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  • Category: India

    Is it really a black day in the history of India?


    Was the day of the demonetization announcement a black day in India's economic history? Were there really any benefits at all for anybody?



    Members,

    Today, 8th November, has been branded as 'Black day in the history of India'. Today is the day of the last year when Modi announced demonetization of 1000 and 500 rupee currency notes. The new 2000 and 500 rupee currency notes were issued. People had great sufferings. It was a move to curb corruption. But the rich became extra rich and the bank staff took advantage of the situation to become rich. Finally, the poor remained poor again with no benefits. There were umpteen number of people who owned new currency notes. Their source of delivery is still not known to the government.

    All opposition parties call it as a black day in the history of India. Do you agree or not? What is your good comment on this day being a black day?
  • #614728
    Frankly speaking for the ordinary person like you and me the demonetization and banning of higher currency does not had much effect. We have deposited our old big notes in the bank account and allowed to transact business through digital mode and some times we got payment through ATM too. But it was the hell of the problems for politicians as they have not even given a breather to change the notes and thus caught off guard. That grudge is still lingering in the minds of opposition and thus termed today as black day. Mind it public never participated or revolted on this day.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #614733
    I feel 08-11-2016, is a "Black Day". Thinking of ourselves only does not help. The country suffered a lot without any benefit to the country. It is a very foolish move of banning Rs1000/ and Rs 500/ notes and replace them with Rs 2000/ and Rs 500/ new notes. God bless the country.
    " Be Good and Do Good "

  • #614734
    It is a black day for the people who had higher denomination notes under the bed and underground rooms. But for a common man, it is not a black day. A common man has seen very unwanted difficulties for years together. He is feeling a little better now. For you and me, we don't have any effect because of this. We started more digital transactions. We never suffered for cash. As correctly pointed out by Mohan politicians only suffered. The intentions of Government is good. But some of the bank officials taken the advantage of their position and done all unwanted things. So all these unwanted issues happened. The people who got affected will always be saying that it is a black day. Still, I feel the problems we faced during the emergency in India. For me, all those emergency days are black days only.
    drrao
    always confident

  • #614747
    In politics, such unique decisions always would be portrayed in some many ways that it would be difficult to know the honest outcome of this demonetization.It is a black day for those who had truly large amounts of the old currencies that were unaccountable, for the amount of revenue we lost due to counterfeit notes made within the country and from across the borders. I have read, but not verified that the note ban had made a dent in all the cross-border terrorism and illegal activities. At least in principle, it was a good move barring a few corrupt individual who made money for themselves misusing the demonetization.

  • #614750
    It is a black day for the common people, no doubt. Those people who were depending on daily wages almost lost their income. Thousands of Labourers from North-eastern states working in Kerala had to go back since they were not in demand. A large number of small shop owners had to shut down their business since they lost their business. Like this all the small scale trades were closed.
    Those who had a little savings in their accounts could not draw from it and because of that they suffered a lot. An elderly man who had to undergo an urgent operation unexpectedly could not withdraw his savings for the purpose. Like this lakh of people around the country suffered a lot because of this.

    T.M.Sankaran
    Gold Member ISC

  • #614771
    Yes, obviously, we will call it a black day only. This day, the demonetization came into being. everybody suffered from it. From poor people to middle class and to rich. The approach was to catch people having black money but even that could not help. Those people who had black money even they bribed the people of banks and had got their money in whites. I really don't think there was anything good happened with this approach.
    Rather, for poor people life became more worse.

    Do what inspires you !!

  • #614779
    The proponents of ''Black Day'' may kindly indicate the insurmountable problems which they are facing due to demonetization. How many currency notes did they destroy? What are the other problems they face? How many people from their family lost their jobs? Which items have become very costly after note ban? Let us know the details, so that we can strongly protest against de-monetization.
    Caution: Explosive. Handle with care.

  • #614780
    Many people suffered and some got the shock of their life and lost their lives too. Hence there is nothing wrong in calling it a black day. I personally had to face difficulties in getting cash but otherwise was ok as I did not have black money nor have I deposited money in co operative banks. It is really a black day for those who had millions in hand with no valid source to show.
    Regards
    Chitra
    "Do not give up, things might not favour you always"

  • #614796
    Suppose if the Congress again comes to power, will they restore the old currencies which are still being stashed and kept by many ? This question lingers in every ones mind for which Rahul Gandhi has to answer.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #614800
    A real black day is the day when all the citizens feel that way for it and observe it. If it is announced by opposition political parties it has no meaning as it is simply to pass their time and create some inconveniences for the present Govt.

    After the demonetization there is a big reduction in black money transactions. I have personally seen it happening in the sale and purchase of property wherein earlier asking 20-30% of the price in black money was a common practice but now it is almost nil.

    Demonetization has no connection with poverty. No Govt can remove poverty from its regime. It can only create employment opportunity and job for them by launching ambitious rular schemes and project.

    I have noted one thing in particular that there is only change in the top command in the Govt. The machinery below is not changed. They are the same people in the Govt offices who were siphoning public money in earlier regime and now keeping a low profile. They are in a state of fear that anytime there assets will be questionable as they are much more than their income.

    So until unless these people are completely under control nothing positive will emerge from the actions of present Govt.

    Knowledge is power.

  • #614878
    Yes, it is a black day, few say it is a black day only for those who had black money with them. But No, the people who died in the queue, the people who lost their jobs, parents who suffered to get their children married off etc. All these people were affected during demonetization. PEople tuned their black to white, the rich became richer and poor became poorer.

    The new noted which came in the market, to be honest, it doesn't have the charm of the old notes. The old notes were much better in look and quality as well. As per the reports, none of the claims made during demonetization like to curb black money, reduce terrorism etc, nothing has been achieved. At least not the fake notes, it has only increased in number with the new notes.

  • #614913
    "The new noted which came in the market, to be honest, it doesn't have the charm of the old notes. The old notes were much better in look and quality as well.''-So, 8th November, 2017 was a Black Day!

    ''....none of the claims made during demonetization like to curb black money, reduce terrorism etc, nothing has been achieved. At least not the fake notes, it has only increased in number with the new notes.''-How can a report say this so conclusively? Who believes in the truly ''fabricated'' reports of known Modi-haters?

    Objective analysis of the impact of demonetization is necessary. After demonetization, number of burning schools in Kashmir has come down-it has almost become nil. Cash-less transaction has been increased considerably. And who can forget all these IT/ED raids?

    Caution: Explosive. Handle with care.

  • #614951
    Just now read that a survey ('Desh ki Awaz') finds that 81% people who participated in the survey support demonetization.

    [Source: Times of India dated 10th November, 2017; Page 9 of the Delhi Edition]

    Caution: Explosive. Handle with care.

  • #614960
    Who are these 81% people who have participated in the survey? How many of the people in ISC have participated in it? "Desh ki awaz ", I believe not even half the population might have participated in it. Already 5 responses in this post are saying that it was a black day. I sincerely doubt the authenticity of TOI survey.

  • #614965
    If such bad trends continue, then we will have time only to celebrate something on behalf of ruling party and to observe black day by opposition parties on the same thing.

    As I often used to quote the Malayalam saying meaning' Even if you beat your mother, there will be two opinions". Our politically oriented people have started to see everything wearing the spectacles of their political colour. Most of the times the real impartial people keep quiet. No one wants to hear their voice also unless it favours them. That is why they use their power on the day of election and parties get shockers or pleasant surprise.

    What we see more now is the media houses (who have their hand in print-audio-audio visual and social media) exert their influence and transform public opinion in their colour of things. Hence we always get different and opposing views on any matter.

    What is needed is permanent alert and vigilance and proper analysis with respect to short term and long term impacts of each hing happening now.

  • #614966
    The unfortunate part is that those who do not understand the demonetization in its technical form are also opposing it and do not believe that it was basically to arrest the flow of black money.
    People are linking it to poverty eradication, employment generation and what not.
    We must understand that it fulfilled the purpose for which it was meant. The black money holders only know that pain.
    The middle class, poor and laymen are unnecessarily crying wolf over demonetization.

    Thoughts exchanged is knowledge gained.

  • #614975
    Ms. Bhatt: I fully agree. It was really a Black Day for the hoarders, black marketeers, dishonest politicians. Life was difficult for common people like us for 30 days at the most, then everything has become normal.

    In my first response (#614913), I clearly stated that after demonetization, there has been a considerable decline of burning of schools in J&K. Even yesterday there was an extensive raid in properties of some dishonest political leaders.

    Demonetization has hit hard-very hard these people. But why are some of us crying?

    Caution: Explosive. Handle with care.

  • #615012
    "Demonetization has hit hard-very hard these people. But why are some of us crying?"
    Sir, some are crying only because they are used to it. They are used to opposing the NDA government led by PM Modi. They are crying just because they want to make other feel that demonetization was a bad decision and they should also oppose this government. Perhaps they are behaving like the opposition leader of this country.
    People in this thread are talking about pain and suffering caused to other people during demonetization but none of them mentioned any inconvenience caused to them personally. If they had no problem during demonetization then why are they crying wolf over this issue.

    No doubt many of the people got their black notes exchanged when you and I were standing in queue but isn't it our fault because all those bank staffs involved in this exchange game are our friends, relatives and neighbors. They are also common people and no doubt to large extent demonetization was not effective as it should be only because of those persons. So, I don't think it makes any sense to oppose government for not complete success of this master stroke against corruption and black money. The intention of the government was crystal clear and the government was working over it since long time and Jan Dhan Yojna was also a part of this step.

    Why these haters do not notice the post demonetization effects. Why they don't notice the enhanced use of digital and cashless transactions. Why they do not notice the transparency in transactions now. Why they skip the fact that government has banned more than 2 lakhs of shell companies and more than 1.84 lakh crore of exchange made during demonetization are on the radar of ED and IT. But why you people will notice all these positive effects, you are used to finding fault and will continue with it until BJP is in power.

  • #615019
    Here are some interesting facts on the multi-dimensional benefits of demonetisation:

    1. 17.73 lakh suspicious cases identified that do not match the tax profile.
    2. Deposits worth Rs 3.68 lakh crore under suspicion.
    3. 2.24 lakh shell companies faced the axe.
    4. Stone-pelting incidents in Kashmir came down by 75% from the previous year.

    (Source: PMO)

    Caution: Explosive. Handle with care.

  • #615078
    This is the summary of the effects of demonetization ( released by the government) published early this year in India today. Initial drop in terror related attacks by 60% until December 2016. The hawala call traffic and business fell by around 50%. Fake currency printing across the border at two major government presses were stopped.With the deposits of the 500 and 1000 rupees into accounts and the further scrutiny has led to many more accounts being flagged up. This also will led to imposition of a hefty penalty and the money will return back to the coffers or at least that much would be off our parallel economy of black money.


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