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Breaking: Inspired by Modi Govt, Australia likely to demonetise $100 note to curb black money

Inspired by India’s Narendra Modi government’s recent demonetisation drive to curb black money, Australian Government is now mulling the removal of $ 100 bank note, its highest-denomination.

Speaking to country’s ABC radio, Australia’s Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note and cash payments in a bid to curb black money. The government is expected to make the announcement in Monday’s mid-year budget update.

A report said that former KPMG global chairman Michael Andrew can be appointed to oversee a black economy taskforce. Reports say that entire black money in Australian economy amounts to 1.5 per cent of total GDP.In a conversation with ABC, Ms O’Dwyer said that black money is critical to both – the country as it loses revenue and the those who do the right thing and pay tax.

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