Australia should scrap big bank notes like India: UBS
Australia should follow India’s lead and scrap its biggest bank notes, Swiss financial services major UBS Group said. The benefits of removing large denomination notes in Australia would include reduced crime and welfare fraud, increased tax revenue, and a “spike” in bank deposits, it stated. This comes after PM Modi demonetised old ₹500 and ₹1,000 notes to curb black money.