After India, Australia may demonetise $100 note
Australia is reportedly considering a proposal to demonetise its $100 currency note in an attempt to target tax evaders. The Australian government is also setting up a task force to curb black money and will appoint representatives during its mid-year budget meeting. After India, Venezuela had scrapped its 100-bolivar note, giving its holders ten days to swap their old currency.
First India, then Venezuela and now Australia is considering the proposal to demonetise its 100 dollar currency note as the country attempts to target tax evaders.While the Narendra Modi-led government has already started its fight against black money in the country, the Australian government is setting up a task force to curb black money and will appoint representatives during its mid-year budget meeting. UBS had recently batted for removal of the highest-denomination currency in Australia, and said the country can follow India's example.  "We believe removing large-denomination notes in Australia would be good for the economy and good for the banks," UBS had said. ALSO READ: Demonetisation a case of khoda pahaad, nikli chuhiya: 10 not-to-be-missed P Chidambaram quotes Cap on cash transactions likelyAccording to a news report, Australian Revenue and Financial Services Minister Kelly O'Dwyer has called for a review of the 100-dollar note and announced plans to introduce caps on cash transactions over a certain limit. According to some estimates, there are about 300 million 100-dollar bills in the market and about 92 percent of the currency in circulation are in 50- and 100-dollar notes. ALSO READ: Month after demonetisation; high-end escort agencies, brothels turn to e-payment, plastic money On November 8, the Prime Minister announced demonetisation of Rs 500 and Rs 1000 currency notes, calling it a step against black money hoarders.   After India, the Venezuela government scrapped the 100-bolivar note, giving its holders barely four days to swap their old currency. Venezuela President Nicolas Maduro said the step will help fight smuggling mafias.