Noteban triggered mass corruption, 75-82% Indians sold Rs 500 and 1000 notes for less than Rs 400 and 900: Survey

By A Representative
A civil society survey, carried out in January-February 2017, but released now, has revealed that only 24.3 percent of the respondents said that they were able to exchange their banned Rs 500 notes “for the same amount”, while 75 percent reported that “an old Rs 500 note was sold for Rs 400 or less in valid currency.”
Carried out by Act Now for Harmony and Democracy (ANHAD) in alliance with 32 people’s organizations spread out in 21 Indian states, and involving 3,647 respondents, the survey, seeking to ascertain the behaviour of the people during the demonetization or noteban period, November-December 2016, further pointed out that of those who said that they received Rs 400 or less amount for Rs 500 note, 51.3 percent reported it was exchanged for Rs 400, 12 reported they exchanged it for Rs 300, and 3.3 percent reported that the Rs 500 note was exchanged for as low as Rs 200.
Among the respondents, about 25 percent of respondents were students, 13.7 percent unemployed, 18 percent employed in private sector, 10 percent working as 'labour', 4.9 percent reported household work as their profession, 3.4 were in government job and 4.4 percent were involved in agriculture.
The percentage of those who reported 'Hindu' was 65.0 and 'Muslims' were about 27.0 percent – constituting together about 92 percent. There were about 3 percent of Christians and about 2 percent were Sikh. About 3 percent said that they do not follow any religion or said humanity is their religion.
Caste-wise distribution showed that about 37 percent belonged to the general category, 29 percent were SC/ST and 30.7 percent belonged to OBC. Then, 80 percent said they had access to television, 29 percent listened to radio, 50 percent read newspapers, and so on.
The report, which has been published in a new book, “Demonetization: Exorcising the ‘Demon’”, released to mark one year of the surprise Modi government announcement to withdraw from circulation Rs 500 and Rs 1,000 notes, said, “Region-wise distribution showed that this form of corruption was rampant in all the regions.”

Pointing out that the “industry to exchange old notes cropped up overnight across the country”, the report said, “The fate of the banned Rs 1,000 note was not very different”, adding, though, that here “the percentage of those who said that they exchanged their Rs 1,000 note for the same amount without any reduction was reduced to 17.4 percent.”

The report said, “More than 82 percent of the respondents reported that in their locality, a Rs 1,000 note was sold for less than Rs 900”, adding, 40.7 percent respondents “reported that the note was sold for Rs 800” .

Then, “those who said they exchanged their note for Rs 700 were 9.2 percent, those who reported Rs 600 was the price of a Rs 1000 note were 4 percent, and 4.8 percent said that an old Rs 1,000 note was sold at as low as Rs 500.”
The report noted, “Region-wise distribution showed that more than 90 percent respondents witnessed reduction of cost of Rs 1,000 note in Central (98%) and Northern (91.4%) regions”, adding, astonishingly, “10.4 percent of the respondents said that in their locality a Rs 1,000 note was sold for as low as Rs 100.”
The report commented, “It is quite evident that the claim made by the Prime Minister that the objective of demonetization was to clean Indian economy of black money was hollow. Instead, a new channel for generating black money opened up."

It added, "It can be concluded that a very large amount of legitimately earned money by the poor citizens was converted into black money. With one stroke the people's toil and labour was devalued.”

Comments

Grueling summer ahead: Cuttack’s alarming health trends and what they mean for Odisha

By Sudhansu R Das The preparation to face the summer should begin early in Odisha. People in the state endure long, grueling summer months starting from mid-February and extending until the end of October. This prolonged heat adversely affects productivity, causes deaths and diseases, and impacts agriculture, tourism and the unorganized sector. The social, economic and cultural life of the state remains severely disrupted during the peak heat months.

Stronger India–Russia partnership highlights a missed energy breakthrough

By N.S. Venkataraman* The recent visit of Russian President Vladimir Putin to India was widely publicized across several countries and has attracted significant global attention. The warmth with which Mr. Putin was received by Prime Minister Narendra Modi was particularly noted, prompting policy planners worldwide to examine the implications of this cordial relationship for the global economy and political climate. India–Russia relations have stood on a strong foundation for decades and have consistently withstood geopolitical shifts. This is in marked contrast to India’s ties with the United States, which have experienced fluctuations under different U.S. administrations.

From natural farming to fair prices: Young entrepreneurs show a new path

By Bharat Dogra There have been frequent debates on agro-business companies not showing adequate concern for the livelihoods of small farmers. Farmers’ unions have often protested—generally with good reason—that while they do not receive fair returns despite high risks and hard work, corporate interests that merely process the crops produced by farmers earn disproportionately high profits. Hence, there is a growing demand for alternative models of agro-business development that demonstrate genuine commitment to protecting farmer livelihoods.

A comrade in culture and controversy: Yao Wenyuan’s revolutionary legacy

By Harsh Thakor* This year marks two important anniversaries in Chinese revolutionary history—the 20th death anniversary of Yao Wenyuan, and the 50th anniversary of his seminal essay "On the Social Basis of the Lin Biao Anti-Party Clique". These milestones invite reflection on the man whose pen ignited the first sparks of the Great Proletarian Cultural Revolution and whose sharp ideological interventions left an indelible imprint on the political and cultural landscape of socialist China.

Concerns raised over move to rename MGNREGA, critics call it politically motivated

By A Representative Concerns have been raised over the Union government’s reported move to rename the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), with critics describing it as a politically motivated step rather than an administrative reform. They argue that the proposed change undermines the legacy of Mahatma Gandhi and seeks to appropriate credit for a programme whose relevance has been repeatedly demonstrated, particularly during times of crisis.

The Vande Mataram debate and the politics of manufactured controversy

By Vidya Bhushan Rawat* The recent Vande Mataram debate in Parliament was never meant to foster genuine dialogue. Each political party spoke past the other, addressing its own constituency, ensuring that clips went viral rather than contributing to meaningful deliberation. The objective was clear: to construct a Hindutva narrative ahead of the Bengal elections. Predictably, the Lok Sabha will likely expunge the opposition’s “controversial” remarks while retaining blatant inaccuracies voiced by ministers and ruling-party members. The BJP has mastered the art of inserting distortions into parliamentary records to provide them with a veneer of historical legitimacy.

Why India must urgently strengthen its policies for an ageing population

By Bharat Dogra A quiet but far-reaching demographic transformation is reshaping much of the world. As life expectancy rises and birth rates fall, societies are witnessing a rapid increase in the proportion of older people. This shift has profound implications for public policy, and the need to strengthen frameworks for healthy and secure ageing has never been more urgent. India is among the countries where these pressures will intensify most sharply in the coming decades.

Thota Sitaramaiah: An internal pillar of an underground organisation

By Harsh Thakor* Thota Sitaramaiah was regarded within his circles as an example of the many individuals whose work in various underground movements remained largely unknown to the wider public. While some leaders become visible through organisational roles or media attention, many others contribute quietly, without public recognition. Sitaramaiah was considered one such figure. He passed away on December 8, 2025, at the age of 65.

School job scam and the future of university degree holders in West Bengal

By Harasankar Adhikari The school recruitment controversy in West Bengal has emerged as one of the most serious governance challenges in recent years, raising concerns about transparency, institutional accountability, and the broader impact on society. Allegations that school jobs were obtained through irregular means have led to prolonged legal scrutiny, involving both the Calcutta High Court and the Supreme Court of India. In one instance, a panel for high school teacher recruitment was ultimately cancelled after several years of service, following extended judicial proceedings and debate.

Search This Blog