In India, the term “black money” is commonly used for referring to unaccounted wealth generated through transactions that have escaped taxation. On 8 November 2016 the government of India took a major decision of demonetisation i.e. to cease the validity of existing bank notes of 500 and...

The article reviews the underlying rationale and tax aspects of the implementation of demonetization of INR 500 and INR 1,000 currency notes in India in November 2016. The authors consider suggestions for demonetization of AUD 100 bank notes in Australia and, in that context, contrast the cash...