Australia follows India; plans to demonetise $100 note
Sydney: Indian Prime Minister Narendra Modi's move of demonetising the high denomination currency notes is gradually becoming a trend across the globe. After Venezuela, Australia now hints that it may invalidate the 100 dollar currency note to combat tax evaders.
Mentioning that the black economy accounts for 1.5 per cent of GDP, Revenue and Financial Services Minister Kelly O'Dwyer said that those evading taxes are robbing Australian people as the lost revenue can be used to provide better education and health facilities to common man.
What else Kelly O'Dwyer said?
- An enquiry has been launched to investigate the 'black economy'
- The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes
- There are three times as many $100 notes in circulation than $5 currency notes.
- I won't rule out removing the $100 note from circulation.
It may be mentioned that the Venezuela government had on Monday officially demonetised their highest-denomination currency note of 100-bolivar and announced that the banknote will be taken off from circulation within next 72 hours to fight contraband.