When the Currency (Restrictions on the Use of Cash) Bill 2019 was introduced to Parliament last year, it faced it's fair share of media headlines, backlash and criticism. To the relief of many, the law is now officially dead after failing to pass the senate.
The proposed laws
The laws proposed to create four federal offences relating to the use of cash, two of which apply regardless of whether an accused person was aware of any legal restrictions. Specifically, it would have made it a criminal offence to make cash payments over $10,000, punishable by a two-year jail term or a $25,000 fine.
But despite several amendments over as many months, the controversial bill did not pass in the senate, and has been shelved for now, in part, the Government says, because it's current response to Covid-19 remains a priority.
This doesn't mean that the bill won't return in some form or another down the track.
Read more
The proposed laws
The laws proposed to create four federal offences relating to the use of cash, two of which apply regardless of whether an accused person was aware of any legal restrictions. Specifically, it would have made it a criminal offence to make cash payments over $10,000, punishable by a two-year jail term or a $25,000 fine.
But despite several amendments over as many months, the controversial bill did not pass in the senate, and has been shelved for now, in part, the Government says, because it's current response to Covid-19 remains a priority.
This doesn't mean that the bill won't return in some form or another down the track.
Read more
Will Africa turn cashless?
