Fight against black money: After India, Australia likely to announce demonetisation

Taking a leaf out of India’s book, Australia is said to be planning to demonetise high denomination note to fight against black money.

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According to reports, the Australian government is likely to demonetise the country's highest denomination note in order to fight against black money.

If things go as per the plan, Australia will be the second country after India to take the highly-controversial decision of scrapping of high-value currency notes. In fact, reports say the Australian government has been 'hugely inspired' by India's 'radical' decision to demonetise Rs 500 and Rs 1,000--the announcement of which was made by Prime Minister Narendra Modi on November 8, last year.

Fight against black money: After India, Australia likely to announce demonetisation

In an interview to The Indian Express, Harinder Sidhu, Australia's high commissioner to India, said, "Following India's demonetisation decision, there is talk in Australia about demonetising our highest denomination note."

The Australian envoy added that India has inspired Australia to act on black money.

"It's certainly the most radical policy I've ever seen put into effect. We are watching India closely to see if we can learn something from this process."

The BJP-led NDA government at the Centre took the decision to go for demonetisation to fight against black money, counterfeit notes and terror funding.

However, as the country is still reeling under cash crunch, in spite of the passage of more than 50 days since the demonetisation decision was announced, the PM Modi and his team members have been severely criticised for causing 'pain' to the people.

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