According to me, the demonetization move initiated by the Indian government and the central bank of India is somewhat useful for our economy, I strongly disagree to those who said that this movement reduced the GDP rate and it's a complete failure. But this point is on a short term view of that. While considering a long term goal it is very useful and appreciable. It's a true fact that the corruption here cannot be uprooted totally. But this move helped to reduce the corruption for a 20%. So I think it was a good move.
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%.
Through demonetisation not all black get demolished but few part of it get demolished and this contribute alot in the growth of economy. In the drought of money government suggest us to use cashless transactions during demonetisation, this again improves the growth of the economy and reduce corruption. So, It is not just changing clothes it gives us a direction and some positive vibes about changing our nation towards developed nation.
1) How much black money is eradicated? only 12%! Rest of it is still in the form of gold, private properties and SWISS bank account. Just for this, you had shaken the whole Indian economy, affected living of middle class and poor.
2) GDP had declined from 7.6 to 7.1% after the announcement of this act.
3) What is the surety that with new notes of 500 and 2000, no hoarding can be possible? Notes are same, just the presentation that makes them different.
4) Not for the first time, demonetisation occurred in India, in 1946 (ban of 500, 1000, 10000) and 1978 (ban of 1000, 5000, 10000), and till now corruption had increased rapidly.
5) Statement of our former finance minister " If 86% of currency is immobilized, then the economy can function".
So I think demonetisation will not prove so much fruitful as we Indians are expecting.
I will not say corruption uprooted completely but I will like to show some statistics. According to world bank, India has 280 lakh crore of tangible wealth out of which 25% is black money. So it comes out to be 70 lakh crore out of which only 10% is in the form of cash other is invested in gold, real estate etc. So total black cash is 7 lakh crore. Now let say they have converted 80% of this in white money still left with 1.4 lakh crore black cash that has no value. That's kind of a big deal, Isn't it? Moreover, due to this move, the black money holders got some fear that government can do something like that and that too so secretly. This fear is important. Banning note will also help in reducing counterfeit currency which is being created in India and neighbour countries and funding various terrorist groups. All the counterfeit currency is useless now and it will take the time to produce technology for new counterfeit money till then no attacks and all in India. So I think that it is a very bold and strong step by the government toward corruption.
Yeah, this topic had made India to a different level all over world's media were talking about it. I don't know exactly in terms of co-operate language it affected or not. But as a common man, from middle-class family, we think that this was a bold step and helped us to think that yes this can be a one step to get black money business low. I read somewhere that it's necessary to change currency for development it helps you to track money and increase revenue. I'm not denying that note ban didn't affect our economic lives, but it helped us to think that yes India can change. As after this step, our GDP is stable.
At last, that was a good step and as well must needed step.
Hi friends in my opinion, demonetization was a decision that was taken without considering its future effects. As India is the fastest growing economy in the world and the GDP of about 6-7% the government might have thought of taking this decision. But in a country like India where we are used to cash transaction baning 500 1000 notes was a stupid decision. Balck money holders do not have their entire wealth in cash. It only accounts for 20% of their wealth. They invest in gold, land and they have enough way to hide their money. Hence this note ban has only caused trouble for the common man who stood in the rows in front of ATM. Corruption cannot be uprooted by baning notes and I would further go and say that it cannot be uprooted entirely it can only be reduced.
Everything has its positive and negative aspects. When we are on the edge of making decisions we must consider the maximum positivity of the taken step or decision rather than finding negativity through some disturbing perception. So as I go through this opinion I can say it's a little but good step taken by present government when no step had been taken ever before. Through this, a minimum amount of black money can be counted but it's better rather than counting zero. Also, a vast number of people from some parts of rural India steps into the banking system. It sounds good when we are talking about financial inclusion, an indirect one. But also I say that the step should be taken after measuring some possible mess so we could easily skip some problems faced by general working people faced during the demonetization. Yaa it's like changing clothes but sometimes changing clothes with new clothes change the perception of viewers. It's a good step.
According to my point of view a definitely bold move of the government to ban denomination of Rs. 500 and Rs. 1000 can never uproot corruption completely it just changing clothes because corruption is not in the form of currency notes it is in our blood. It can not eliminate only steps taken by government, If we want to eliminate corruption from our nation then first we need to change our mindset then only possible our country will free from corruption.
By banning of denomonation of Rs. 500 & Rs. 1000 notes will prominent effect those people who stored money with them in form of cash that is called as black money.
The main motive of demonitisation is to remove black money from the Indian economy and become digitalized.
Advantages of note ban.
1- It helps to stop illegal activities like terror funding, arms dealing from Pakistan, Bangladesh, and Some of foreign countries, gambling, money laundering, and also inflating the major asset class like real state, gold and due to denominitization all such activities will get reduced.
2- This step also removes a large amount of counterfeit currency from Indian economy. Because about 86% currency in Indian economy in the form of 500 and 1000 Rs notes. If this step would not take by the govt on 8th of November 2016 then after some years 70 to 75% of Indian economy will be full of fake notes.
3- If any person having black money decides to deposit money in his/her account and pay the taxes which he/she avoided in past, these taxes will benefit the nation itself.
4- The newer currency notes of denomination 500 & 1000 are much more secure and difficult to fake.
5- Banning of denomination 500 & 1000 will lead to fair election because all knows how black money used by politicians in the time of election. Political leader used to give their black money to people and buy their votes or drunk them for their votes. By banning of denomination 500 & 1000 it will stop at some extent and led to fair election.
6- Banning of denomination 500 & 1000 led to decrease corruption for some months because it takes time to find new techniques for corruption with new system by the damaged traitors.
Disadvantages.
1- Denomitization has created a sort of inconvience to people regarding exchange of their 500&1000 Rs notes.
2- It would impact on daily wage earners like drivers, maids, Plumbers, electricians, cooks etc.
3- People live in rural areas suffer more because in most of rural areas people don't have the bank accounts and don't know about online transit. System. And banks are also far from their villages. They left their work for 2-3 days and stand in question for exchanging their money.
4- People whose daughter, sister, son having marriage within those 50 days suffer more because on that time unavailability of cash in ATMs and also in banks.
5- Big earners left out of their black money in the form of foreign currency, Gold, and are hidden from taxes.
6-On the time of denomitization there are around 29, 527 SBI ATMs are in working condition out of 58, 541 SBI ATMs. Because of that people suffer more.
7-Now a days it is difficult to get change of new. 2000 Rs note because there is less number of new 500 Rs notes in circulation.
8- People who got injured within those 50 days suffer more because in hospitals they said that first you have to pay money of new currency notes for further treatment.
So, in conclusion, I want to say that this is very good plan made by our government But the implementation is not good it recovers the 85% of black money within the country that will help in future to increase the GDP of our country and remove some extent of poverty from country. And denomitization decrease corruption only some extent if we want to remove corruption completely we have to change our mindset and work honestly for the
Well, corruption and demonetization both aren't related concepts. The intention of banning 500 and 1000 denomination was to get hold of black money holders as well as tax evaders. This might not bring a change in the extent of corruption but digitization will because then every money will be accounted for its legitimate source and the hoarder shall be answerable for it.
In my opinion, it will reduce corruption in the country. It will reduce black money and fake currency from the market. People who earn money by taking bribes or by evading tax would be thinking but they get at the end and also change mind sets of the other not to take bribe and evade taxes.
Hi,
ReplyDeleteAccording to me, the demonetization move initiated by the Indian government and the central bank of India is somewhat useful for our economy, I strongly disagree to those who said that this movement reduced the GDP rate and it's a complete failure. But this point is on a short term view of that. While considering a long term goal it is very useful and appreciable. It's a true fact that the corruption here cannot be uprooted totally. But this move helped to reduce the corruption for a 20%. So I think it was a good move.
Hello guys,
ReplyDeleteAccording 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%.
Through demonetisation not all black get demolished but few part of it get demolished and this contribute alot in the growth of economy. In the drought of money government suggest us to use cashless transactions during demonetisation, this again improves the growth of the economy and reduce corruption. So, It is not just changing clothes it gives us a direction and some positive vibes about changing our nation towards developed nation.
I would like to raise few points regarding this:-
ReplyDelete1) How much black money is eradicated? only 12%! Rest of it is still in the form of gold, private properties and SWISS bank account. Just for this, you had shaken the whole Indian economy, affected living of middle class and poor.
2) GDP had declined from 7.6 to 7.1% after the announcement of this act.
3) What is the surety that with new notes of 500 and 2000, no hoarding can be possible? Notes are same, just the presentation that makes them different.
4) Not for the first time, demonetisation occurred in India, in 1946 (ban of 500, 1000, 10000) and 1978 (ban of 1000, 5000, 10000), and till now corruption had increased rapidly.
5) Statement of our former finance minister " If 86% of currency is immobilized, then the economy can function".
So I think demonetisation will not prove so much fruitful as we Indians are expecting.
Hello everyone!
ReplyDeleteI will not say corruption uprooted completely but I will like to show some statistics. According to world bank, India has 280 lakh crore of tangible wealth out of which 25% is black money. So it comes out to be 70 lakh crore out of which only 10% is in the form of cash other is invested in gold, real estate etc. So total black cash is 7 lakh crore. Now let say they have converted 80% of this in white money still left with 1.4 lakh crore black cash that has no value. That's kind of a big deal, Isn't it? Moreover, due to this move, the black money holders got some fear that government can do something like that and that too so secretly. This fear is important. Banning note will also help in reducing counterfeit currency which is being created in India and neighbour countries and funding various terrorist groups. All the counterfeit currency is useless now and it will take the time to produce technology for new counterfeit money till then no attacks and all in India. So I think that it is a very bold and strong step by the government toward corruption.
Hello everyone,
ReplyDeleteYeah, this topic had made India to a different level all over world's media were talking about it. I don't know exactly in terms of co-operate language it affected or not. But as a common man, from middle-class family, we think that this was a bold step and helped us to think that yes this can be a one step to get black money business low. I read somewhere that it's necessary to change currency for development it helps you to track money and increase revenue. I'm not denying that note ban didn't affect our economic lives, but it helped us to think that yes India can change. As after this step, our GDP is stable.
At last, that was a good step and as well must needed step.
Hi friends in my opinion, demonetization was a decision that was taken without considering its future effects. As India is the fastest growing economy in the world and the GDP of about 6-7% the government might have thought of taking this decision. But in a country like India where we are used to cash transaction baning 500 1000 notes was a stupid decision. Balck money holders do not have their entire wealth in cash. It only accounts for 20% of their wealth. They invest in gold, land and they have enough way to hide their money. Hence this note ban has only caused trouble for the common man who stood in the rows in front of ATM. Corruption cannot be uprooted by baning notes and I would further go and say that it cannot be uprooted entirely it can only be reduced.
ReplyDeleteEverything has its positive and negative aspects. When we are on the edge of making decisions we must consider the maximum positivity of the taken step or decision rather than finding negativity through some disturbing perception. So as I go through this opinion I can say it's a little but good step taken by present government when no step had been taken ever before. Through this, a minimum amount of black money can be counted but it's better rather than counting zero. Also, a vast number of people from some parts of rural India steps into the banking system. It sounds good when we are talking about financial inclusion, an indirect one. But also I say that the step should be taken after measuring some possible mess so we could easily skip some problems faced by general working people faced during the demonetization. Yaa it's like changing clothes but sometimes changing clothes with new clothes change the perception of viewers. It's a good step.
ReplyDeleteHello, friends.
ReplyDeleteAccording to my point of view a definitely bold move of the government to ban denomination of Rs. 500 and Rs. 1000 can never uproot corruption completely it just changing clothes because corruption is not in the form of currency notes it is in our blood. It can not eliminate only steps taken by government, If we want to eliminate corruption from our nation then first we need to change our mindset then only possible our country will free from corruption.
By banning of denomonation of Rs. 500 & Rs. 1000 notes will prominent effect those people who stored money with them in form of cash that is called as black money.
The main motive of demonitisation is to remove black money from the Indian economy and become digitalized.
Advantages of note ban.
1- It helps to stop illegal activities like terror funding, arms dealing from Pakistan, Bangladesh, and Some of foreign countries, gambling, money laundering, and also inflating the major asset class like real state, gold and due to denominitization all such activities will get reduced.
2- This step also removes a large amount of counterfeit currency from Indian economy. Because about 86% currency in Indian economy in the form of 500 and 1000 Rs notes. If this step would not take by the govt on 8th of November 2016 then after some years 70 to 75% of Indian economy will be full of fake notes.
3- If any person having black money decides to deposit money in his/her account and pay the taxes which he/she avoided in past, these taxes will benefit the nation itself.
4- The newer currency notes of denomination 500 & 1000 are much more secure and difficult to fake.
5- Banning of denomination 500 & 1000 will lead to fair election because all knows how black money used by politicians in the time of election. Political leader used to give their black money to people and buy their votes or drunk them for their votes. By banning of denomination 500 & 1000 it will stop at some extent and led to fair election.
6- Banning of denomination 500 & 1000 led to decrease corruption for some months because it takes time to find new techniques for corruption with new system by the damaged traitors.
Disadvantages.
1- Denomitization has created a sort of inconvience to people regarding exchange of their 500&1000 Rs notes.
2- It would impact on daily wage earners like drivers, maids, Plumbers, electricians, cooks etc.
3- People live in rural areas suffer more because in most of rural areas people don't have the bank accounts and don't know about online transit. System. And banks are also far from their villages. They left their work for 2-3 days and stand in question for exchanging their money.
4- People whose daughter, sister, son having marriage within those 50 days suffer more because on that time unavailability of cash in ATMs and also in banks.
5- Big earners left out of their black money in the form of foreign currency, Gold, and are hidden from taxes.
6-On the time of denomitization there are around 29, 527 SBI ATMs are in working condition out of 58, 541 SBI ATMs. Because of that people suffer more.
7-Now a days it is difficult to get change of new. 2000 Rs note because there is less number of new 500 Rs notes in circulation.
8- People who got injured within those 50 days suffer more because in hospitals they said that first you have to pay money of new currency notes for further treatment.
So, in conclusion, I want to say that this is very good plan made by our government But the implementation is not good it recovers the 85% of black money within the country that will help in future to increase the GDP of our country and remove some extent of poverty from country. And denomitization decrease corruption only some extent if we want to remove corruption completely we have to change our mindset and work honestly for the
Well, corruption and demonetization both aren't related concepts. The intention of banning 500 and 1000 denomination was to get hold of black money holders as well as tax evaders. This might not bring a change in the extent of corruption but digitization will because then every money will be accounted for its legitimate source and the hoarder shall be answerable for it.
ReplyDeleteGood afternoon.
ReplyDeleteIn my opinion, it will reduce corruption in the country. It will reduce black money and fake currency from the market. People who earn money by taking bribes or by evading tax would be thinking but they get at the end and also change mind sets of the other not to take bribe and evade taxes.