming. Otherwise, there is no real solution of corruption.
|Kanishka said: (Aug 26, 2017)|
|Demonetization is considered as PM Modi's surgical strike towards corruption and black money. It has helped in reducing the corruption to some extent but has not become so effective as it promised to be at the time of its origin. The people who supported this act initially started cursing it later on due to the inconvenience caused by it. The government has not given a clear idea or the result of demonetization in reducing the corruption, but we have a clear picture of how it affected common people in their day to day life, how people suffered from it and also government should have come up with the proper planning of handling the outrage situation before announcing its decision of demonetization.|
|Brighti said: (Aug 26, 2017)|
|Demonetization is an assault on corrupt people. Corruption is the biggest obstacle for the eradication of poverty in the nation.
According to my point of view, the approach which was taken by the government on 8th Nov called demonetization is one of the best methods to hold the command on black money holder.
Yes, I accept that due to this step common people were affected as much as black money holder. But this is the fact that common people are in trouble for one or two months but on the other side, black money holder will suffer a long time.
According to RBI information, they have been destroyed approx 12% black money.
As we all, know that no one gets the best result without facing any difficulties.
|Mishra Sh said: (Aug 25, 2017)|
|Demonetization was a very bold and gutsy move that has been taken by our prime minister Narendra Modi on November 2016. That was done in a very planned manner so that the common people do not have to get very much affected because before this decision he has started a campaign to give every Indian their own bank account. The common people who work on the daily basis was much affected by this decision because of the lack of the cash in the market. In our India common people are very afraid of the incidents like looting and theft so they don't keep cash in their home for those fucking looters.
The people those have had black money in the form of 500 and 1000 notes currency were most affected by this decision because neither they could deposit the money nor the could reveal that.
After this decision the stop pelting incidents, Naxals attacks in our nation were at its lower stage. After this, around 657 Naxal groups have surrendered because of the lack of money. Around two lac crores, black money has been revealed.
|Manav said: (Aug 25, 2017)|
|Whether Demonisation decisions good or bad we haven't any logical idea but one thing is sure that in the demonization our poor and middle-class people were in trouble actually they hadn't any black money or any corrupted money. Second thing is that those people who have black money only 35-40 percent had exposed rest all is safe that is not fair to us!|
|Pratiksha Datir said: (Aug 25, 2017)|
|Demonetization is affecting common people more than black money holders. Because of demonetization corruption will get reduced but not 100%. And the people who are responsible for corruption live their life as usual, but common people faced lots of problems like they have to be standing in a queue in front of the bank for withdrawing money and deposit as well. And because of demonetization, new notes are not available in the bank and common people are not able to do their work.|
|Akashdeep said: (Aug 25, 2017)|
|I would like to add few points here. Though our honorable PM announced that the motive behind demonetization was to tackle corruption and black money. Actually, after Vijay Mallya stole 9000 crores of rupees most of the Indian banks went bankrupt. So by demonetization, the main motive was to regain the financial stability of the banks. Regarding common people, I would like to say that around 85% of population thrives on cash. Only 4% owns a credit/debit card and around 3% have a net banking account. So small scale industries, book publication firms, wholesalers, and mainly farmers are struggling a lot in case of any emergency. Regarding black Money the process would have been more effective if some provision would have been made to procure the Swiss bank accounts. Rest amount of black money which is in India only 6% are in the form of cash. So the amount govt spent in making new currency notes is far higher than that 6% black money which would return back to the government So overall Loss in revenue is obvious. And from the prospect of curbing of fake currency, I would like to add a point that to make a 100 rupee note only 3 rupees is required and to make a fake 100 note even less. So you can see to make a fake of 3million rupees only 30000 is required. Definitely, only a small amount of loss will be procured by the fake currency makers.|
|Anand said: (Aug 24, 2017)|
The decision of Demonetization was taken by our Honorable PM on November 8th After this all currency notes of 500 and 1000(earlier) were declared as illegal many facts has been given by ministers and RBI officers that this will be helpful for our economy in longer way let's discussing all pros and cons one by one
1) Stone pelters who were pelting stones on our soldiers were stop after this decision that clearly indicates that after this decision fake cross border fake currency exchange stopped.
2) people of our country and bank officers did hard work for the completion of the reason behind this decision.
3) cross border terrorism reduces.
Now, as India is a very large country not only by its area but also due to its population so it is difficult to implement any decisions
People in the villages suffered a lot due to this decision might be government could implement this in a more planned way.
This decision affects our our economy for short time period but in a longer way it will be truthful.
|Sunny said: (Aug 24, 2017)|
|In my opinion, Demonetization is a great initiative taken by the government of India and it definitely reduced corruption at certain extent but for this, each and every citizen of India has to put their step forward.
But in another way, due to demonetization there may be a reduction in black money but after demonetization again there are corruptions, black money is going on. I think first of all government has to eradicate the way of growing corruption by giving more initiatives to have a proper income tax evaluation.
|Sanu Bhartiya said: (Aug 23, 2017)|
|In my opinion, Demonetization is a bold move taken by the government of India and it definitely reduced corruption at certain extent but for this, each and every citizen of India had to contribute and in another way. This topic is India will reborn with demonetization it helps reduced corruption and black money will be reduced and middle and low-class people really affected with this. Demonetization is affecting to the common people but they will get benefits from it in the future.
|Soundarya said: (Aug 21, 2017)|
|Hi, guys, this is Soundarya.
According to me, the announcement for paying tax have been informed to people through media six months ago. But people did not pay more attention. This ban of 500 and 1000 rupee notes announcement made most of them to pay their taxes and convert their black money into whites.
|Angel said: (Aug 21, 2017)|
According to me, Demonetization is very good designation by the government. But government has fail to implement it. It only affects the small people or we can say the common men the big & powerful people are leaving their life as it is but common men has to go bank & ATM regularly get through lot of suffer even some people heavily lingered or died in Que. On another side powerful people are partying and posting selfie with bunch of new notes when peoples don't have a new single note. On another side it create awareness in people so many people who are not paying Tex or not using bank because of lake knowledge are used to with bank.
|Riddhi said: (Aug 18, 2017)|
|Demonetization is a bold move taken by the government of India and it definitely reduced corruption at certain extent but for this, each and every citizen of India had to contribute and in another way.
Demonetization affected adversely on common people because people had to stand in front of a bank for exchanging or deposit their money in the harsh sunshine and many people don't have a bank account so this thing also cause so much unconvinced to common people. Everything has its own advantages and disadvantages so along with advantages of Demonetization, there are few of disadvantages like black money holders had created a new black market for saving their money. Recently news came into the picture that this time there is a huge increment in income tax returns so it's showing that government has got a success by Demonetization.
|Tahseen Khan said: (Aug 13, 2017)|
|Demonetization is that type of words today that everyone knows very well. According to me its is a good decision but can get the output that the government Assumed. This causes increase the corruption and problem of middle-class people and poor people but can't affect the life of middle-class family. A lot of people standing on the outside of ATMs for money, they were standing in a long queue but can't get a money because the appropriate amount of money is not available in the ATMs but no one saw on that line any political leaders, rich people, celebrities, then how is this possible. Is there no need of money, no friends, they are rich people, they directly connected to bank manager to give him new notes on the radio of 80:20 but can't face any problem. It leads to corruption. Govt try to earn the black money from the black money holders but can't get. Most of the black money holders they pack the notes in a bag and they throw into the river, forest, etc but can't give to the government. At last but not least I say that govt take the decision good but can't fulfil all his needs that require.|
How demonetization is affecting common people more than black money holders?
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