You would need to cancel all $50 and $20 notes as well. India did that a few years ago. It was only partly successful. They ended up printing a new note with a value higher than the notes they cancelled.
A lot of people store cash at home so that they will qualify for an aged pension when the assets test is applied. Nothing is more annoying than to know that the guy next door to you gets a pension and you don't even tho' you had the same income during your working life. He may have lived life 'on the hog' while you were frugal with your money. It effectively means you are paying a tax on your savings equivalent to the pension that HE GETS and YOU DON'T.
A fair way to bring about a 'cashless society' would be if there was no charge on the use of cards in transactions.
You would need to cancel all $50 and $20 notes as well. India...
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Last
$31.60 |
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| Open | High | Low | Value | Volume |
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