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

Hello everyone, myself Asmita Mondal.

Undoubtedly demonetization is one of the biggest step taken by Indian government to bring up the black money, and there is a great impact of it in our social economy.

But this step is taken all of a sudden and without any proper planning how to handle the situation after banning the 500 and 1000 rs notes. For this reason the poor middle class family had suffered a lot. There were never ending que outside the bank's and ATM's during the whole November and December months, . The people stood up on the que leaving the works. As there were no sufficient cash in hand they couldn't buy household things. And as that was a wedding season, and there was a limitation of withdrawal of money the families had faced lots of problems. Many old people had died due to the heavy rush in ATM's and banks.

On the other hand, the black money holders were exchanging their money in many unethical ways. So according to my opinion the govt could be handle this situation in a more mature manner.

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?

Hello Everyone,

Demonetization took everyone by storm and created a big bubble in the country which gave us a hope for a better future without black money. Yes, the idea behind demonetization was good but the execution was very bad. The Indian government could have done a lot better then this.

The recent numbers given by the RBI shows that 99% of the currency was returned back to the government while the actual expected numbers were quite low around 85%. Around 100 lives were lost in the two months after demonetization was declared because of long queues of people waiting for hours to withdraw a few 100 bucks. I myself had to literally starve a few nights just because my hostel canteen was not accepting card or paytm. Most of the black money by a few hundred millionaires and instead of auditing them, rest of the people had to suffer.

The Indian government had months for planning and still was lost millions of rupees in just printing the new currency with a higher denomination. I still don't understand why the government introduced 2000rs notes instead of a smaller denomination. People are gonna are argue that demonetization happened in the 1970s and our country got through with it, but we are forgetting one big important fact that the population of country grew almost double in last 40 years courtesy of are grandfathers who had nothing better to do!

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.

Hello friends,

Everybody knows that demonetisation have been implemented to get rid of the black money from the economy. Because holders have been able to secure their money in the mode of cash so due to banned of 500 and 1000 rupee note they have not an option because no one accepts the banned money but it creates a mode of earning income for some people. Persons who are connected with the bank got the new money and exchanged with old money in lower value. And the difference amount they earned.

So what the black money reduces or not?

The transaction is successful and black money holders got the money in new denomination but some less.

But the money was in the hands of people who had earlier.

Demonetisation creates the problem a lot to the middle-class family. They had to spent their time in standing rows of banks to get their hard earned money.

Demonetisation is the way to eradicate the currency which is currently used and introduce the new one which helps a lot to block the black money holders, terrorism from the country.

In India on 8 Nov 2016, Shri Narendra Modi gave the sudden news about demonetisation that notes of 500 and 1000 will be invalid from midnight today but they also gave chance to change our old currency from the banks but we have to give proof that our money is not black money. It affects a lot to common people too, because common people stand the whole day in a queue to withdrawal little amount of money and atm was empty. But the politician, celebrity, and mostly black money.

Holders change their currency from the bank easily by giving some bribe to the bank employees but not at every place but common people suffer a lot.

In my opinion, its the best initiative by our govt to block the black money, terrorism and it introduce a new era of cashless India because most of the people use the mode of online payment since that time.

For middle class and normal people, I would say it is No, It's not like just changing clothes but somehow corruption can be reduced. Whenever our respectable prime minister Sri Narendra Modi has announced that the central government is banning the 500 and 1000 rupee notes all Indian people were shocked and they were rushed to ATM centres but ATM's are already closed on that evening. People were struggled to wait in a long queue at ATM centres and at Banks by leaving their daily work but we didn't see any VIPs and big business magnates in a queue. So banning of 500 and 1000 rupee notes were most affected to the middle class and poor people only.

The Government wants to see "Cashless economy" but the public have seen "Cashless ATMs" and instead of introducing small denomination notes government has introduced big note such as new 2000 rupee note. This makes some VIPs, to do more corruption such that instead of carrying more number of smaller denomination notes they are hiding less number of big notes. For those people, it is just like changing clothes.

Every coin has two sides and so demonetization is also having advantages and disadvantages. This step of demonetization against corruption by our Honourable prime minister Shri Narendra Modi is really appreciable. Announcing it suddenly was the best part of this strategy. We know it will take time to clean the corruption but if such steps will not be taken how come India would be a corrupt free country. Lack of cash availability, standing in a queue for a long time for withdrawals were weak points of demonetization. I appreciate the courage showed by our prime minister. The result will be healthier in future.

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.

Demonetisation was announced by the government of India on 8th November in 2016. It is very good decision taken by our government but I think our government not prepared properly. Because many poor people very affected by the demonetisation because they are stand at front of bank. Rich people have many source to change their notes. Bybdemonetisation our government collect the black money by the holder so I conclude it was very good decision taken by our government thanks.