After Venezuela, Australia May Also Go Down Demonetisation Road Nicolas Maduro

After Venezuela, which followed in the footsteps of Prime Minister Narendra Modi to demonetise the 100 Bolivar currency notes to tackle the mafia in that country, Australia is likely to follow suit with its $100 notes, as this report in Wednesday's edition of The Sydney Morning Herald indicates.

Australia's Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note (worth Rs 5,072) and cash payments over certain limits as the government looks to recoup billions in unpaid tax. Australia's black economy is estimated at 1.5 per cent of its GDP and there are 300 million $100 notes in circulation in that country.

While Australia is likely to announce the measure in its mid-year budget review on Monday next, Venezuela’s President Nicolas Maduro has given his countrymen time till Thursday (15 December) to deposit their 100 Bolivar notes, after which it would be demonetised. And like Prime Minister Modi, President Maduro has also been severely criticised while opposition Liberal Democrats in Australia have started protesting the proposed demonetisation there.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber