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Will Banning High Denomination Notes Erase Black Money?

    • admin@nie.com
    • Publish Date: Nov 11 2016 3:23PM
      • |
    • Updated Date: Nov 11 2016 3:33PM
Will Banning High Denomination Notes Erase Black Money?

The PM has taken a bold move, proving his stand on the need to uproot corruption, black money and the fake currency racket. These steps will help in bringing economic prosperity in the lives of the poor, middle class in the long run. It’s encouraging to have a PM who is not afraid to make tough decisions and progressive moves. 

Gobindpreet Singh, class X, Lucknow Public Collegiate


Black money, often used in many dubious deals generally takes the form of higher denomination currency notes for the convenience of ferrying and hiding cash. Modi's surgical strike on black money is a masterstroke against the hoarders and the corrupt.

S Sushmitha, class X, DAV Pub School, Thane (W), Mumbai


It’s like dropping a nuclear bomb to fight the black money menace. Now, whatever money you possess will be routed through banks and will be delivered after checking its authenticity, leaving no room for fraud. This decision will ultimately help the poor heave a sigh of relief and make hoarders cry.

Vidhi Khamele, class XI, Bhavan's BP Vidya Mandir SKN, NK

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Comments

Nishi Upadhyay BHARTI PUBLIC SCHOOL (SWASTHYA VHR)

to an extent yes.

Jhanvi Joshi Delhi public School

banning high- denomination notes would truly result in eradicating black money as all the heaps of 500 and 1000 rupee notes is just a useless piece of paper which is merely occupying the space of the ''black- money holders'' house now. Also, the sudden news of the currency change left all the corrupt people in utter shock which actually led to a great panic situation in the country. this situation clearly shows the trouble, ''black money holders'' would be having.

Darshil Shah ST. XAVIERS - LOYOLLA -2 LOYOLLA 2

Yes it would surely erase black money as most of the transactions are carried out in big notes and banning these notes will surely affect India''s financial status.

Harini.V Bethel Mat Hr Sec School

Our PM has taken a bold step. But, I could see many people making their illegal money into new currencies through agents. There are some loop holes in this system. People are not ready to pay heavy taxes. They are in need of some developments in the infrastructure of our country. If the govt. is ready to assure development schemes properly then some people may come out to pay taxes. But, many politicians who have black money must pay taxes. But they find new ways to cheat the government.

Harini.V Bethel Mat Hr Sec School

If an expiry date is given for the currency notes, black money will not exist. Moreover, false currency notes cannot be printed.

Vihan R. Yalamanchili DDMS P.OBUL REDDY PUBLIC SCHOOL

Yes, but it will only eradicate black money to an extent by rendering old 500 and 1000 rupee notes of no evidence of purchase worthless. The new notes would again turn ''black'' as many people purchase goods without bills.

Shruti Singh Ryan International School

it had been one of the most significant step ever in indian economic history. this government''s move should be appreciated and welcomed. eradicating black money from country has always been in high demand by commons so this could be the effective move.if talking about the difficulties people face, it''s all the people of the country that make a change in them and for the country

Akash Madhukar Kodag PADUA HIGH SCHOOL-MANKHURD

Denomination of high notes will not help much as far as concern.Only the difference will be that more space will be required than earlier to store the black money.

Madhav Chadha BHAVAN VIDYALAYA

The Primary focus of the more of course was black money parallel trade removal. One act is very clear that all the black money is stored on higher domination notes. Not obviously in the form of Rs 100 or lower notes as they''ll occupy more space. Hence, its clearly logical that banking of the higher denomination would have given a big shock to those who possess huge amounts of cash ( black money )

Sachika Lala BGS National Public School

Yes, black money will be erased in this way, as all this money is stored in high denominations. But the money which has been changed to gold or silver, this way won''t work out for it. But to an extent, yes, this move is really going to make a lot of changes.

soundarya s Bethel Mat Hr Sec School

This is just our first step ahead to make our country corruption free.It is a great oak whose process of falling has been initiated by this first strike by our worthy PM.

Janusia Bethel Mat Hr Sec School

Our PM has taken a bold step.It is a wonderful step initiated by him.Of couse it could eradicate to some extend ,But banning high denomination will not eradicate black money.However,people having dirty cash somehow find loop in this step.

Aakriti Baldwa Delhi Public School

This is one of the most biggest and the boldest step by the government till date. This move has the power to remove all the black money and make India ''corruption-free''. This is certainly a decisive step against the serious problem of unaccounted money. But one also needs to wait and watch how this move affects the economy in coming days.

Sajal Jain BHARTI PUBLIC SCHOOL (SWASTHYA VHR)

I don''t think that it is such a good step towards removing corruption.This demonetization of currency has almost left the Indian trade and business paralyzed. This act has just caused a havoc for the common people while those (corrupted) who needed to get baffled up by this announcement have already secured their black money and are resting at their homes without any tension. How will this thus eradicate corruption? It will be just going to bother our countrymen, especially the businessmen.

R.Rithika Reddy JOHNSON GRAMMAR HIGH SCHOOL, ICSE

It is dam sure that black money is going to get erased in our country but there is also a chance of converting the notes by many other means: by transferring into other accounts etc...

M Tushar Thimmaiah BETHANY HIGH SCHOOL

I think P.M. Modi has taken not just one but two step ahead in cleaning the country which is surrounded with black money.Its a wonderful action initiated by him. I am sure this would have had a great impact in the society as the poor people or people who work honestly are feeling proud while the rich who are struggling to get rid of their black money have felt a feeling of pinch in life.

M Tushar Thimmaiah BETHANY HIGH SCHOOL

I think P.M. Modi has taken not just one but two step ahead in cleaning the country which is surrounded with black money.Its a wonderful action initiated by him. I am sure this would have had a great impact in the society as the poor people or people who work honestly are feeling proud while the rich who are struggling to get rid of their black money have felt a feeling of pinch in life.

Shudhit chugh K R MANGALAM SCHOOL(VIKAS PURI)

Just banning the high denomination notes will not erase black money because the people who have black money are changing it through approaches and who do not have any approach are are giving it in mandirs,some are giving money to the labour class and tell them to deposit that money in their accounts and wiithdraw it after some days and give it back in one way they are hiring labour class people to save their black money

ANUBHAV KUMAR Delhi Public School

Yes it would surely remove black money as it is bold step taken by our honourable PM and he had planned it from long time as he opened Jan Dhan Yojna and other steps and many people who have black money are depositing in Jan Dhan accounts & thus the promise of our PM is getting fulfilled.

makhdum shaikh ST MICHAEL HIGH SCHOOL-MAHIM

no because corrupt people transfer their money to international bank or buying gold,diamonds etc at high rate and yesterday i came to that 3 person caught by police of making of fake RS2000 note in uttar pradesh

Ishika New era

I agree to some extent but disagreement is also not a bad idea. We can definitely agree that our respected PM has been a nightmare for all black money savers. But providing people with denominations of 2000Rs. is not a good take. It ensures more collection of black money in near future . When we had 1000rs denominations it was ensured that a person can hide their money to an extent . It definitely takes space But providing with the denominations of 2000 rs it is a nightmare itself for us.

Kshitij Srivastava PRESIDIUM SCHOOL SEC-57

Yes, the banning of ₹500 and ₹1000 notes and replacing them with ₹500 (new) and ₹2000 notes may sound like a good idea at first but… In a couple of years time, the circulation of ₹2000 notes will increase and if a good counter-measure is not taken then it will be easier for people to store black money in their homes (due to the larger denominations). Even the so called "not removable chip" is just another way of fooling the people (yes, it''s a rumour …).

vidit dikshit national public school ,kengeri

Demonitizing high domination notes will help in erasing black money as many of the black money holders in our country use these types of high currencies . So it will be a big loss for them.

karthikeya gutta SILVER OAKS

Denomination of notes is big change in the country.These days the people are getting smarter and clever.As our prime minister has taken such big move to eradicate the black money, i think we should lend him a hand and help him a step closer to sweep all the black money in our country.The politicians are giving away their money to not get caught. This way the money is coming out of their pockets and doing some good for the people in the rest of the country.Slowly India is going to transform.

Bhubhrat Beria Witty International School

Yes, it will surely erase black money as people will have no space to hide large amounts money in lower denomination notes.

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