1. Demonetisation: “What India has done is commit a massive theft of people’s property – a shocking move for a democratically elected government”, says Steve Forbes

Demonetisation: “What India has done is commit a massive theft of people’s property – a shocking move for a democratically elected government”, says Steve Forbes

In a sharp attack on Indian government's demonetisation move, Steve Forbes, the Editor-in-Chief of Forbes magazine has gone all out and said, what they have done to the money is 'sickening and immoral.

By: | Updated: June 29, 2017 4:27 PM
demonetisation, steve forbes, forbes, steve forbes demonetisation, demonetisation forbes, india forbes, steve forbes india, indian government demonetisation, demonetisation india, steve forbes immoral, steve forbes demonetization, demonetization forbes, economy, indian economy, forbes economy. economy news In an article written by Forbes in the magazine, he wrote about the government’s decision and called it a ‘massive theft of people’s property’. (Source: Reuters)

In a sharp attack on Indian government’s demonetisation move, Steve Forbes, the Editor-in-Chief of Forbes magazine has gone all out and said, what they have done to the money is ‘sickening and immoral. In an article written by Forbes in the magazine, he wrote about the government’s decision and called it a ‘massive theft of people’s property’. Forbes called the Indian bureaucracy to be ‘notorious’ for corruption, red tape and lethargy. In the article, Forbes has given an overview on how the demonetisation move was carried out by the Indian government; about the cash crunch, ATM queues, and the increase in governmental control over lives.

Forbes even went on to compare the decision with former Prime Minister Indira Gandhi’s infamous sterilisation program in the 1970’s, calling it Nazi-like eugenics. Forbes wrote: “Not since India’s short-lived forced-sterilization program in the 1970s–this bout of Nazi-like eugenics was instituted to deal with the country’s “overpopulation”–has the government engaged in something so immoral.” Forbes has criticised most of the narratives which the government has been using to support the demonetisation move. He also wrote about how businesses are closing as companies are not able to pay their employees.

Forbes also condemned the excessive rules and taxes imposed by the Indian government, which he says is the reason of the informal operation of a cash-based economy. On the issue of terrorism, Forbes said that just a currency change cannot stop terrorists from committing evil acts of terror. On the issue of digitisation, he said that it will happen in a free market one way or the other, but it needs time. Forbes suggested that India should get rid of such a complex tax system, which is the main reason for tax evasion. Forbes suggestion for India is, “…slash income and business tax rates and simplify the whole tax structure; make the rupee as powerful as the Swiss franc; hack away at regulations…”

Also read | Is RBI the biggest failure of demonetisation?

Forbes lambasted the countries which have been making similar moves like demonetisation by using the reasons provided by the Indian government. He said that such a move is only about making the government have more control over personal lives. He wrote: “India is the most extreme and destructive example of the anti-cash fad currently sweeping governments and the economics profession.” He added that India, apart from immorally harming its own people, has also set a bad example for the rest of the world.

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    Manish Bhatnagar
    Sep 13, 2017 at 11:20 pm
    Perfectly said being an economist I would have prefer a concrete tax collection mechanism instead of demonetisation. The result of demonetisation is almost nil but if Indian govt could have laid or made the system totally digital it would have given the entire different results. Still people are dealing in cash. Why the bloody cash is required in this digital world. Solid tax collection mechanism and payment by electronic mode would be a win win situation for Govt as well as for the genuine tax payers for economy also. Some would say now what will happen with uneducated people the answer is they ran their lives in Nov and dec16 too. And why not Indian politicians make it compulsory to declare the real assets by every body and link to aadhaar? It's all mind game by top public servants since they are the biggest beneficiary of real estates. .
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      Prasun Das
      Sep 10, 2017 at 12:09 am
      Well, Congress has Rahul Gandhi. Forbes magazine has Steve Forbes.
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        Vishnuprasad
        Sep 14, 2017 at 8:13 pm
        And we have Narendra Mody
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      2. S
        Soan wig
        Sep 9, 2017 at 1:04 am
        Actually govt was not certain abt the results of demonetisation.neither they do their homework before applying it.its certainly lose ful act for economy which is running by cash abt 80-90 .first they tell us .its abt blocking the funding to terrorist,to bring black money from economy and throwing out fake currency from economy.after getting no positive result they change their tune and heading for cashless economy .wen they didn't get efficient result then they heading for tax reform cause. Actually they were nt sure abt doing their most foolish act in indepandant india. What is the result? 1 black money comes out from total currency. Terrorist attack are still in. Fake currency also made by some places.digital payment didnt grow. Where its proudful wen so many jobs are gone
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          Vichu
          Sep 8, 2017 at 6:28 pm
          This fool who proposed a flat tax and nearly destroyed the poor and the middle class of our nation talking fiscal policy?
          Reply
          1. S
            Sarma
            Sep 7, 2017 at 7:05 pm
            Bull
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            1. R
              rajangam dhanuskodi
              Sep 7, 2017 at 12:09 pm
              This gentleman Steve Forbes has no idea about the conditions prevailing in India. India was ruled by a National party named Congress for decades. During this long tenure there was hectic development through Government Projects like building Dams, bridges, starting big public sector undertakings, Nationalization of Banks etc. up to the time of Indira Gandhi. After that period it was steady decline. Counterfeit currency, which was pumped into India by Pakistan to spoil Indian economy, was a big setback. Black money circulation was huge which with terrorist funding was done. To nail these problems Demonetization was brought about by Narendra Modi Government. He took a very grave risk in introducing it which would have cost his job as PM. There were initial setback and teething troubles, but more or less the economy got stabilized somewhat. Forbes does not know anything about this. He has just thrown mud on demonetization move without any deep research. That is a fact.
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                Bhaskar Srinivasan
                Sep 7, 2017 at 10:54 am
                Fully agree
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                  SS
                  Sep 7, 2017 at 6:54 am
                  Unfortunately Steve has expressed is opinion on half baked info that has been fed to him. A person of his stature should b making comments after properly researching his facts.
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                    Ashok Sahu
                    Sep 6, 2017 at 7:30 pm
                    Demonetisation has definitely helped even fake currencies getting in to RBI garbage along with genuine old currencies. It is how our Banks function and the RBI regulates. If properly investigated, even these transactions can be detected and persons involved can be located. Ministry of Finance has faltered several times during 08/11/2016 and 31/03 2017.
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                      Andy
                      Sep 6, 2017 at 12:05 pm
                      Steve Forbes --- where is the material in this article to prove your point. Stop putting baseless allegations without understanding the country's issues. Bunch of baloney
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                        Ranjan
                        Sep 6, 2017 at 8:26 am
                        All the people who are saying in this comments section, how much money they loose because of demonetisation. I think some people so happy to be slave, don't sought last 60 years. Now suddenly they become intligense, this is the biggest development about this govt, at least educated mass, who don't care about government doing before, now discussing. If people our country geneuinly involve and understand the move, with out getting biased by 3rd party comments. We are in good way to go. Oterwise our next generation will have a most worst things to see.
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                          Firoz Khan
                          Sep 6, 2017 at 7:07 am
                          Excellent piece. Reality and the real immoral intention are exposed in no uncertain terms. GOI should feel ashamed but it won't.
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                            Robin
                            Sep 6, 2017 at 1:19 pm
                            How much did you lose? And how much did you gain by evading taxes earlier?
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                            Jasbeer Singh
                            Sep 5, 2017 at 11:30 pm
                            Dear Modiji har govt job keliye pehla preference schedule caste ya schedule tribe ko hi milta hai aur har govt keliye age criteria maximum 35 saal tak hi hota hai. jise bichare 35 ya uske upar kelog chahte hue bhi govt job keliye appy nahi kar sakte...hum apse request karte hai ki govt job keliye jo age limitations ya criteria ko hata diya jaye jiseki har mamuli ya garib insaan ko kam se kam 15-20 saal keliye govt job milna chahiye jise ki wah bhi apne pariwar keliye ya bachon ki shaadi kar sake apne pariwar ki madad kar sake....please aap se ye humble request hai ki aap is vishay ke baare me sochenge aur kisi bhi insaan ko naraaz nahi karenge...hum sabhi ko govt job kam se kaam milna hi chahiye aisa kuch kijiye
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                            1. J
                              Jasbeer Singh
                              Sep 5, 2017 at 11:16 pm
                              Respected modiji apne central govt employee ke baarr me to socha par bpo call centre employee ke liye bhi sochiye client per seat keliye 23000/- se 28000/- company ko pay karte hain par company ke management apne employee ko sirf 10000/- se 12000/' ya zada se zada 13500/- hi pay karte hai...aap se nivedan karte hai ki bpo call centre ke employees ko bhi minimum 16000/- se 20000/- in hand har employee ko milna chahiye aisi koi tarkeeb ya rule nikaliye
                              Reply
                              1. S
                                sudheermehta
                                Sep 5, 2017 at 8:10 pm
                                In my view, this has no clue how happily people in villages received demonatisation and some good its doing. He thinks he need be recognised as intellectual!!
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                                  Aurobindo Ghosh
                                  Sep 5, 2017 at 7:26 pm
                                  He is right. Look at Indians, they are so informal and highly unprofessional. How can this country grow if people are shortsighted savages? Winston Churchill was right when he said that India will be ruled by evil and corrupt forces if the British empire ejects out of India.
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                                    Robin
                                    Sep 6, 2017 at 1:21 pm
                                    It was ruled by corrupt people for the larger part of 70 years ... no longer
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                                    Lathor Honey Singh
                                    Sep 5, 2017 at 5:27 pm
                                    Now a days I feel so insecure because of this govt...its prying and poking its ugly nose into everything!! Almost like a Fasict regime.... it's time we yield power to overthrow or atleast bring coalition in the government... else this govt is running full time dictatorial. Very hateful to democracy.
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                                      Raghu
                                      Sep 6, 2017 at 12:53 am
                                      sorry we do not have an proper alternative either. The other options we have are Congress - UPA, who will drown the country even further in corruption with Pappu being an Pappu in everything 3rd front, who will fight among each other for the PM post forget about improvements in the country just like the past (ref: I,K, Gujral, Deva Gowda - even Sharad Pawar, Mulayam, Mamata, Lallu wanted to be PM's other than the Left parties who would take no further than a second to mix us with China). And please don't say Kejriwal is an option, I would rather have Farooq Abdullah as an PM when you compare him with Arvind
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                                      Murali Dharan
                                      Sep 5, 2017 at 5:07 pm
                                      Forces is spot on . Demonetisation was a a cruel and ic joke on the poorest of the poor.It destroyed lives and livelihoods while the well- off went about their business as usual. A cynical strategy it may have paid political divided in the short term but in the long term it's effects highly inimical.
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                                        HB
                                        Sep 8, 2017 at 11:53 pm
                                        Kindly explain how the poorest lost money through demonetization. If you can't stop then your ignorant bakwas.
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                                        GUEST
                                        Sep 5, 2017 at 4:23 pm
                                        The comments of Forbes magazine are absolutely correct and this has been corroborated by the ex-RBI Governor Raghuram Rajan.
                                        Reply
                                        1. R
                                          Robin
                                          Sep 6, 2017 at 1:24 pm
                                          These foreign educated economists have never studied a demonetization case earlier ... time will prove how brilliant a decision it was
                                          Reply
                                          1. S
                                            Sylvester
                                            Sep 9, 2017 at 2:14 pm
                                            Hahaha, what a joke, results of demonetization ate already out.you still need to educate your self first
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                                          Manoj
                                          Sep 5, 2017 at 6:10 am
                                          Couldn't agree more - ".... and the increase in governmental control over lives."
                                          Reply
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                                            Raman
                                            Sep 4, 2017 at 8:22 pm
                                            India is unfortunate to have so called"educated" masses that are fanatical over religion, caste, etc. They will never understand how the "hindutva" government is raping them dry. It is these actually illiterate masses that vote these equally illiterate clowns into power. Most Indian politicians actually have no religion, no ethics, no morals.
                                            Reply
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