There has been a lot of criticism from economists abroad about demonetisation of Rs 500 and Rs 1000 notes. Most of them while criticising the move, have said that while there is logic in the demonetisation of high value notes the time given to people was too little.
But in perhaps the most scathing criticism of the move, Forbes’ editor-in-chief Steve Forbes has said that the Indian government has indulged “in the theft of Indian’s property” with this move.
Writing in the magazine he is editor-in-chief of, Forbes says that this is the most “immoral” decision since the forced sterilisation program of the 1970s.
However, Forbes debunks the rationale that the move with take away funding for terrorism, reduce tax evasion and people indulging in wrongdoing as the government has claimed.
He said India is now the “most extreme and destructive example of the anticash fad sweeping governments and the economics profession”.
Forbes says that this decision is an attack on privacy and ensuring more government control over people’s lives.
He also has some suggestions for the Indian government: instead of decisions like demonetising currency, it should just make it easier to do business in India, reduce regulations and lower tax rates.