India’s decision to ban Rupee notes above 500 has become the financial media’s topic du jour.
However, India is in fact just the latest in a series of countries to ban physical cash in higher denominations.
The war on cash has been going on since at least 2014 if not earlier.
To that end, France has banned any transaction over €1,000 Euros from using physical cash. Spain has banned transactions over €2,500. Uruguay has banned transactions over $5,000.
Outside of these countries Canada, Norway, Denmark, Australia, New Zealand, Ireland, Mexico and other nations are currently either proposing or rolling out programs that will ban cash from certain transactions if not completely.