Australian Envoy advocates Demonetisation

Melbourne: Prime Minister Narendra Modi raises toast with his Australian counterpart Tony Abbott and the Leader of the Opposition of Australia Bill Shorten during a dinner hosted by Abbott in Melbourne, Australia on Tuesday.PTI Photo by Kamal Singh (PTI11_18_2014_000214B)

Delhi: Prime Minister Narendra Modi’s decision to ban high denomination notes of Rs.500 and Rs.1,000 has been much debated both nationally and internationally since 8th November, 2016. According to various reports, the Australian government is likely to demonetise the country’s highest denomination note in order to fight against black money.

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.

In an interview to The Indian Express, Australia’s Envoy to India, Harinder Sidhu, said “Following India’s demonetisation decision, there is talk in Australia about demonetising our highest denomination note.”

“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.”

Also to note here is that Venezuela, a South American country, tried to demonetise high currency notes but had to abandon the exercise after riots broke out in the country.