Source: News Bharati English18 Nov 2016 19:24:48

New Delhi, Nov 18: The international media has welcomed the demonetization decision of the Narendra Modi government. The responses from various international media channels have underlined the impact of this historic decision on the global economy and containing black money and corruption at home.

Global organisations like the International Monetary Fund (IMF), European Union, World Bank etc. supported this move of the Modi government.

Five days after the decision, Forbes Magazine has published an article titled “India’s Great Bank Note Switch Appears To Be Working – $30 Billion In Rs Deposited In Banks.” The article notes that a move of this magnitude would result in “obvious chaos”, but points that “so far at least it looks as if it is working.” The article goes on to call the scheme “rather well done, a clever plan.”

The New York Times quoted an expert who hailed the move as wise. “The plan, top secret until Mr. Modi’s announcement, was hailed by financial analysts as bold and potentially transformational for India. It is also a high-stakes experiment,” the article said.

The Washington Post called Prime Minister Narendra Modi’s initiative as ‘ambitious’ and in keeping with his election time vow to initiate a crackdown against black money. The Post said black money in India ‘is estimated to total from $400 billion to more than $1 trillion’.

Singapore-based The Independent paper published a glowing article on the decision titled “Modi does a Lee Kuan Yew to stamp out corruption in India.” Lee Kuan Yew was the Singaporean Prime Minister for several decades and is considered the architect of modern Singapore. “Government leaders feel that the sudden move by the Indian Prime Minister has brought a new respect for him.

In an article published in leading American financial journal Bloomberg, Swiss global financial services company UBS Group AG said that Australia should follow India’s lead and scrap its biggest bank notes.

“Removing large denomination notes in Australia would be good for the economy and good for the banks,” UBS analysts led by Jonathan Mott said in a note to clients on Monday. Benefits would include reduced crime and welfare fraud, increased tax revenue and a “spike” in bank deposits.

A senior Indian government official even equated Mr Modi to Singapore’s first Prime Minister Lee Kuan Yew. From making up his mind to rolling it out on 8 Nov, a new Lee Kuan Yew is born in India. It will be reflected in the legacy of this Prime Minister”, he said.