On November 8th, Prime Minister Modi allowed demonetization measures that were intended to wipe out black money, fake money and throttle funding for terrorism. But doing away with Rs. 500 and Rs. 1000 notes has caused a lot of inconvenience on the ground.

We wanted to find out what the community thought about this measure and sure enough we got some very interesting views. Here is a recap:

Q1: Do you think that the move to remove 500 & 1000 notes has created a state of panic in the country? #MoneyViewChat #BlackMoney pic.twitter.com/u5MgEhqx7g

— MoneyView (@MyMoneyView) November 10, 2016

@MyMoneyView Truthfully yes. Even though in the long term it’s for the good. #MoneyViewChat #Blackmoney

— Minna pauly (@Minnz89) November 10, 2016

@MyMoneyView A1. For the classes who have unaccountable, they r more in panic attacks #MoneyViewChat #BlackMoney.

— ILA VARMA (@VARMAILA) November 10, 2016

@MyMoneyView A1) Rather than panic, it is confusion but that’s understandable.. in d long run, this is a fantastic move #MoneyViewChat

— Aseem Rastogi (@aseemrastogi2) November 10, 2016

Yes, the news has created some panic and confusion among the people. But in the longer run, most of our community felt that it will bode well.

Q2: How do you think this move affects the unorganised sector? #BlackMoney #MoneyViewChat pic.twitter.com/sOn3OdXRxc

— MoneyView (@MyMoneyView) November 10, 2016

@MyMoneyView A2 this move wil mk them considr muvng 2 a banked economy, beter 4 them.my neighbourhood Kathi Roll wala already uses @Paytm 🙂

— Simardeep Singh (@simardeep88) November 10, 2016

@MyMoneyView Unorganized sector will be worst affected, the illegal or undeclared income are used in this sector at most. #BlackMoney

— ILA VARMA (@VARMAILA) November 10, 2016

A2 : It is a harsh thing on them because we had the time to act, by the time they must have got the news, it was too late! #MoneyViewChat https://t.co/tBCifrkFPJ

— Anesh Bendre (@AbbeyTeriToh) November 10, 2016

The unorganised sector has been hit the worst as they rely a lot on cash economy. Some businesses can see it as a good time to move to banks.

Moving on to our next question. Q3 How effective do you think this measure will be to curb corruption? #MoneyViewChat #BlackMoney pic.twitter.com/Z0G0vhQ2jk

— MoneyView (@MyMoneyView) November 10, 2016

@MyMoneyView A3:Partially effective, people always find ways to get things done. In the long run, there will be a new problem.#MoneyViewChat

— Saru (@BaawriBasanti) November 10, 2016

@MyMoneyView A3 it wil reduce corruptn as bribes will reduce 4d tym being as getting big money in small notes isnt desirable #MoneyViewChat

— Simardeep Singh (@simardeep88) November 10, 2016

@MyMoneyView A3) but yeah we Indians always find ways to escape d law.. so let’s how it works #MoneyViewChat

— Aseem Rastogi (@aseemrastogi2) November 10, 2016

@MyMoneyView A3. The commoners will enjoy life most, who are in dilemma now, inflation ‘ll deflate & corruptn will vanish #BlackMoney

— ILA VARMA (@VARMAILA) November 10, 2016

 

A3.Efective or not will be evident over time.People with Offshore accounts are laughing #MoneyViewChat https://t.co/6eqcvQ5APJ

— Amrita Basu (Misra) (@misra_amrita) November 10, 2016

We got mixed responses here. Some felt that it will help curb corruption while others felt that the corrupt always find a way to escape the law. Of course, this move will have no impact on the money salted away in offshore accounts.

Moving to our next question. Q4: Do you think this measure is enough to fight black money? #MoneyViewChat #BlackMoney pic.twitter.com/T8AHCmBiEg

— MoneyView (@MyMoneyView) November 10, 2016

@MyMoneyView A4. Definitely not. Curbing black money will take a lot more. But it will give the govt. some impetus #MoneyViewChat

— Vishal Kataria (@Vishipedia) November 10, 2016

A . Nothing will work if we ourselves don't want . Potential to earn needs to be increased with moral education. #MoneyViewChat Top down https://t.co/ICPJhithJz

— Amrita Basu (Misra) (@misra_amrita) November 10, 2016

A4 This is a small beginning. There is a long way to go though. Systems will need to be overhauled. #BlackMoney #MoneyViewChat https://t.co/ZBLX7qS5RI

— Rachna says (@rachnaparmar) November 10, 2016

As expected, everyone agreed that this is a small but important step in the right direction. It will dent black money hoarded in the economy but will not stop the menace.

Here's our last question. Q5: How do you think that this move will help the Indian economy? #MoneyViewChat #BlackMoney pic.twitter.com/QjAtzLni57

— MoneyView (@MyMoneyView) November 10, 2016

@MyMoneyView With more cashless transaction #BlackMoney could be restricted.

— Anesh Bendre (@AbbeyTeriToh) November 10, 2016

ominous @MyMoneyView A5. It will channelize the flow n if other ominous activities are off the system,there’ll b enormous growth #BlackMoney

— ILA VARMA (@VARMAILA) November 10, 2016

A5 In the short term it will help curb black money, fake money and illegal money. In the long run, wait and watch. #MoneyViewChat https://t.co/CjWhT9zTGj

— Rachna says (@rachnaparmar) November 10, 2016

@MyMoneyView A5 i will summarise it as #ShortTermPain but #LongTermGain #MoneyViewChat

— Simardeep Singh (@simardeep88) November 10, 2016

On this question our community agreed that it was a positive step for the Indian economy in the long run. In the short term though, it will cause pain, inconvenience and a decrease in spending due to cash crunch.

With this we rounded off a session on the most talked about topic today. Do join us for another exciting twitter chat session every Thursday at 7 pm at @MyMoneyView, your trusted money manager.

Do share your thoughts about #BlackMoney eradication measures with us.