How demonetization is affecting common people more than black money holders?

Hello, everyone.

So the discussion is all about how demonetiZation is affecting the poor more than black money holders.

According to my view, It is very unfortunate that whenever any step is taken towards the well being of people it reaches to less percentage of poor. However, at the same time whenever an initiative is taken for any change, it affects the poor more. Same happened with demonetisation. Of cource, it has affected the money holders but the ones who are more affected are the poor. Businesses of small shopkeepers were affected as their business wasn't going on flow. Lives of poor were affected a lot and their lives weren't going on flow. Many who didn't have bank accounts they were left with no choice but depend on others for getting their money deposited. Rich ones were able to get their jobs done through online cash transactions. Fewer poor were able to do so most of them were not acquainted with that knowledge. However, when a change is needed few have to suffer. Thank you.

Good Morning everybody.

I got the opportunity to discuss my views about a very interesting topic "How demonetization is affecting common people more than black money holders?".

It also has been done in 1946 and after that, I was done in 1978 by Morarji Desai to banned 10000 and 5000 Indian currency notes and now one of the biggest step taken by PM Narendra Modiji to banned 1000 and 500 INR. So it's a normal process and there is nothing to become shocked. Demonetisation is not new in India. On 8 th November 2016 a revolutionary step has been raised in order to make corruption uprooted from the country by our honourable Prime Minister Narendra Modi. Demonetisation releases a adverse affect on the common people more than the black money holders. We all know that this decision is quite right but it is not taken with the proper plannings. Common people faced a lot of difficulties due to this. We have seen various long queues in front of the banks. Businessman also suffers from this They also faced crisis.

According to me, As every coin has two sides like wise peoples also have different perspectives. If you are looking towards Indian economy if we compared our GDP with 2015 then you will come to know that there is growth of 0.6 % previously it was 7.0% now it is 7.6%.

Upper class consists of most of the people with black money which includes politicians, businessmen. As our Ex-RBI Governor said 'People Will Find Ways To Divide Their Hoard', that is, people will find new ways to convert their black money into white.

Many people died during this process and I feel instead of demonetization, the government of India should've ensured strict taxation laws which would've saved the people of India from such chaos.

Demonetization is a very bold step taken by the government in order to curb corruption and bring black money to light. But the demonetization affected common people more than black money holders. The upper class of the country which also include politicans and businessman whom we think holding the black money were not actually holding the black money as liquid cash but in other forms such as digital form, gold, shares, properties etc. So the demonetization did not impact majority of the black money holders but it did collect black money, not to the satisfactory level. The common people like low, middle-class people were greatly affected as they have to stand long hours before ATM for cash and there is also limit for the transactions which would affect their small scale businesses and their living. Demonization is a very good step taken by the government but poorly implemented whose consequences are faced by common people.

Demonetization affected a lot to the common people. The step was taken for the black money holders and the maximum black money holder belongs from political background well-named businessmen or from any other big organisations. But how many of them was standing in the queue to exchange old currencies? They had turned their black money into white money over the night without facing any problems. And most important thing 90% black money are not in the cash form. The black money is in the form of any assets or in the Swiss account. Remaining 10% black money has turned into white money without facing any problem because they have the power to go through the unethical way.

But it was not possible to common people to exchange their currencies over the night. They had to stand in the long queue. Sometimes they had to return home after standing for so long time widout exchanging notes due to insufficient fund. The process was eligible for senior citizens also and a 60/70 years old man had to wait in the queue for hours of time. In ATM, there wasn't sufficient amount of cash.

Small vendors were unable to pay or collect money due to currency exchange policy, marriage ceremonies of common people was stopped due to this problems. But the marriage of businessmen's daughter (Nitin Gadkari's Daughter) hasn't cancelled.

Thus demonetization affected a lot to the common people.

Yes, indeed it was a bold and impressive decision by our PM. Initially it showed some hope to get a country which we dream to live in based on honesty and Loyalty. But soon it was reflecting no such positive outcomes. The main aim was to remove the black money prevailing in society on large scale but it could not do so. The high class people have managed their black money in bank through some middle man who used to deposit their amount in bank rather they also distributed their amount to different members of society with some benefits to they. They have easily converted their money in white money. So, basically our government could not succeed in this stage. As a result they started digitallasing, here poor people who have poor connectivity could not utilise this. They are still the sufferer. But still hope is there to improve in this field.

Yes, I must say demonetization affecting common people more than black money holders because when it was declared that we have to exchange our old currency the common people have faced a lot of problems. They had to wait for long in the queue to exchange money. That time there was limited fund and for this many people has to come back without exchanging the notes. The employee who were in public sector or private sector they had to take leave to stand in the queue to exchange notes. The most important point, many senior citizens became exhausted while standing in the queue. These are all the middle-class or lower middle-class people who are not the black money holders.

The people who hold black money belongs from the political field or other major organisations. But they didn't have to stand in the queue to exchange notes. And the people who hold black money 10% are in the cash form and rest 90% are in the form of any assets or in Swiss account. They couldn't find that remaining 90% black money.

From this, it's clear that the demonetization affected common people more than black money holder.

From my point of view, demonetization is a good decision, but its result is not that much good because as we see that most of the common people died and most of them commit suicide so its impact was very bad and the black money holders are changing their money from different ways and all the commoners are suffering.

Hello, guys.

Demonetization decision is correct but its implementation is wrong because rich people change it currency by giving percent tax and they also change currency and common people are going to the bank and standing in a queue for getting cash. Black money holders are changing his currency without paying tax.

Demonetization i.e the ban of existing Rs 500 and 1000 notes and issuing new currency notes of Rs 2000 and 500 was a very bold step taken by the Indian government. The main aim was to check corruption, point out black money holders, to cut the supply of money to terrorists, encourage people for digital payments etc.

But, according to figures released by RBI only about Rs 75,000 crore in demonetised Rs 500 and Rs 1,000 notes not returning to the formal banking system, which is very less than expected by gov. Out of 15.5 lakh crore of banned notes, 2-3 lakh crore notes was expected to hold as black money. Although thousands of crore have been identified as black money. But it fails to achieve success as it supposed to be. The Government should understand that corruption has been also digitalised and they keep money in form of shares, gold, land on others name. Middle and low-class people had suffered more than black money holders. They had to stand in queue for hours to exchange their own money.

After that loss of government, they divert their aim towards digital payment. Rural areas which don't get enough signal to talk on the phone, how they will able to make digital payment.

So in my views government has been unsuccessful to curb corruption.

I think this decision was awesome, but implementation was not good. Therefore so common people were suffering from some problems. As we know, demonetization Was idea of Modi, due to this many people still feel suffering from some problems. This decision taken by government By saying to uproot corruption and reduce black money but it could not have happened. It could be succed but but never happened. According to me, the govt should not have displayed this step. It was sudden step towards corruption Nd black money. Only to control corruption Nd reduce black money it has taken but it is not fair and not sufficient step. I would like to conclude finally this step suddened happen. All of us shocked to listen this new. It is not well-planned decision.