Skip to main content

Calling noteban immoral, Forbes likens it with Sanjay Gandhi's "Nazi-like eugenics" to control overpopulation

Sanjay Gandhi
By Our Representative
Forbes, the world's prestigious business magazines, has characterized Prime Minister Narendra Modi's note-ban move as an “awful act” which is “breathtaking in its immorality”, adding, “What India has done is commit a massive theft of people's property without even the pretense of due process – a shocking move for a democratically elected government.”
Comparing Modi's demonetization move with Sanjay Gandhi-inspired "nasbandi", the top New York-based journal says, “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.”
Disputing Modi claims that the move will fight corruption and tax evasion by flushing out illegal cash, crippling criminal enterprises and terrorists and force-marching India into a digitized credit system”, Forbes says, “Terrorists aren't about to quit their evil acts because of a currency change.”
Further, it says, “As for the digitization of money, it will happen in its own good time if free markets are permitted. And the best cure for tax evasion is a flat tax or, at the least, a simple, low-rate tax system that renders tax evasion hardly worth the effort. Make it easy to do business legally and most people will do just that.”
Underlining that “governments don't create resources, people do”, Forbes underlines, “By stealing property, further impoverishing the least fortunate among its population and undermining social trust, thereby poisoning politics and hurting future investment, India has immorally and unnecessarily harmed its people, while setting a dreadful example for the rest of the world. ”
Titled “What India Has Done To Its Money Is Sickening And Immoral”, published in the Forbes issue dated January 24, 2017, the commentary says, the abrupt scrapping of 85% of currency has led to “economic turmoil” compounded by the fact that “the government didn't print a sufficient amount of the new bills, lest word leak out as to what was about to take place.”
Pointing out that “many workers are leaving the cities to go back to their villages because so many businesses are closing”, the journal says, “Countless companies are having difficulty meeting payroll, as they can't get the cash to do so. The real estate market has tanked.”
Suggesting that it might have international repercussions, Forbes calls note-ban as “the most extreme and destructive example of the anticash fad currently sweeping governments and the economics profession”.
According to Forbes, “Countries are moving to ban high-denomination bills, citing the rationales trotted out by New Delhi. But there's no misunderstanding what this is truly about: attacking your privacy and inflicting more government control over your life. ”
The journal advises India to “fulfill” the “desire to become a global powerhouse” instead of coming up with such disastrous move. What it should do instead is to “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, so that setting up a business can be done with no cost and in only a few minutes; and take a supersize buzz saw to all the rules that make each infrastructure project a 100-year undertaking.”

Comments

TRENDING

'Wedding of the century': What does Mukesh Ambani want to prove by such extravaganza?

By NS Venkataraman*  Mukesh  Ambani,   a renowned Indian industrialist who is said to be the richest person in India and  one of the richest persons in the world,   has just now conducted the wedding celebration of  his son in Mumbai,   with unheard level of lavishness in India.

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah*   The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual. 

'Modi govt's assault on dissent': Foreign funds of top finance NGO blocked

By Rajiv Shah  In a surprise move, the Ministry of Home Affairs, Government of India, has cancelled the foreign funding license of the well-known advocacy group, Centre for Financial Accountability (CFA), known for critically examining India's finance and banking sectors from human rights and environmental angle.

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

'28% rise in sedition cases': Top global NGO alliance rates India's civil space 'repressed'

By Rajiv Shah Rating India's civic space as repressed , Civicus, a global civil society alliance, in its new report submitted to the UN Human Rights Committee (UNHRC) on the state of civic space in the country has said that the use of sedition law against the Modi government’s critics continues. "Under the government of Prime Minister Narendra Modi, sedition cases have increased by 28 per cent with over 500 cases against more than 7,000 people", it says.

How US is using Tibetans to provoke conflict with China 'ignoring' India

By Lobsang Tenzin*  On July 12, US President Joe Biden signed the Resolve Tibet Act, and Tibetans cheered for it, believing that the law promotes a resolution of the dispute between Tibet and China. Is this true? First, let's look at the issue of the ownership of Tibet. 

Tribals from 60 villages observe seed festival to 'protect' diversity of indigenous seeds

By Bharat Dogra*  Nearly sixty villagers are sitting on an open floor covered by a roof for shade but otherwise open on all sides. Women and men are present in equal numbers but the visibility of women is higher because of their colorful dresses.

Over 3.8 billion animals at risk: India on crossroad in animal welfare practices

By Rupali Soni*  In a collaborative effort, the India Animal Fund and Dasra have unveiled their report , "Our Shared Future | Securing Animal Welfare, Human Wellbeing, and Sustainability in India." This landscape report provides a thorough overview of animal welfare and underscores its indispensable role within India's socio-economic and ecological frameworks. It also illustrates how animal welfare is intricately intertwined with public health, labor welfare, and climate resilience.

How embracing diversity enriched my life, brought profound sense of joy

By Mike Ghouse*  If you can shed the bias towards others, you'll love the connections with every human that God or his systems have created. This gives a sense of freedom and brings meaning and joy to life. Embracing and respecting how people dress, eat, and practice their beliefs becomes an enriching experience.