Its been 10 months to demonetisation and we haven’t seen much of the improvement. This time the flake is not coming from home . But from Steve Forbes, the Editor-in-chief of Forbes magazine.
Forbes has said that demonetisation was ‘sickening and immoral’. He went on to say that the move was a ‘massive theft of people’s property’.
He said that what India has done is commit a massive theft of people’s property –
“A shocking move for democratically elected government, “he said.
He compared the decision of the current P.M to former Prime Minister, Indira gandhi’s infamous- sterilization program in the 1970s.
Demonetisation was announced in November 2016, when the prime minister of India, made some denominations illegal.
It was a move to banish terrorism and corruption. But Forbes doesn’t think, it was any good to trouble the people.
And now with changing currency day by day, who knows where we will land. (sign!)
Forbes criticised the Indian government’s narratives who support demonetisation.Forbes pointed out that business are closing as the companies are not able to pay its employees. He also said that changes in the currency would not help the terrorists from committing evil crimes.
He went on to say that demonetisation “will happen in a free market one way or the other, but it needs time”.
But apart from huge criticism, he also came up with a great advice.
He said” India should get rid of the complex tax system, which is also the main reason for tax evasion. India should slash income and business tax rates and simplify the whole tax structure; make the rupee as powerful as the Swiss franc; hack away at regulation.” he added.
He went on by saying that” India is the most extreme and destructive example of the anti-cash fad currently sweeping governments and the economics profession
He also added that, Apart from immorally harming its own people and Economy. Indian Government has set a bad example in front of rest of the world.
India is the biggest democracy in the world, has set a bad example infront of everyone.