#BlackMoney Measures — Good or Bad?


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:

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.

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.


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.

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.

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.