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

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.

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.

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.

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.

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.

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.

Hello everyone,

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?

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.

Hello friends,

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.

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.