There have been a lot of debates among Indians, regarding disadvantages and advantages of demonetization and they just don’t seem to end. Forget India, this concept of demonetization is gaining popularity in other parts of the globe too.
Yes, after Venezuela pulled out 100-bollivar bills (The largest bank note), even Australia did the same. Government of Venezuela did this to fight currency hoarding; currently, the inflation rate in the country is over 700%.
Following its footsteps, Australian government has plans of demonetizing the highest valued currency i.e. $100 notes.
Government is of the opinion that demonetizing these notes will help in cracking down black economy.
Kelly O’Dwyer, the Australian Revenue and Financial Services Minister stated that “The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes.”
Like India, Australia has around 300 million $100 notes in circulation. Moreover, 92 percent of the overall currency is $100 and $50 notes. The minister says that the overall GDP of Australia constitutes of 1.5 percent black economy; this is the money which is paid by cash.
It seems Modi’s ideas are well accepted in other countries too! Don’t you think that if things are well-planned and logically implemented, the whole world would become corruption free?
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