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Following the recent announcement of setting up a task force to curb the black economy in Australia, which has also been tasked to investigate the future of $100 note, some Australians visiting India have reported trouble exchanging their $100 notes in the country.
Before the mid-year economic review last month, Revenue minister Kelly O’Dwyer had told ABC Radio that the that there were three times more $100 notes in circulation than $5’s.
Refusing to rule out banning $100 notes, Ms O’Dwyer had said it was up to the expert panel to make the recommendation.
An Australian resident of Indian descent told SBS Punjabi that following reports of the possible scrapping of $100 notes, he struggled to get his Australian currency exchanged in India.
“I was carrying only $100 notes for my convenience, but after these reports, I couldn’t exchange my currency in Punjab, not even in Chandigarh,” the person who didn’t want to be identified told SBS Punjabi.
As the problem escalated to other parts of India, Australia’s High Commissioner in India, Harinder Sidhu issued a statement to dispel fears surrounding Australia’s biggest currency notes.
“The Australian Government has no plans to withdraw AUD100 note from circulation. It continues to remain legal tender in Australia,” the Australian High Commission said in a statement.
“The Australian Government has set up a Taskforce to crackdown on the black economy. The Taskforce will look at the international experience in dealing with issues around crypto currencies, the sharing economy and cash payments in relation to the tax system”, it added.
Earlier in an interview with The Indian Express, Ms Sidhu praised India’s efforts after demonetisation. Calling it a bold policy step, she said Australia might take inspiration from India.
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