There has been a new development in the war on cash: Australia banning payments over $10,000.
As part of the government’s efforts to maintain economic growth and to clamp down on illicit activities estimated to be $50 billion, Australia is instituting a nationwide payment limit of $10,000 transactions completed in cash.
This will go into effect July 1, 2019.
Lawmakers are also encouraging citizens to snitch on their neighbors as a hotline will be created. If you suspect someone is violating the new law, then you can inform on them to the state.
Ostensibly, the government was encouraged to implement the law because of immense purchases that were not reported on taxes.
Moreover, an interesting part of this story is that the government will be establishing so-called mobile strike teams. These groups will try to catch businesses and consumers participating in such illegal cash transactions.
“Put down the $10,000 that you’re using to legally purchase an item!”
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