This is a policy I have long supported. First step toward cashless and good start on reducing corruption. https://t.co/KFBLIJSrLr — Richard H Thaler (@R_Thaler) 1478617889000

NEW DELHI: US economist and Nobel laureate Richard Thaler thinks that the Indian government's decision to demonetize high value currency notes was a "good" concept but its implementation was "deeply flawed."Thaler further says that the move to introduce Rs 2,000 notes during the remonetisation exercise was "puzzling" and undercut the purpose of the note ban, considering that it aimed to crack down on the parallel economy and transform India into a less-cash society.All this emerged after Swaraj Kumar, a student of the Chicago University professor, approached him for his views on demonetisation Kumar posted the email conversation with Thaler on his Twitter account. Here's what the economist had to say: "The concept was good as a move to a cashless society to impede corruption but the rollout was deeply flawed and the introduction of the Rs 2000 note makes the motivation for the entire exercise puzzling."Kumar's tweet was later retweeted by Thaler's handle.This is the latest in a series of critiques the Nobel laureate has offered on demonetisation. On November 8, 2016, when Prime Minister Narendra Modi had made the surprise announcement to scrap Rs 500 and Rs 1,000 notes as legal tender, Thaler had hailed the ambitious move."This is a policy I have long supported. First step toward cashless and good start on reducing corruption," Thaler had said in a tweet then.But when he got to know that the government planned to introduce Rs 2,000 notes, he registered his surprise and skepticism in the following two-word tweet.Thaler, a Professor of Economics and Behavorial Science at the University of Chicago , won the Nobel Prize in Economic Sciences earlier this year.(With PTI inputs)