Morrison Government to limit cash transactions
Scott Morrison is the 30th and current Prime Minister of Australia

As per the reports, Morrison government is planning to ban on cash transactions of more than $10,000; private transactions, legally required payments made by public officials and digital currency payments. In July, a new legislative draft released by demanding limits on cash transactions and jail sentences for the defaulters. The proposal was announced during the federal-budget.

The panel has decided the maximum penalties of 2 years prison and/or a fine of $25,200.

The Black Economy Taskforce estimates that the value of illegal activity could be worth as much as 3% of GDP, which is costing the Australian economy up to $50 billion a year. The authority believes that this will help crack-down on criminals, syndicates and illicit tobacco traders and limit under-reporting of income and GST.

Source – The Big Smoke