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War on Cash Proposals in Australia: Microchip Expiring $100 Bills, Forcing People to Keep Receipts

  • War on Cash Proposals in Australia: Microchip Expiring $100 Bills, Forcing People to Keep Receipts
    by https://mishtalk.com/
    Australia’s Black Economy Taskforce has come up with a list of 35 “consumer-focused” proposals to crack down on cash. The taskforce blames consumers for holding cash and for not getting receipts.

    Michael Andrew, the head of the taskforce, proposes nanochips in $50 and $100 notes so the government knows where the cash is. Cash will expire after a designated period of time.

    Andrew believes “consumers are part of the problem”. He wants to punish people who pay in cash and don’t get a receipt.

    A plan to strip consumers of their legal protections if they pay in cash and fail to get a receipt has been slammed as “completely unfair” by leading advocacy groups.

    The proposal was one of 35 recommendations contained in the interim report from the federal government’s Black Economy Taskforce, which argued the need for “consumer-focused action” to crack down on cash payments.

    According to Taskforce chair Michael Andrew, former global head of accounting firm KPMG and current chair of the Board of Taxation, while current anti-black economy laws focused on businesses, consumers are “part of the problem”.

    read more.

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August 4, 2017 - Posted by | Economics | , , ,

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