Quote:
Originally Posted by leon
Hi guys,
It has been said that in time, and not so far away we, the people of Australia will be a cashless society.
I love cash and use it daily, I cant be diddled out of my life savings by paying with cash.
I have a lot of cash, stored in my safe and other places.
So what happens to my cash if society doesn't recognize it as payment option, do i just lose the value of what i have squirreled away.
There must be Billions of dollars in Piggy banks, under the mattress and in safes, I know i have some, so what happens to that and how long is it a legal tender.
I love cash and it works for me, but maybe I am old and the younger generation just like to be lazy, cant be bothered, and think that that mobile phone is so safe 
Leon  |
It is legal tender until the govt says it's not. The Indian government in an effort to eliminate the black economy (receiving goods/services by paying cash without paying GST and so on, illegal tobacco, drugs etc) made the 2000 rupee note (the biggest) illegal. Indians had 3 months to take all their hoarded 2000 notes and put them in the bank. After that grace period 2000 notes were to have no value. They did relax this somewhat and still allow them to be used but they are no longer issued and will soon die out.
India can do this as they have an Indian wide electronic payment system that even the poorest of the poor can use.