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

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, it is obviously true fact that, for sudden demonetization in India, the common people are affected so much, the common people who have a lot of 500 and 1000 notes in home or who needs to take lot of liquid money from bank or ATM for Marriage or Medical purpose are fell in great danger. The common people have to stand in a long line to change their 500 or 1000 notes in bank or to take money from ATM. But this harassment will be occurred only for limited time (3-4 months). But the black money holder will fall in Fish out of water. Although their maximum black money may be in form of Gold bars or Jewellery but the liquid money they have, are totally useless, if they want to give it back to bank, then they have to give 200% fine because they can not show legal source of their money. So this money will be totally useless to them. For the demonetization, though common people will fall in harassment but for this, it is to be said that Terrorist activity will be decreased, Corruption in India will be decreased for at least next 10 years. So I think it is a good and effective step against corruption by Indian Government. Thank you.

Demonetization means ban of currency in the economy. In 1946, demonetization of 1000 Rs. Note and 10, 000 rupee note took place in India. In 1954, 1000 rupee note, 5000 and 10,000 rupee note were introduced. Again in 1978, government demonetised 1000 rupee note, 5000 and 10,000 rupee note from the economy. The impact of demonetization on various sectors are:

GDP (Gross Domestic Product); we can say that GDP is directly proportional to the government Expenses, consumer expenses, and investment. After demonetization, the circulation of currency became less so GDP automatically became less.

Farm input is not available in the agriculture sector so daily wages farmers became jobless.

In long-term impact on lending rates became down.

Inflation arises due to higher liquidity presence in the market.

After the announcement on 9th of nov 2016, the gold price increased up to 40,000/- from 32,000. So 20% to 30% high was observed in gold price after demonetization.

After the announcement within 4 days 18 crore transaction was handled by the banking system.

Activities carried out by terrist hamper by demonetization of currency.

My dear friends, demonetization was a step taken by Honorable PM Narendra Modi on 8th November 2016 for the welfare of common man. It was quite shocking news for black money holders. Some of them even died of heart attack and a few started taking sleeping pills. They started finding illegal means to convert black money into white by bribing bank employees or commission agents. Some of them threw their money into river Ganga. Donation boxes were also seen full of cash during those days.

On the other hand, innocent people also had to face lots of difficulties. They had to stand in ATM lines for hours. But they still stand with prime minister because they know that this step is for our betterment. Revolution can't be brought overnight.

Common man was getting money in exchange of their money unlike the soldiers on border who are getting.

Bullets in exchange of bullets. It is only journalists and opposition party who were making big deal out of it. Otherwise, common man supports this policy.

At the end, common man suffered hardly for 2 months. But it gave long lasting impact on black money holders.

The demonetization was introduced to abolish the currency notes that are currently used in the economy. The demonetization has adverse effects on the common people rather than Black money holder's since the common people do not have enough backup facility to cope with the sudden changes. The commoners have to stand in queue for hours to get our old notes changed and at that particular time, only limited notes were available. So this caused a great chaos among the societies. Besides, the Black money is converted into various assets like jewellery, land etc. They will not suffer for their everyday needs like common people.

People have to stand in long queues to exchange their currency. The people who are in remote locations will have their savings in their home pose a major problem at that time since they can invest only 2L in the banks. So the common people will be more affected compared to the Black money holder's. The black money holders will find any other way to convert their Black money to White. The government must ensure to protect the common people before this kind of revolution is passed.

Yes, I must say demonetization affecting common people more than black money holders because when it was declared that we have to exchange our old currency the common people have faced a lot of problems. They had to wait for long in the queue to exchange money. That time there was limited fund and for this many people has to come back without exchanging the notes. The employee who were in public sector or private sector they had to take leave to stand in the queue to exchange notes. The most important point, many senior citizens became exhausted while standing in the queue. These are all the middle-class or lower middle-class people who are not the black money holders.

The people who hold black money belongs from the political field or other major organisations. But they didn't have to stand in the queue to exchange notes. And the people who hold black money 10% are in the cash form and rest 90% are in the form of any assets or in Swiss account. They couldn't find that remaining 90% black money.

From this, it's clear that the demonetization affected common people more than black money holder.

Demonetization is that type of words today that everyone knows very well. According to me its is a good decision but can get the output that the government Assumed. This causes increase the corruption and problem of middle-class people and poor people but can't affect the life of middle-class family. A lot of people standing on the outside of ATMs for money, they were standing in a long queue but can't get a money because the appropriate amount of money is not available in the ATMs but no one saw on that line any political leaders, rich people, celebrities, then how is this possible. Is there no need of money, no friends, they are rich people, they directly connected to bank manager to give him new notes on the radio of 80:20 but can't face any problem. It leads to corruption. Govt try to earn the black money from the black money holders but can't get. Most of the black money holders they pack the notes in a bag and they throw into the river, forest, etc but can't give to the government. At last but not least I say that govt take the decision good but can't fulfil all his needs that require.

According to my point of view, It was a good plan but when we consider the economy as a whole, our economy has various income groups like upper class, middle class, lower class and it didn't work out for middle and lower income groups. People were struggling to get the new notes and even banks ran out of notes and caused a lot of inconvenience to the people. Black money holders got affected a little bit but the plan was poorly implemented. No necessary arrangements were made before and the plan was implemented overnight abruptly and purely this has happened due to inefficient planning. The government should make necessary arrangements before they take big decisions like this. Black money was exposed but its just a tiny part. It didn't make any big difference for them. Few 500 and 1000 rupee notes were just dumped into rivers and drains and behind this scenario, crores of rupees which are converted into new notes went from banks secretly and the general public, we, just got 4000 rupees a week! Next time when the government plans something big, all these consequences should be predicted!

Hello,

Demonetization is a desirable act in India done in 8th November 2016. The act intention is to recover the black money and hidden properties. And also for national income.

In India, most of the people are small vendors they work to daily wages as 300 to 500, at this time the government was decided the demonetization now what can do the small vendors. 500, 1000 notes very strong I mean they are circulated to 7 years but government has band that notes. To recovery from the demonetization is all over India the notes are needed is 21 billion notes are replaced, but in our mind (notes printing press) can print only 3 billion notes, we can't depend on foreign mints because the India in "make in India" when the notes has circulated properly then we recover from demonetization.

The Indian express says that the potentially significant amount would be subtracted from the reserve Bank of India's liabilities, and the authorities would have the option to transfer his windfall to the government.

India's sovereign credit profile will benefit from an improvement in government finances.

Hello everyone.

Demonetization was a step taken by Honorable PM Narendra Modi on 8th of November 2016 for taken out black money from holders and also it related to the welfare of the people. This is really shocking news for all of us urgently we need to deposit all 500 and 1000 notes in banks there is a limited period for depositing money.

Who has black money are in danger they have black money in crores they find various ways to convert black money into white money.

Innocent people are not as much afraid of this decision because they pay tax time to time they face difficulties at the time of depositing money. They had to stand in a row for deposit money in the bank and it has taken lot of time. At the time of money taken out from the bank from ATMs, it takes also a lot of time.

All people have suffered innocent and black money holder also but innocent people were happy about the decision they thought all black money are out so there are an improvement in facilities provided to them.

This decision was short-term pain but it gave long-term impact on black money.