Fake $100 notes

[interest]

There are fake $100 dollar notes circulating in Melbourne,
They are such a high quality that the only major flaw is that they all have the same serial number.
The AFP are considering to withdraw all $100 notes from circulation.

[Unicorn]

From what I've seen so far it appears that they may all have the same serial number: AI 13 933231

[trout]

Are you sure it is "AI 13 933231" and not AJ13933231 :diablo:

[interest]

here's a photo,

[Unicorn]

Are you sure it is "AI 13 933231" and not AJ13933231 :diablo:

:laugh2:

[ausjack]

:laugh2: I was thinking the same thing with the serial number once I seen it.

:scratch_one-s_head: Really it's got to be an early april fools if they want to take all $100 notes out of circulation as that's a lotta money so could the economy handle having so much taken out as one would think it's going to be a few years yet before they get around to making the new $100 notes. Also they said ages ago that they want to get rid of them so I wonder if this is just another excuse to push for their removal :dash1:

[Hercules]

I doubt very much that they will remove the $100 note, because they'd have to remove the $50 note as well in order for it to be effective. Somehow, I don't think the average Joe would appreciate getting a wad of $20 notes every time they went to the ATM to withdraw several hundred dollars.

[interest]

SAY goodbye to the $100 note.

Australia looks set to follow in the footsteps of Venezuela and India by abolishing the country's highest-denomination banknote in a bid to crack down on the "black economy".

Speaking to ABC radio on Wednesday, Revenue and Financial Services Minister Kelly O'Dwyer flagged a review of the $100 note and cash payments over certain limits as the government looks to recoup billions in unpaid tax.

Monday's midyear budget update will include the appointment of former KPMG global chairman Michael Andrew to oversee a black economy taskforce. The black economy accounts for 1.5 per cent of GDP, given many cash payments are untaxed.

Ms O'Dwyer told the ABC not only is the lost revenue owed to the Australian people for schools and hospitals, but it's also critical for those who do the right thing and pay tax.

"The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes," she said. Despite the broad use of electronic forms of payment, Ms O'Dwyer warned there are three times as many $100 notes in circulation than $5 notes.

"It does beg the question, 'Why?'" she said.

There are currently 300 million $100 notes in circulation, and 92 per cent of all currency by value is in $50 and $100 notes.

The minister would not rule out the removal of the $100 note, saying it was up to the expert panel to provide recommendations. "There's nothing wrong with cash per se, the issue is when people don't declare it and when they don't pay tax on it," she said.

[Hercules]

Thanks, Interest, but I still don't see the point. Won't people just use $50 notes to make the same transactions they currently make with $100 notes?

[notcb]

Thanks, Interest, but I still don't see the point. Won't people just use $50 notes to make the same transactions they currently make with $100 notes?

Exactly Hercules,

In fact the vast majority of ATMs dish out $50 notes anyway - even if you withdraw many hundreds of dollars.

Most $100 notes come from banks/tellers etc. so you would think that they would flag unusual patterns of withdrawals.

I wonder how many of these $100 notes are tied up with banknote collectors?  Especially the first and last prefixes, grey ghosts and the 1996 test note series?

Cheers


Peter  (notcb)

[Hercules]

Another problem is that because the crims will all be using $50 notes, they'll have to print twice as many of them just to keep up with demand. How is that an effective use of taxpayers' money? What effect will it have on the environment if we have to issue twice as many banknotes for transactions over $100? :dontknow:

[redlock]

Australia looks set to follow in the footsteps of [...] India by abolishing the country's highest-denomination banknote in a bid to crack down on the "black economy".

That is not what has happened. They demonitized the 1000 Rupee note and replaced it with the 2000 Rupee. But you had to do it via your bank account so that the governement could check if you paid your taxes (to put it simple).

But I agree. Your government is anti-cash and tries to get rid of the $100 note.

[Nevol]

I might handle 2 x $100 notes per year.  Nearly all the notes I get from ATM's etc are 50's.

[robbiegal]

The old story about taxes for hospitals and schools is such rot!!!!!
All that they have to do is to get these  non tax paying corporations to pull their weight and stop ripping off Australia
Inventing invisible black market  criminals to detract us from the real criminals is in itself  .... criminal.

Thy knew that the GST would create the cash business model within the trades etc
It has and we know who to hold accountable for that problem

[Hercules]

I can just imagine one of those game shows holding up a big suitcase filled with yellow $50 notes. Somehow, it just doesn't have the same effect as a suitcase filled with green $100 notes.