Three countries test PM Narendra Modi’s demonetisation idea

New Delhi : Prime Minister Narendra Modi's bold idea to scrap down old Rs 500 and Rs 1000 currency in India has now influenced other countries too. It has been learned that after Indian PM’s announcement, three other countries have also demonetised their currency notes to flush out black money and corruption.

Earlier, it was predicted that the move will hit India’s economy badly, but after six weeks, the other countries are now also gearing up to take the risk.

The countries which also tested demonetisation are:

1: Australia
On Dec. 14, Australia’s finance and revenue minister Kelly O’Dwyer said that the country is reviewing a move to ban its $100 notes, the highest denomination available, as well as potentially restricting cash transactions over a certain limit. Australia, much like India, wants to clamp down on the shadoweconomy.

2: Pakistan
On Dec. 19, Pakistan’s senate passed a resolution to phase out its Rs5,000 notes in an attempt to curtail black money. In value terms, Rs5,000 bills account for 30% of the currency in circulation in the country.

3: Venezuela
On Dec. 11, Venezuela—whose inflation rate is estimated to touch 475% this year—announced that it has demonetised its most valuable note, the 100-bolivar bill. The Nicolás Maduro-led government gave citizens a 72-hour window before withdrawing the currency, which accounted for 77% of the nation’s cash in circulation.