The very idea took shape in India on Tuesday, when Prime Minister Narendra announced the scrapping of Rs 500 and Rs 1,000 notes.
The latest move by the Centre is to bring down the flow of black money, a poll promise made by Modi during his campaign in 2014.
Former Standard Chartered chief executive officer Peter Sands said countries around the world should demonetise their high-denomination bills.
"By eliminating high denomination, high value notes we would make life harder for those pursuing tax evasion, financial crime, terrorist finance and corruption. Without being able to use high denomination notes, those engaged in illicit activities - the "bad guys" of our title - would face higher costs and greater risks of detection. Eliminating high denomination notes would disrupt their business models," Sands wrote in a paper.
Economist and political analyst Ajit Ranade also said that those with illicit money are disproportionately benefiting from the use of high-denomination bank notes.
In fact, Harvard's Kenneth Rogoff has called for countries to completely phase out the use of paper currency.