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.

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.

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.

Hello, everyone.

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.

Yeah, demonetization is affecting common people more than black money holder. But it is a good step for the future purpose. This may not be able to stop the corruption but it will reduce it. Though the common people are suffering many problems due to this. But it is helpful to them only. Because everything that happens in a country it mainly affects to common people. So soon this small steps taken will lead to a great development for our country.

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

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.

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.

Thank you.

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.

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.