After Modi Effect Now Australia Planning to Demonetize $100 Currency to fight back against black money Taking a line from India as Australia may soon say goodbye to the old Currency as the effect of Modi’s Decision in India to fight back Black Economy for Banning $100 banknotes, the Country is taking a decision on Banning of its highest Currency as $100 to Demonetize as the reports says the Australian Government Soon take a decision o crack down on its tax payers and a huge amount in Black Money.
Speaking to Australian Media on Wednesday the revenue and the financial minister services of Australia Kelly o’Dwyer to take a review and a decision on the $100 note and cash payments over certain limits over the Government to repaid the billions of dollars in unpaid tax.
At Present there are 300 Million $100 bills in Circulation is running in Australia and 92 percent of the Country’s Currency is in $50 and $100 bills. so as many of the Country’s cash payments are Un-taxed Australia’s Black Economy Accounts for almost 1.5 Percent of the Country GDP.
Despite the Australian Government use the Electronic Forms of Payments in the Country O’Dwyer said that there are three times as many $100 notes in Circulation that the % 5 Currency in Australia.
UBS the Swiss global Financial Services in Australia and had Earlier that for Scrapping banknotes of the Highest Denomination in Australia as Removing large Denomination notes in Australia would be good for economy and good for banks. This would also help increase Household deposits and reduce some crime and welfare fraud in Australia.
This taskforce will draw on the experience on the experience of countries like France, where the Government Banned Cash Payments of more that 1000 Euros that we are not keeping any limit on what the taskforce will look at O’Dwyer.
The Minister also commented comes after a report that Australia Government has released by Swiss Fianancial Consulting Firms UBS recommended Australia Scrap the $100 note According to UBS Benifits may include to Reduce the Crime and increase to pay taxes revenue and reduce welfare fraud in australia