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

Good Morning everybody.

I got the opportunity to discuss my views about a very interesting topic "How demonetization is affecting common people more than black money holders?".

It also has been done in 1946 and after that, I was done in 1978 by Morarji Desai to banned 10000 and 5000 Indian currency notes and now one of the biggest step taken by PM Narendra Modiji to banned 1000 and 500 INR. So it's a normal process and there is nothing to become shocked. Demonetisation is not new in India. On 8 th November 2016 a revolutionary step has been raised in order to make corruption uprooted from the country by our honourable Prime Minister Narendra Modi. Demonetisation releases a adverse affect on the common people more than the black money holders. We all know that this decision is quite right but it is not taken with the proper plannings. Common people faced a lot of difficulties due to this. We have seen various long queues in front of the banks. Businessman also suffers from this They also faced crisis.

According to me, As every coin has two sides like wise peoples also have different perspectives. If you are looking towards Indian economy if we compared our GDP with 2015 then you will come to know that there is growth of 0.6 % previously it was 7.0% now it is 7.6%.

Upper class consists of most of the people with black money which includes politicians, businessmen. As our Ex-RBI Governor said 'People Will Find Ways To Divide Their Hoard', that is, people will find new ways to convert their black money into white.

Many people died during this process and I feel instead of demonetization, the government of India should've ensured strict taxation laws which would've saved the people of India from such chaos.

Demonetization is a bold move taken by our PM to eradicate black money in India. Though the motto was clear no one estimated the practical complications to be faced.

Both, common people and black money holders were affected by this move but the troubles faced by the common people was just a short term problem which is temporary for 1 or 2 months but which was a very difficult situation as most of the transactions made by common people was by means of money and a lot of them were unaware of the digital transactions particularly in villages.

People having black money were affected the most because the money they had been saving for years without paying tax was all in vain. So, even though demonetization has created a lot of problems to all sections of people it was a very good move to remove black money and in my opinion doing something is better than doing nothing.

I think common people have suffered a lot after PM announced ban on 500 n 1000 RS notes. The decision was quick and people were not ready for it. Common people had no money for buying common things required for household. Also they had to take a leave from their office to stand in que of banks to exchange their notes. I think it was not planned properly they should have first make sufficient currency available.

Hi, I am Kavitha.

Yes, obviously demonetization will affect the common people more than black money holders.

Actually, demonetization is the best act for reducing the corruption which is introduced by our honourable Prime Minister of India. But It has so many demerits in it. It mainly affects the people who are arranging the marriage and the people who is having the money for making any functions and at the same time it is the waste of time for standing in the queue for changing the value but what to do we have to face such problem for making the country as corruptions. Whatever the problem may be the act of demonetization is the wonderful act for making the corruption free country.

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.

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.

Demonetization is a bold move taken by the government of India and it definitely reduced corruption at certain extent but for this, each and every citizen of India had to contribute and in another way.

Demonetization affected adversely on common people because people had to stand in front of a bank for exchanging or deposit their money in the harsh sunshine and many people don't have a bank account so this thing also cause so much unconvinced to common people. Everything has its own advantages and disadvantages so along with advantages of Demonetization, there are few of disadvantages like black money holders had created a new black market for saving their money. Recently news came into the picture that this time there is a huge increment in income tax returns so it's showing that government has got a success by Demonetization.

Hello friends,

Before starting a topic firstly I am discussing about demonetization.

(Demonetization means the current currency that we use for the transaction are not acceptable in the market. In place of old currency, government issues new currency. ).

On 8 November 2016 when pm announces demonetization then there are many hurdles are comes after that announcement mostly common people are more affected because the implementation of demonetization is not too good that it should be.

After the decision when I saw the long question in front of atm machine I thought the whole black money in the hand of poor people.

Our pm declares many announcements after demonetization even a promise are not fulfilled.

Our GDP goes down 7% to 6% that the big loss of any developing country.

The whole market goes down between this process.

The common pelope are unemployed causes of lack of money in the market.

Hi,

According to my opinion, Demonetization was the good step for reduce the black money but it was affecting common people more than black money holders. While millions of people have been stressed over queuing up outside the bank and ATMs for their regular transaction. Common people struggle to get their own hard earned money withdraw and black money holders who funds the terriosst are stilk free and exchanging their money safely without any problm. Some people who run small business but unaware of digital banking are ones facing the biggest problem.

So, Demonetization is affecting common people more than black money holders.

Hello every one!

Before starting the discussion, let us understand the meaning of demonetization. Demonetization means current money is being scrapped and it is replaced with new currency or coins.

In India, demonetization move was initiated by our prime minister Mr Narendra Modi and was bought into force on November 8 2016.

As a famous proverb says every coin has two faces, even this has its own good and bad. The main aim of demonetization was to remove black money and to reduce the corruption.

To some extent black money flow was controlled. But more than advantage they are disadvantages. Many common people especially farmers and and ages old people, they have to stand in the long queue to exchange their old money with the new money. Some rural areas don't even have banks to exchange the money. People where not were not able to buy even the basic neccessity. Due to this even the gdp is also not increasing. Although this is a very good move but it should have been executed in a very planned manner so that common people are not facing the difficulty.