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Do you think that demonetization of Rs 500 and Rs 1000 will serve only as a short-term measure in rooting out black money? Why?

poll

Some of those who voted YES had this to say:

• Yes it is only a short term measure. The problem is not demonetization. Black money is a business that already has a very well entrenched system. The demonetization will only be a brief setback for those involved in the black money business. This will not solve the problem. It will only force the black money market to become more systematic.

• Yes. Still our HONEST MINISTER will find a way to turn black into white money. No doubt about their capacity to do it!!!!

• Yes. it does not make a sense

• Yes. Thieves have brains too. They will find some ways and means to carry on their old trade.

• Yes. Its just a temporary fix. A transfer of wealth or a destruction of it. A fresh start. The money may be taken away but not the wisdom of making ill gotten wealth.

• Yes. Soon the ISI sponsored agents will begin to print fake Indian 2000 notes and flood the markets again. It’s just a matter of some time. But on the positive note, out of the 12 lakh crore that is in circulation, only half may come back to the banks for deposit. Thus, the Indian government may make a “profit” of about 5 lakh from this surgical strike. To make it truly meaningful, lakhs of crores could be given as loans to the unemployed youths and students deserving and willing to study abroad. Thus if five lakh crore is divided among the states, Nagaland can also avail about 50,000 crore as loan (NEC at present is getting just 800 crore for all Northeast!!!). I request the Chief Minister, T R Zeliang to convey and pursue this matter with Prime Minister.

• Yes. The intention may be good but the implementation has gone off script. Secrecy was required, but they could have started pumping in lower denomination months ahead in advance. Also the delivery of new currency has been very ineffective and disorganized. The government’s seem to have focused too much on the policy but not enough on the implementation.

• Yes. Already the rich with black money had found ways and means to beat the system. Further now corrupt officials have started taking bribes in gold coins

• Yes. Just change in currency will not break down the black money system. The biggest disappointment is printing of Rs. 2000 notes, which will only add to more corruption.

 

 

Some of those who voted NO had this to say:

• No. It is a very bold step taken by the government. The simple logic here is that all the fake currencies/black money in circulation or hoarded across the country will now be reduced to its fraction. Wow! Fake currencies are a big adversary to anybody earning money through legal means, it can just land up in somebody’s vault surpassing the income and wealth of people who actually earns. We citizens deserve equal treatment and so I take this major step as justice delivered.. justice delivered to people who earns and punishment for people in possession of fake currencies and black money. It is not a short time measure as our government is working hard towards “Digital India” and it is a one process to convert hard money into plastic cards (Debit and credit cards) so that every citizen’s income and wealth becomes traceable. In fact it is a short term inconveniences for a permanent solution to curb fake/black money.

• No, because this is indeed not a fact

• No….only common people suffers.

• Because given the highly discrete nature employed for printing the new currency and the stringent policies adopted i think black money can be checked to a great extend. Also, so long it remains confidential, i dont see any reason why these cannot sustain for long term (perhaps for the next 15-20 years)

• Not in the real sense. It will create a lot of excitement for some time but it will not have long term effect because demonetization does not wipe out the real black money infrastructure. Just changing of currency notes is not enough. It takes existing notes out of circulation but this has time-bound effect. Elections in Uttar Pradesh and some other states may be effected.

• No way. Only a small percentage of black money is hoarded in cash. Did not the PM himself say so? “To bring back all the black money from the Swiss banks.”

 

Some of those who voted OTHERS had this to say:

• Modi government is justifying the demonetization in the name of curbing black money. The printing of Rs 2000 currency goes against that very spirit. Its difficult to understand what they are really after.

• Actually now is the chance for the uncorrupted to become the corrupted! Side by side, now the government must pass new stern anti-corruption laws which would consequently control hoarding of black money to some large extent.

• Common people should bear a little moment of inconvenience for lifetime benefits.

• Its not about black money.. Modi s playing another back door policy for his benefit n we common people are suffering

• PM hunt for black money, but the shadow of black money will hunt him during lokshaba election. People of India will never forget and forgive the hardship that we are facing now.

• It will root out not the very super rich but the rich who have money in notes, it will not e able to root out otherwise black money

• Demonitisation of Rs 500 & Rs 1000 cannot root out black money for any term period. As far as statistics goes only 6% of black money is in cash form which means the rest of it is saved either as gold bullion, jewellery, property, foreign currency, or other such related valuable assets. And moreover they are always in flow in order to avoid detection. Hence, the current demonitisation policy might proved a rush blunder in the long run but if the risk works it will have tremendous impact otherwise this is a waterloo for the present government given the counting-chicks-before-hatching hope and sacrifice from the masses on the policy.

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