Still reeling under the aftermath of demonetisation in India, reports have now surfaced that Indian money exchange outlets are refusing to accept the Australian $100 note.
News.com.au reported about a fashion designer based in Darwin who is visiting India having faced this situation.
Emma Swan Das’s $100 AUD note was refused by an Indian money exchange outlet in Rajasthan’s Pushkar town where she went to source textiles for her business.
Speaking to news.com.au, she said, “I went to many money changers and they all told me that no one is accepting Australian $100 notes.”
She said she was told that the currency exchange outlets are wary after recent reports stated that the Australian government is considering demonetising its $100 note.
Revenue and Financial Services Kelly O’Dwyer announced in December last year that Australia will investigate the possibility of scrapping the $100 notes and cash payments over certain limits.
Federal Assistant Treasurer Kelly O'Dwyer Source: AAP-Mick Tsikas
A black economy taskforce has been set up to investigate this and is expected to submit its report in March 2017 and till then $100 remains a legal tender.
But the news has reached the Indian shores and Australian travellers have already reported about the currency exchange outlets having refused to accept the Australian $100 notes.
DFAT ISSUES FRESH TRAVEL ADVICE
Department of Foreign Affairs and Trade have acknowledged this development and issued a fresh advisory on 5th January on their website, smartraveller.com.au.
The advice reads, “Use electronic payments such as bank and credit cards wherever possible. Due to the ongoing uncertainty of obtaining cash, ensure your trip is planned in such a way so as not to depend on the availability of cash.
‘Consider bringing foreign currency such as $US and Euros to change for local currency.
Be aware that some travellers have reported difficulties in exchanging Australian $100 notes for local currency in India.”
AUSTRALIAN HC TO INDIA HARINDER SIDHU TWEETS TO DISPEL RUMOURS
In a recent interview to Indian newspaper, The Indian Express, the Australian High Commissioner to India, Harinder Sidhu confirmed that following India’s demonetisation decision, there is talk in Australia about “demonetising our highest denomination note”.
‘We’ve just announced a black money task force in Australia; there’s been some conversation about demonetising our highest denomination note,’ she said.
However, on Thursday, the Australian High Commission on its website issued a statement and said, “The Australian High Commission wishes to clarify the ongoing legality of the Australian 100 dollar note.
Australian high commissioner to India, Harinder Sidhu Source: Australian High Commission
“The Australian Government has no plans to withdraw AUD100 note from circulation. It continues to remain legal tender in Australia.
“The Taskforce has begun its work and will provide an interim report to the Government in March and its final report in October 2017.”
