Australia followed footstep of PM Modi and demonetised $100 notes

Australia followed footstep of PM Modi and demonetised $100 notes :- It’s been the long debate going on regarding the demonization of Rs. 500 and Rs. 1000 notes in India. Numbers of the political leader from opposition camp are targeting Narendra Modi for causing problems to millions of Indians. Meanwhile, India is figuring out the benefit and problems that demonisation has done to them, the other countries are following the footsteps of Modi as Australia have now decided to demonetize their highest currency $100 to tackle the black money.

According to the reports, Kelly O’Dwyer, Australian Revenue, and Financial Services Minister has revealed that demonetization move of $100 note is on the cards and it will be done to tackle the problem of black money. Like India, in our country, 300 million $100 notes in circulation, and 92 % of all currency by value is in $50 and $100 notes. It is believed that 1.5 % of the total currency constitute of black money and there are into the transaction in solid cash.”

Meanwhile, Australia is not only the country which is following the footstep of India, as France has banned cash payments of more than 1000 euros and Venezuela had banned its highest currency 100 bolivares.

Kelly O’Dwyer further added ” the demonisation of $100 notes will bring numbers of positive apart from tackling the black money and terrorism. We can achieve other benefits like reduced crime, increased tax revenue and reduced welfare fraud. Also, it will help in filling the banks’ Net Stable Funding Ratio (NSFR) gap.

Well, it looks like Prime Minister Narendra Modi has set a benchmark and now, the leader of other countries are following his footsteps. Meanwhile, the last for submitting the old notes of Rs. 500 and Rs. 1000 is coming closer, and now, it will be interesting to whether the lacks of currency in India will get resolve with the new year or not.