Modi's demonetisation move goes viral? Singapore learns from India, to BAN its 1,000 dollar note! Here is why

It seems PM Narendra Modi's demonetisation move has gone viral globally and now, it is being implemented by other countries as well to tighten the noose around the flow of black money.

In a major development, Singapore on Tuesday announced that it will discontinue the circulation of 1,000 Singapore dollar (SGD) notes from the beginning of next year to counter money laundering and terror financing risks associated with large denomination currency.

The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes, said the MAS, the country's de-facto central bank. The SGD 1,000 note is currently valued at INR 54,501.

A limited quantity of SGD 1,000 notes will be made available each month from now until December 2020, said the Monetary Authority of Singapore (MAS). Existing SGD 1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment, it added.

The MAS will make available sufficient quantities of other denominations, in particular the SGD 100 note which is the next highest denomination after the SGD 1,000 note, to meet demand.

The MAS is also encouraging everyone to go cashless and use electronic payment systems.