Demonetization - Aftermath

 corruption failed demonetization. A country where there is transaction of hundred million Rs. of bribes how some believe that country have not black money. No one use white money for bribes.

It is totally impossible to root out black money , especially in a corrupt developing country like ours. But necessary , harsh steps have to be taken from time to time to stunt the growth of black money which is what demonetization did . Eminent brains have come up with different versions depending on what their political leanings are. Here is a more or less detailed fair analysis of the effect of demonetization that make us lay persons understand how it sets a chain of actions and reactions within the financial system

https://www.quora.com/99-3-demonetised-notes-came-back-concedes-Reserve-Bank-of-India-Does-this-mean-that-Modis-demonetisation-did-nothing-for-India/answer/Deepak-Mehta-2?share=436ea63f&srid=uQUv

usha manohar wrote:

It is totally impossible to root out black money , especially in a corrupt developing country like ours. But necessary , harsh steps have to be taken from time to time to stunt the growth of black money which is what demonetization did . Eminent brains have come up with different versions depending on what their political leanings are. Here is a more or less detailed fair analysis of the effect of demonetization that make us lay persons understand how it sets a chain of actions and reactions within the financial system

https://www.quora.com/99-3-demonetised-notes-came-back-concedes-Reserve-Bank-of-India-Does-this-mean-that-Modis-demonetisation-did-nothing-for-India/answer/Deepak-Mehta-2?share=436ea63f&srid=uQUv

I agree with the points mentioned in the answer are valid but the black money accumulated by politicians/businessmen were somehow converted to white through various channels such as hawala, buying land, jewelry etc. Even today the policeman, traffic police, politicians continue accumulating black money and property. Until strict laws are made to check illegal land grabbing , more than genuine income, black money problem cannot be curbed.

Demonetization mighthave not achieved all that it was supposed to. But definitely there has been few positive changes that will help country in a long run. Corruption is the fabric of this country and it is Impossible to throw it out completely. That is an unfortunate situation. But I welcome the move as someone dared to take such decision without thinking too much about aftermath of it. It definitely upset a lot who suffered a great loss.

I think it has been disappointing to see what the RBI has been revealing in terms of data relating to demonitization which reveals that Black money has been converted into white money, as a common man I am pretty much disappointed with the way it was handled in terms of operative effectiveness.

However what has been done is done & it requires some courage to do such actions all of a sudden which itself tells the person at the helm of affairs was doing all that he could albeit individually.

I personally believe that BJP as a party has many loopholes in their members. The party is not as strong as the leader, rather the leader is as strong as the party members who are no better than Congress, though not all of them. But atleast a good leader is better than a Pappu!

Demonetization has had one major achievement , which is increased tax payers , almost 30 percent more at 56 lakh tax payers ..all these people were out of the tax system earlier ..