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

I feel like demonetization had affected the middle-class people more than the black money holders. However, this will be useful and as our country is very large in its population decisions should be taken in a planned way which would affect the corrupted people.

We all have talked about the demonetization affect at the time of its implementation, but it been around 10 months from then.

It affects common people in terms of lower interest rates for the savings account as well as fixed deposits as most of their investments are in the form of fixed deposit.

Lower prices of land and buildings as the one didn't get the price what he or she wants for the assets sold.

Due to demonetization, most of the payments are through the digital medium, due to which people are facing security issues and are being the victim of online frauds.

Hi friends.

The intentions of our government behind demonetization was pure and true. But their planning, implementation, and consequences were not up to The mark. This was the reason of the failure of government on the mission of eradicating corruption.

Demonetization affected both common people as well as black money holders up to some extent. But common people was the one who affected more than black money holders by demonetization.

First of all, the rate of rural people is more than Urban people in India, and there is no or little internet facility in rural areas. Also, there was no awareness about a digital system which caused a lot of problems for poor people.

Common people had to wait in long queues from morning to evening and then also there was no guarantee that if there was money on their Palm at last.

Whereas black money holders used their servants and laborers to change their black money into white by standing them in long queues in place of themselves. It may affect common people's time, health and their work.

Thank you.

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.

According to me, demonetization seemed to be a great move at first but later because of its poor execution, it changed everyone's mind. People didn't had any cash in their hands, long atm lines, long lines at the bank for deposition of money. People who were not internet friendly were hit the most because they cannot get their transactions done online. Most people rotated currency their currency even after demonetization. Small markets like grocery market, transport, petrol, which are done with cash mostly were hit badly. There were only notes of 500 and 2000 available so there was a problem in doing small transactions.

Hi, friends I am Deepu.

As on my view, It's a good step to reduce corruption and black money. But it affects the middle class and poor people when compared to rich people. We all get to know about that whatever scheme like this came it's not for a long future use it's just for a temporary corruption free India because again rich people and politicians get that new currency and hold it as black money.

Demonetization was a very good step taken by our prime minister, but it adversely affected the common people. As we know that most of the Indians live in villages and don't know about the digital system while the black money holders are rich and corrupted so they led the same life as before and also got their money back, while the poor villagers were unable to get even a one time meal. It also affected the normal shopkeepers who have the cash as the only source of the transaction. Thus I would like to conclude that although it was a good step illiterate persons were affected most.

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.

First, we should understand what is black money. Black money is a money which is illegally obtained or not declared for tax purpose.

We all know that Govt of India has taken a step called demonetization to retrieve the black money. But the question arises is it an effective and practical way to address black money?My answer is no.

Demonetization has been proved to be ineffective as 99% of banned notes have returned to RBI. And it was predictable.

First of all, only 5 to 6% of the total black money is in the form of hard cash. So to target that minimum amount of black money Govt of India banned all 500 and 1000 rs. Note. These notes are the back bone of Indian economy.

We saw over 100 of common people died in the long queue waiting for deposit 500 and 1000 rs notes to the bank. But we did not see any business man waiting in the queue. Many people lost their jobs due to demonetization. Govt of India also announced every citizen would have 15 lakhs in their bank account but I don't know if anyone got 15 lakhs in their account or not. They also said terrorism would be decreased but unfortunately every day in the newspaper we saw that many Indian soldiers are being killed by the terrorist attack. Before new 2000 rs. Note coming to the market fake new 2000 rs note is found from terrorists on the Kashmir border. So it is enough to prove that demonetization has been failed.

Now the question arises why Govt of India takes a drastic step like demonetization, is it only for black money or there is also another reason other than retrieving the black money.

We all know that total 63 business men are not returning their loans (total amount of 7016 crores rs where Vijay Mallya 's personal loan amount is 1201 crores rs. ) to the SBI bank. Now SBI bank has lost hope to get return their loans and has given loan waiver. But farmers don't get loan waiver and are forced to commit suicide. After demonetization SBI bank has also announced to deduct your money if the transaction exceeds a certain number. The interest rate has decreased from 4% to 3. 5% if you don't have at least 1 crore rs in your savings account. But those who have 1 crore in their account, at least they can not be common people. You also have to keep a minimum amount of money otherwise you have to pay fine. It means that common people can not use their own money how they want to. In this way, SBI bank has earned 235 crores rs as fine from common people this year.

I don't know whether there is a link between not paying loans of big business men to the bank and to make up the deficiency of that money and to save the bank from bankrupt collecting all the money (500 rs and 1000 rs note) in the name of demonetization and putting burdens (in the name of fines) on common people from the bank. Govt of India also said that they have a profit of rs 16000 crores but the interesting fact is they have to spend rs 21000 crores to make new currency. So does it make any sense?

If Govt of India really wants to curb black money then they should address the black market from where black money is coming. Otherwise, there is no real solution of corruption.

Demonetization is considered as PM Modi's surgical strike towards corruption and black money. It has helped in reducing the corruption to some extent but has not become so effective as it promised to be at the time of its origin. The people who supported this act initially started cursing it later on due to the inconvenience caused by it. The government has not given a clear idea or the result of demonetization in reducing the corruption, but we have a clear picture of how it affected common people in their day to day life, how people suffered from it and also government should have come up with the proper planning of handling the outrage situation before announcing its decision of demonetization.