Question

is banning rs 500 and 1000 notes beneficial

Answer 1

Yes, banning rs 500 and 1000 notes beneficial. Modi changes currency note of 500 and 1000 for stopping black money. If there will be decrease in black money then their will be decrease in corruption also. So, it is made for stopping corruption.  In some ways it is not good poor peoples are dying.

Answer 2

Banning 500 and 1000 rupees note was a very dramatic move to curb corruption, black money and counterfeiting of the currency.

The announcement of banning was made quite unexpectedly. It left no room for the corrupt people to hide their deeds and escape from the clutches of the new rule.

But, according to latest data replacing and printing new currencies will cost around 12000 crore to RBI and as the former finance minister P. Chidambaram said that if the government would not made profit from this act it will result in total loss.

A similar event also occured in Germany, its government also changed its currency in the name of corruption. At this a notable politician remarked that such acts are just for pomp and how as they do not cause much profit but instead put a hurdle in the way of economic growth.

I am not anti - BJPist but according to me seeing the sufferance I would say that was not very smart move. For a country like India, whose growth rate is ravaging, such a move will only cause a hurdle in its growth.

According to a latest study if the problem of notes is not resolved shortly then it can even affect our growth rate up to 2%, as farming and other small scale occupations which form the backbone of Indian GDP would be adversely affected.

Hope it helps.