A controversial bill to ban cash payments of $10,000 and impose a two-year jail sentence if violated is being widely scrutinised.
The proposed cash ban bill passed the Lower House late last year and was due to start on January 1 – but it won’t become a law until a Senate inquiry looks into it.
The Federal Government has defended the bill, saying it intends on stamping out the ‘black economy’ – tax evasion, money laundering and other crimes – but people are instead saying the government should have no say in how people use their cash.
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The proposed cash ban bill passed the Lower House late last year and was due to start on January 1 – but it won’t become a law until a Senate inquiry looks into it.
The Federal Government has defended the bill, saying it intends on stamping out the ‘black economy’ – tax evasion, money laundering and other crimes – but people are instead saying the government should have no say in how people use their cash.
Read more
Many UK consumers blocked from paying cash
