According to my point of view, demonetization is the great step taken by PM Modi to stop corruption in our country because it is the main problem of our country.
But its not work in proper way because of this most of the middle and lower class family suffer so much. Thet have to stand in long queue to change their note and the other side for rich people its just like to change a cloth from the shop. They use their contact to the bank managers to change their notes.
Demonetization directly affects the poor people who stand in long queue to change their notes. They soffered so much.
I have been coming through many posts here, and I want to share my opinion.
In my opinion, demonetization is mostly kind of changing clothes more than tackle with corruption, Exploring black money.
It definites that it was a powerful, bold step taken by our honourable PM Shri Narendra Modi but unfortunately it is not becoming a success. According to me, it is most kind of changing clothes because whatever the circulation of the money was 99 percent of that has been coming back to RBI. Therefore there is no cracking of black money. Many corrupt people were able to change there high-value denomination 500 and 1000 rupee note very easily by shaking hands with bank managers. In case of corruption high-value currency is very useful as it is easily carriable and of course high value due to which they could keep the huge value of money in a single file, therefore it was good to demonetize to crack that corrupt money. But again a high value of currency note 2000 rupee has been coming which has high value than before, therefore this will again lead to corruption. That is why I want to say this is mostly changing cloth. It has a very little significant crackdown on black money which is more than the cost that has been spending in demonetization. Not only that most middle class and poor people were suffered more.
Obviously, implementation was not so good. It implemented in a hurry to make public fond of Modi as it was announced in 8 nov 2016 and there was an election in UP in Feb 2017 so gov think that this is a right time to implement and till the election, the problem will come in under control and this makes Modi famous in the country. That's why they announced demonetisation in a hurry they know if they would take some more time then maybe the situation will not be under control until election and people will not vote him. So demonetisation was for the benefit of their party. As we all know how media make this news a sensation and Modi a good leader. But it was just POLITICS.
People died during standing in a queue how it could be a good step? those people have marriages or some other events in their houses they didn't have money gov didn't make any plan for them they made it later govt every time provide solution when people suffered from it they didn't think it earlier Before implementing. I would say It was a foolish step.
Definitely, corruption uprooted by banning 500 and 1000 rs notes. Only corrupted people face difficulty due to demonetization because there precious is in danger so they have to find several ways to save their taxless money. My family did not face any difficulty at that time because we did not have black money the only difficulty we faced is to be in the queue to withdraw money.
In a bid to weed out corruption from our country and it has positive consequences for some extent because we often get news of sporadic "cash stashing" and results into cash crunch in market as recently we saw "cash crunch" in ATM.
Hence ban 500, 1000 notes couldn't able to eradicate corruption but yes it would be used as tool to curb out corruption - availability of cash area could be able to find out as government has data of it and raids could be carried out as happend in karnataka where government contractor stashed cash in crores.
Definitely it brought drastic decrease in corruption occuring in the form of cash. Money recovered by government is huge compare to the revenue. So I think it's not just changing clothes but it has made a singnificant impact in reducing corruption.
This bold step has created fear in the minds of corrupt people so that they will be scared of doing this again and might be cought in the hands of CBI.
Corruption involved in government departments are mostly eliminated because of demonstration.
In my point of view, banning 500- 1000 rs notes is a good step to uproot the corruption but the government had not taken strict action. Bank officer also dishonest. They help the rich persons to exchange their black money into white money. Poor and middle-class persons suffer a lot in exchange for their hard work money by standing the whole day in a long queue.
I think only one advantage was there,
1. A small reduction in corruption.
2. And the introduction of the digital payment system.
Govt had not taken this step at a proper time.
If Modi Ji wants to do this, the first govt must have to print a plenty of new notes by that people had not to face these problems.
So, banning 500- 1000 notes was just changing clothes.
Ban on currency is an bold action taken by our government. It's reduce the rate of corruption because of scared of black money holder and their exchange of black money with gold or with property so decline into the rate of their respective price and also play important roles to reduction corruption.
So it is demonetisation.
A big and very difficult decision taken by Govt on 8nov 2016. According to me, the success of eradication any problem in India or other countries completely totally depends on the way people think about that problem. It's depends whether they take problem as a nation level or they want to save only themselves. So, until we do not successfully change their way of thinking we are not being able to eliminate issues like corruption because every time when we try there are always some people in the system who help wrong peoples and we failed. But this decision taken by gov reduce corruption at some extent now.
All accounts are linked to Aadhar and pan card and gov have all records of money flow.
Another thing is digital paying system really make easy our life.