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

Hi, Demonitisation is a good step taken by our honourable PM Narendra Modi on 8th Nov 2016. But its a good step with poor execution.

Demonitisation is affecting common people more than black money holders, I completely agree with this because common people are suffering a lot. They are forced to stand up in line in front of ATMs, banks, post offices. Because there is a time limit kept by the govt to convert their old currency. Common people are suffering a lot but many of the black money holders by sitting in their home itself they are converting their money by giving commission, bribe to bankers.

Demonetization is affecting both common people as well as black money holders. But common people affecting more than black money holders. Common people have to face so many difficulties like they are standing in a queue for deposit as well as withdrawl of their money and also many those people who have no bank account, they have no option where they change their banned currency. Various small retailers are also affected, their sales fall down, pitfalls in resturant 20-30% etc.

As per above, I said that demonetisation is affecting black money holders also. They are also facing difficulies in conerting their money. If they deposit their money in bank, then they have to pay higher rate of tax. The news telecast in tv, various rags full of money found in river. Black money holders have no option to covert their money so they thrown their mony in river.

Hello friends,

Demonetization is affecting both common people & black money holders. But the facts that is common people more physical problem as like standing the queue of ATM and bank line but black money holders are faced problem mentally because their all money which is collected by themselves are wasted. The news of demonetization not more than a nightmare. But after some days demonetization affect are normal and there will be no queue in front of bank an ATM. The effect of demonetization is that all black money is under government or money is wasted. These reason the Indian economy are better than before and Indian currency is strong comparatively other currency.

The most effect of demonetization is stopped the terror funding in India and real state cleansing. And India GDP rate is increased.

Hi.

In my opinion, the decision of Modi Ji is very good in spite of having various problems for common peoples because doing something is better than doing nothing, At the time of PM Manmohan government, their is no such steps were taken about corruption but Modi Ji believed in doing rather than only speaking.

Hi.

I feel demonetization has affected both the common people and black money holders.

No doubt the common people had to face lot of troubles like waiting in long queues in front of ATMs and in the banks in order to withdraw or exchange their money. The first two days were a nightmare. But the black money holders were equally affected.

Black money holders tried to convert their money into white by buying gold, diamonds or by bribing bank officials nd poor people. But govt also made such stringent rules that their money just became garbage in the end.

They had to throw it in the pond or dustbin.

So overall the common people were affected but for a short period of time but this bold move had a deep impact on all the black money holders as now they will think twice before practicing corruption.

Thank you.

Good morning all. Today I would like to speak about the one of the most important thing happening in India; Demonetization. In this speech, I would like to draw your attention to why it's been done? Who did it? What's the impact of it? I am trying my best to make this speech a neutral one. I am just a high school student, I am not affiliated with any political party. Let' start with what actually demonetization is.

Introduction to Demonetization in India and Its Status.

So, what the demonetization? As per "Investopedia", a demonetization is an act of removing the legal status of currency as "Legal Tender". Means old notes or even coins must be retired and replaced with new ones or completely new currency can be introduced like Rs. 2000 note which was not available earlier.

On 8th November, PM Modi's announcement was the breaking news across India. Rs. 500 and Rs. 1000 notes (currency) are made illegal from a stroke of midnight. One might think, why it's been done? Indian government's goal was to remove all counterfeit (fake) currency from the market which is used in tax evasion, corruption and even in funding terrorist activities. These two currency notes are the most used currency in the Indian market, it had 86% share in the market. This was a very big and risky decision and as some aptly said it is a "Masterstroke". Some even say it is a "Surgical Attack" on black money. In simple words, old Rs 500 and Rs. 1000 notes are worthless now, they are just a piece of paper.

The opposite of demonetization is remonetisation, which means restoring the demonetized currency as legal tender. And a lot of political parties from the opposition are fighting for it.

Impact of demonetization within India and foreign Relations.

Demonetization has a big impact on Indian market and citizens like you and me. People flocked the banks to changed their currency and stood in long lines in front of bank and ATMs for hours to draw their money. Surely, we have problems in but we also need to understand the importance of it. Just imagine if it was told a month ago, then all black money launderers could have managed their money in this or that form. That's why it has to be a sudden and surprise act.

India is not the only country which used demonetization to deal with corruption, inflation or tax evasion. In Europe, when they introduced the Euro as European Union currency old currency was demonetized. In 2015, Zimbabwe demonetized their currency to eradicate their hyperinflation.

Demonetization can also be used to promote the "Cashless Economy". As PM Modi aptly said, we might not be a completely cashless society soon but at least we can be "Less Cash Economy". Under cashless economy, people prefer to pay for goods and services in digital format than the cash. Tough we Indians love to handle the cash, such event was necessary to change the mindset of people who loves cash.

On another side, we can see a positive reaction from all over the world. Other countries who wants to invest in India thinks that Indian government trying to solve Indian red tape and corruption. It will draw more foreign investment in the country which will help Indian government to build a better India.

Hello everyone,

From my point of view, its affecting both but yes it's affecting common people more than black money holders because black money holder did manage their problems but its very difficult for common people that how can they manage their problem related to marriages, medicines and so many problems.

Definitely, Demonetization affected on common people. Our Government started Demonetization for Black Money, but now it's come to cashless India. Even as per survey 15600 crores money should be deposited in bank but only 15400 Crores money deposited in bank. So where is remaining 200 crores rupees? That mean till now also there is black money holder. In case of cashless transition, how can it possible in rural area where ATM are 5-6km far from village, and what about uneducated people. And one of the most things is what did you saw any politician or business man in queue of bank. Only Rahul Gandi seen in queue only once but at that time only we can withdraw only 2000 Rs. Even I went in ATM more than 20 times because of Long queue and sometimes cash was not available, so how can he satisfy only one time stand in line.

Demonetization is one of the big leap taken by the PM Narendra Modi on 8 november 2016 to deal with black money, terror funding, fake currency which is already in circulation and many more corrupted things.

NO, I disagree that demonetization is affecting common people more than black money holder because this move taken by the government to usher in bright future of India.

Bank and financial institutions in India were recently suffering from severe loans and non-performing assets. This bold move make the bank cash rich. Bank are today in very good conditions and have capable to finance big projects due to its increase in liquidity. Suddenly ban of 500 and 1000 rupee note created problem in front of citizens because they have to lined up in front of banks from day to night to exchange their old currency and even banks were faced problems due to lack of 2000 and 500 new notes. But we can see that the situation is stagnant now.

Now, bank have enough new currency. Demonetization effects large part of Indian economy, Indian citizen in some good and bad ways but no doubt this step was one of the bold move to back stab the corruption, terror funding etc.

Yes, one of the best thing as PM modi also said this is the only move which is supported by all the Indians no matter which caste, which religion they belong. And also demonetization is the move which grab appraisal across the country. Different country Pm's appraised PM Mr. Narendra Modi for this bold step. It will also ease up the tax -GDP ratio of india, thereby helping to improve India's credit rating in international economy.

As per the report, only 3-4% of citizens pay their direct taxes which make government collect more revenue from indirect taxes. If tax compliance is raised to 90%, it will not account for the wealth created but shall also increase the tax revenue of the government. It also effect the dowry system of India in large extent.

It is also a sure step towards the digital India as 86% of economy driven out of cash and yes digitalisation will be prove very beneficial for India as it will decrease the money related crime.

As being the Indian citizen it is our onus to support government for their right move for the betterment of Indian economy by keeping aside of our personal issue.

Hello sir,

My opinion Is yes, definitely demonetisation is affecting common people than black holders.

When government on the 8 Nov 2016 announced suddenly the 500 and 1000 rupee note will be banned.

There are lots of problems facing common people. There are no of queue in front bank atm postoffice. The common people especially the lower middle class and the people live in rural Area they have many such difficulties faced. In rural areas, people don't have a knowledge of different online Apps for accessing and maintained their lifestyle. Many of them. They don't have their account they face more difficulties.

Thank you.