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

Hi, this is Yash,

Demonetization is the most happening factor present in India. Our Indian government has finally made a cult decision by banning currency notes to reduce black money transactions. Maybe, it's a good thing to hear initially but later on, many problems faced by common people makes us think: Is the step taken by our government is good or bad? The higher and lower classes faced problems to some extent. But the middle-class people suffered a lot due to the limited exchange of money, insufficiency funds for daily expenses etc. Finally, the government had released a new 2000 rupees currency which has been never before. Thus, somehow common people's troubles come to an end and the upper classes people started facing difficulties with their black money.

November 8, 2016 was a nightmare to all of us after getting the information from the news channels of banning the 500 & 1000 notes.

It was a great step taken towards the anti-corruption to remove the black money from the country. But the impact on the 3 classes of society was different from each other. The 3 classes of society as defined mostly are low, middle & high. Talking about low-class society (people below poverty line) would not have much cash in 500 & 100 notes. But the little they had, it wouldn't be exchanged at banks as most of them do not have bank accounts. The next class of society is middle class. Keeping the huge amount of money with ourselves not necessarily means a black money. It could be due to many occasions which need it like marriage, house construction etc. During the demonetization period, these are the people who suffered. As a bank had defined amount limit on the exchange of money. The third category society the upper-middle-class & high-status society, who are suspected to have black money. The question arises here "Would they keep hard cash or will it be in some other form. This class not only consist of the businessman but all the politicians and other high authority holders. It's quite obvious that the decision of demonetization was not taken alone by the prime minister of India. It could be with a group of members which include politician and other bodies like a bank. They were aware of the step before it was applicable. Now, this could let us think that precaution measure have been taken by them for not being black money holder. It is important to focus on the denomination it's the ban of 500 & 1000. This is done to avoid the large amount transaction in cash, a step to avoid black money. But a new denomination of 2000 is introduced the very next week. It's quite contradictory the way steps are taken and the implementation of it.

However, it could be implemented in a better way by setting a limit on "earning & property and to track them down by income tax raid & not disturbing the whole nation. As a citizen, it's our duty to support & encourage such steps which could benefit our nation & the people

Demonetisation is a bold strategic step taken by the PM to curb corruption in India. This step has not succeeded completely in its aim but yes some amount of corruption has been reduced. This step was supported by all the Indians. But it effected not only the corrupted people but also the common.

In India digital payments is not well practised. It is known by the city people but a very few practise this. In rural areas many of them are still not aware of this. Thats why people faced a lot of problems due to demonetisation. They used to stand for long hours in the queue in banks for exchanging old notes and withdrawing money. Many ATMs used to show no cash boards. Even if money is available, a limit was kept on withdrawing. All this stress frustuated the common. It has been very difficult for the people working on daily job basis to find a job, because no one was ready to give jobs due to less cash. Farmers suffered as they have no cash to buy seeds and fertilisers for their crops. Middle class and poor people had postponed their functions due to less cash. On the other hand the rich and corrupted were less effected as they have money and they can achieve what they want.

These all problems were identified by the govt and it had increased the limit of withdrawing, and announced that they can use old notes in govt sector utilities.

Hi, I m Vaishali.

I think that demonetization affect the poor more than the black money holders. That black money holders convert their block money into white by investing in different ways or by many wrong ways. They buy n different shares to invest their money but the common people have to face too much problem, they have stand in queue for changing their notes but no black money holders do that. Poor people who have no 100 or 10 or 20 rupees notes are not to buy anything n the shopkeeper also enhance their prblm by not helping them. In every field only the common people have to face. No black money holders are in the queue for their notes but common people do that. In my opinion, demonetization affect the common people more than the black money holders.

Thanking you all.

Demonetization is a good step taken by the Government and we all support this. But the common people who are not involved in black marketing strategy, although they work under the big companies that are involved in it are facing trouble. Why (?) Because they are hard working. They work day and night for themselves and their love ones. There are many working-parents who work the day hours in office and night at home taking care of the family and looking after the children. Most of them like common- people-thinking dreamed of having a beautiful and spontaneous life by finishing up all the works and spend time with the family. But the Demonetization Act came out like a bullet from the gun (House of Assembly) many people shattered by this news. Those rich people they can easily get their money changed by just one call. But these common people who work for the best of the big people have to suffer in the long run lime said by Economist Keynes. Recent news came out by 2017-18 our Indian Gdp will rise to 7.5%and for that these common people will have to grab their throat out and rush.

Example can be given to the students who live in the hostel; when they don't have money to pay their hostel fees or any educational works they have to wait in the long tail of ATM. Moreover, some of them have a particular timetable set up for them to remain outside and come back. In that case, most of them unluckily come back as having exhausted without any money. Hence coincidentally they have to borrow money as a rent from their friends and in the mean time when they are unable to pay they do suicide. Corruption will be removed as they say. But hey it won't end the corruption. Corruption is everywhere all around the world. Another example : the common people like becoming mad for not having money and beating wife and children Vice -versa. In India, 28% people are still in poverty. The Devoloping country like India will suffer and still be suffering. And to Solve this matter, patience is a must. It will be solved in the near future only if the COMMON PEOPLE AND RICH SUPPORT ONE ANOTHER. C'mon people in a country like India full of diversity can at least do that. Afterall Democracy is our policy. One Nation Having infinite culture but still the We Are The ONE.

Yes, demonetization has inflicted more agony on poor than rich, it was a wise yet an ill-conceived move:.

-> A large fraction of Indian economy constitutes of informal sector which is a cash-dominant sector. After demonetization was announced it became difficult for the daily wage earner and labour to earn their bread.

-> A mid cash crunch emergency medical treatment and travel became difficult.

> Families who had planned event and affairs like marriage etc beforehand were stuck midway.

-> Rural population suffered the most among all as most of them didn't pose any bank account because of more money they had and were abused and cheated by exchange mafias.

Yes, demoetisation has affected poor and middle-class people a lot. People who work on daily wages are majorly affected as on their work their head didn't have money to give them, from farmers no one was there to purchase vegetables, fruits, grains as buyers didn't have new notes. So, no money no food. They were totally helpless. Some people got depressed, some got a heart attack due to such news. People were standing in long lines outside ATMs whole night and morning along with mattresses and quilts to get money. It affected many people but on the other side if we talk about black money holders they had sufficient money they can spend and purchase whatever they want and many many black money holders purchased gold and invested in different sectors like purchased vehicles, petrol, plots, houses, shares and many more things. It majorly affected common people more than black money holders.

Hello everyone,

Demonetization is a very good step towards the development of our country, fake currency and corruption that was taken by respected PM Narendra Modi advised by Anil Bakoli. We always complain that no action is taken against corruption and when it is taken we start to blame the government. This was an abrupt decision and it should be, so that corrupt people can't convert their black money into white, so people also have to face problems due to this abrupt change. According to me demonetization has two faces one is good and one is bad. Good face is that it returned back a hundred crores of black money that will be used in the development of the country. Government Also allowed old currency in hospitals and some government institutions where someone's life is more important than its decision.

Bad face is that the proper arrangement of the new currency was not there that's why common men have to stand in a long queue of banks and ATMs. I never saw any rich person or celebrity in this queue because they have the approach to convert their black money. Many have to suicide because they could not arrange the money for their children's marriage and farms. Corrupt people are taking a bribe in gold and new currency form. All the black money is not in the form of cash, it is in jewellery, property form and stored in Swiss banks. Only common men much affected in this surgical action.

I know the condition will be same after some time, bribes will be taken, the neighbour country will print fake currency and corruption will be continued. But we know abolition of corruption from the root is very difficult but to some extent, it affected by this decision and crores of black money captured in it that will be used for the country.

Thank you.

Hi Friends.

Everybody has written good views over demonetization. I appreciate our PM initiatives against black money and corruption from the country. Friends our respected PM has also urged the people of the country to come with us for this operation and cooperate us. PM also told on 8th Nov 16 with the help of the people of our country we definitely resolve this issue. He also told common people of our country will suffer initially but when the matter of reducing corruption and development of country Indian people will face difficulty for the nation. I also want to say that India will take a time to Digitalisation but it is not impossible.

People of the country could sacrifice and can stand in queue for 2 to 3 months for the development of the nation.

As we know that this is the land of brave. I also suffer and stand in queue whole day by taking hope India will be developed, corruption free and digitalize one day.

I also thank the common people of our country who suffered during demonetization.

Thanks friends.

Hi, Yes it is affecting a lot of common people like us not only in standing queues but also about the charges held in withdrawals.

For every transaction tax and charges held which is affecting us. In my opinion, demonetization is only affecting common people to ones who are corrupted. For every earning and saving we have to pay tax then where to save. If we are thinking about our future generation then what about us?

Conclusion: Demonetization has both advantages and disadvantages. According to me, it is just affecting common people more than other.