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

I would like to start with detailing about the consequence demonetization on common people. Common people had to stand in queues for hours and hours, for transactions, and unfortunately few people lost their life standing for currency exchange. This was not only the consequence but, also there was restriction on deposition and withdrawal of cash. This had created a miserable situation for most of the people, though it was known that, all this would not remain long. When common people were struggling, few of the black money holders had already exchanged all their black money with the new 2000 and 500 rupee currencies. So now, obviously it was the common people who were the sufferers.

Also RBI claims that the demonetization resulted in decrease in overall business which led to downfall in economic status. Out of all black money, only 1% came out and the rest has remained still undiscovered.

Now the point is, was demonetization, which led to soo much inconvenience, worth only for 1% of black money to come out!?

So I believe that, demonetization was not a effective solution to bring out the black money out. But "something is better than nothing", the efforts should always be made for betterment of the country by getting all the black money in Swiss bank and other sources out.

Of course, Demonetization is a good step taken by the Indian government to remove black money, terrorism and also a fake note of 500 and 1000. I would appreciate this step if it's execution was correct. Actually, it is a sudden step taken by the Modi government. People did not prepare for it. Thus they were suffered a lot. A long queue was made by people in front of ATM or a bank sector by leaving their important work for just a sake of a change of 100 bucks. Many people died due to stand in queue for a long time or by stroke etc.

A lot of people don't have any money at their hand for their household. They faced these kinds of the situation during whole November and December.

The main aim of this step is to remove black money but there still are a black money having in this society. Even a lot of fake note also arises of 2000, 200, 500 after publishing it.

During 2 months, this step impact on common people like a storm by which they suffered a lot. Black holders can make their black money into white by the unethical way because they have many sources who help them to do this. But what about common people.

According to me, Demonetization effected common people more than black holders and the government might take an more efficient way to execute this step properly.

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

For the black money holders, the news gave them jolts as they got worried on what to do with the surplus, unaccounted hard cash they had. To be accountable for this wasn't an easy task for them.

Coming to the common people, the people who paid their taxes on time, had majority of their hard-earned money in banks, the initial days after demonetisation was no less than a nightmare. Banks being closed on the initial 2 days, those endless long queues outside the ATMs thereafter, hardly any money to make small transactions brought life to a standstill for them. While the educated class still managed to carry forward their lives using digital transaction, we are forgetting that majority of India's population is still illiterate and are unaware of such online facilities. The daily wage workers did not have enough money to make their ends meet for days. The ATMs ran out of money the moment they were filled with it. The elderly people, who had their life-savings in hard cash, were left worried with what to do as they feared the consequences of depositing these large savings in bank accounts.

Overall, a bold, appreciable move by the government but poorly executed.

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.

The idea of demonitization was very good and was taken with aim, to fight against corruption, fake currency, terrorism. Up to some extent it was successful in it attempt as many people declared their actual income (which was previously undeclare), many Naxal groups surrendered due to no cash, violence in J&K decreased considerably during demonitization as terror financing anti-nation groups had no cash (new paper money), human trafficking decreased, people started digital transactions, revenue collection steeply increased.

But as the monetization was not implemented as effectively as it was thought common people have faced scarcity of cash, had to stand in long lines in atm, banks to withdrawal their money, many poor workers of small industries lost their job, due inhumanity of some doctors, some poor people's died as doctor refuse to give then treatment because of not paying hospital fee in new notes.

On the other hand, many corrupt people successfully converted their black money in gold, exchanged their old notes with new notes with help of corrupt bank employee.

Conclusion: demonitization was meant for country benifit but unfortunately it caused common people suffering, we hope in future we got.

Good output of demonitization.

In my opinion, demonetization has been a huge success. It has broken the parallel economy which was going in the country all over the years. Tremendous growth in the cashless and digital economy has instilled fears to some extent in the hearts of those who were making huge amount of money through illegal roots. It has also affected the terror funding and fake currency. Though many people were claiming that it has affected the local shopkeepers, I would strongly object the method of gaining money by the traders and shopkeepers who would never give proper bills and would escape from the taxation. Why only the salaried people should pay taxes, everyone in the country who has cracked the barrier of min taxa limit should pay and ensure the development of everyone in the country. Some said farmers witnessed suicides, I would say that honest farmers would hardly have had a heart in their mouth when they heard this announcement. We know very well that their incomes have been due to their sweat and blood and not like the looters of this country. In the end, I would like to conclude that tough decisions are most of the times severe but their impact on the economy gives a long-lasting positive impact and demonetization is one among them.

Hi, from my point of view, demonetization is a great step for our country where maximum people lives below poverty line. Income tax is the only source of income of government, by this govt developing the country. We are getting many schemes from the government if they have small income how could they develop.

By this demonetization, common people and black money holder both are affected. Common people have no black money only they have changed it or deposit it in the bank, to do this we had to stand in long line under the sun for long hours, even in ATM also. No money was available there for a few days. No change was available for 2000 rupee note. An old person was not getting their pension. Black money holders they had tried to convert it to white, buying gold, diamonds, booking flight ticket. When income tax department closed all the possible way, their black money becomes garbage, just throwing it into river, pond or dustbin. Several year collections wasted totally, but some corrupted bank employee was involved in converting black money, but some caught with money some not. But this demonetization will place a mark in black money holders mind to keep money in future. Hope that our suffer will be valuable for the longterm.

The common masses were hit most by the government decision to ban high denomination notes of 500 and 1000 as was evident from the scores of people standing outside the ATM. People did not spot any millionaire standing out there. They simply did the exchange for them. Because they can afford. Who was hit most, the daily wage earner who was not paid for days owing to the lack of cash in the economy? The people who had just started a small enterprise and were rendered cashless. The people who had no money in their Jan Dhan accounts. They were merely dependent on the daily wages they used to get. For whom there is no source of regular income, these people found it really hard to make ends meet. To the farmer who was expecting a good return on his crop but was forced to sell his crop failing to get even the transportation cost let alone the price of his produce. Demonetization is certainly a good move but here also the poor suffered more and the hoarders of black money still managed to get away with their exchange. Hard reality but this the truth. This is the rich-poor divide which needs a better mechanism to nab the holders of black money. Hope the government loads it with some new ways to catch the evaders.

Hello, everyone, this is RAKESH.

According to me, this is not about middle class suffered or black money holders but if we succeed in our aim then it doesn't matter because in taken such step to remove the biggest problem of India each and every person willing to do it.

But did we get success in what we suffered for?

Yes, it is right, middle-class people suffered more they have to be in the queue for exchanging their notes. There is people marriage function are organizing in their house so they collected money for that and then this decision comes how they change their money. The patient got suffered. Many things are there.

But think once is this is an easy for gov to take such big decision. They took it after thinking about it thousands of times yes there was implementation problem they should circulate 10, 20, 50, 100 notes but we should support gov we should appreciate gov for taking such decision so that in future gov can take such decision with improvement.

If we talk about black money holders definitely they were in tension at that time. They couldn't get proper sleep and many cases are their we caught people with money. Now black money holders reduced at great extent.

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.