India leads the way on getting rid of high denomination notes: the UK needs to get rid of the £50 note
I warmly welcome this. It is a bold and necessary step to tackle the use of high denomination notes in corruption. And the immediate effect is vital: there was no chance to launder these notes before they ceased to have use. What is more, saying they have value when deposited might assist the tackling of tax evasion if details are then supplied by banks to tax authorities.
I would welcome the same action in the UK on £50 notes, for which I can think of no economic function,
Fifty quid just about covers a decent round these days…..no economic function?
But of rather more importance India has not abolished high value notes. It has called in those extant to issue more of a different design. It is a confiscation, or at least a capture into the tax system, of currently black money, not an abolition of high value notes (and Rs 500 is what, $10 these days? High value?).