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

Hello everyone,

As demonetization is the biggest change happened in this year by honorable PM Narendra Modi. This step was actually taken to reducing the black money from the country. And most important to move the first step towards reducing corruption.

Although, its a very good thing decided by the PM but somewhere it was not properly planned. It hampers the common people more than the actual black money holders. Common people suffered from many problems in exchanging money. And as the middle and lower level people generally carry 500 or 1000 rupees note. Exchanging of these notes with 2000 not only affect those people but also government faced huge amount of lose in printing 2000 notes.

In other side, there also no result if found of it. Most of the ministers, corrupted leaders or businessman again saves themselves from the Money and by using some wrong ways. So for that time it has adverse affect that it enhances corruption.

Demonetization is a very bold step taken by the government in order to curb corruption and bring black money to light. But the demonetization affected common people more than black money holders. The upper class of the country which also include politicans and businessman whom we think holding the black money were not actually holding the black money as liquid cash but in other forms such as digital form, gold, shares, properties etc. So the demonetization did not impact majority of the black money holders but it did collect black money, not to the satisfactory level. The common people like low, middle-class people were greatly affected as they have to stand long hours before ATM for cash and there is also limit for the transactions which would affect their small scale businesses and their living. Demonization is a very good step taken by the government but poorly implemented whose consequences are faced by common people.

Hi, Yes. Demonetization is affecting common people only, common people are unable to withdraw money from banks. Small vendors are unable to take payments through electronic mode. Even ATM'S are cashless. People have to visit so many ATM'S for cash. Black money holders have converted their black money in to white by other ways. In this country, we have to tell people through advertisement where to go toilet. How can we expect from such people to accept electronic payment mode. Lakhs of marriages of common people have been cancelled because of demonetization. But the marriages of Big people like Nitin Gadkari's Daughter hasn't been cancelled. This is the very worst decision has been taken by our Government People are facing big problems for getting medical services. No one Politician, Big Businessman or Celebrities have visited bank for money. It explains that common people are affecting more than black money holders.

According to me, demonetization is related to all the citizens of the country and every single citizen is touched by it. Everyone in the country is affected by it but common people suffered the most because they don't have resources to handle it like rich people. Common people stood in line for hours. In some cases, we also saw that after standing the whole day, they did get the cash. All the routine works of the common people were affected because they didn't have the money in their bank accounts in order to take it back from the bank All these problems did not happen with the rich people.

But, I am feeling proud to say that despite all these problems, the common people suffered, they stood with their prime minister decision. These common people knew that this decision was taken in the favour of the country and despite all these problems they suffered, they fully supported the decision made by our prime minister.

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.

Yes, demoetisation has affected poor and middle-class people a lot. People who work on daily wages are majorly affected as on their work their head didn't have money to give them, from farmers no one was there to purchase vegetables, fruits, grains as buyers didn't have new notes. So, no money no food. They were totally helpless. Some people got depressed, some got a heart attack due to such news. People were standing in long lines outside ATMs whole night and morning along with mattresses and quilts to get money. It affected many people but on the other side if we talk about black money holders they had sufficient money they can spend and purchase whatever they want and many many black money holders purchased gold and invested in different sectors like purchased vehicles, petrol, plots, houses, shares and many more things. It majorly affected common people more than black money holders.

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.

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.

Common people have clearly been suffering through a lot. Employees need to stand in long question at the banks and ATMs to draw their money, but if we look at the bigger picture it has resulted in total loss to the black money holders. The strict initiative taken by the govt was to make it nearly impossible for these black money holders to exchange their hoarded cash. One thing I want to put forward is, the long never ending question etc are not caused by demonetisation. Govt has released proper rules like Rs 24000/- to be taken in week, anyone having marriage ceremonies or Any construction work can withdraw up to 50,000/- etc. The govt is doing all it can to support the common man. But the problem is sufficient cash is not being supplied to banks. Hence all the problem. If enough cash is being given to the banks, public won't be facing so much of problem.

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.