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Switzerland is redesigning one of world’s most valuable currency note

FE Online

Among the world s most valuable currency notes, Switzerland s 1,000-franc note ($1,002) is currently underway its design makeover and will be unveiled on March 5. The revamping of the top Swiss currency note comes against international criticism of such large denomination notes of world s top currencies aiding crime and tax evasion, Bloomberg reported.

The international call against such large notes already has the European Central Bank stopping further issuance of its 500-euro note.

However, Martin Buyle, the chief executive officer of Orell Fuessli that produces Switzerland s banknotes believed the revamped 1,000-franc note won t be used commonly.

It’ll be a very nice note that most of us will never set eyes on unless you go to a bank and have them show it to you, Buyle said.

Nonetheless, as per a survey by the country s central bank – Swiss National Bank, only near 20 per cent of people used cash for payments of over 1,000 francs. 54 per cent of people paid cash for payments up to 500 francs, the survey conducted in 2017 said.

Cash will retain its appeal for a very long time, thanks to the anonymity, Buyle said.

Switzerland, which was once considered as the safe haven for the world s wealthy to allegedly park their black money, has made privacy among its key priorities. For instance, the launch of its national rail card led to an outcry that it might be used to track users travel habits, Bloomberg report said.

Back in India, black money was among the top poll issues during the 2014 Lok Sabha elections campaign by Modi to convince people that he would focus on curbing the black money flow to the Swiss banks. The 2016 demonetisation too was hailed as a move by Modi to curb domestic the black money issue among others.

In July last year, interim Finance Minister Piyush Goyal, citing data from the global body of central banks and the Bank for International Settlements, said in the Parliament that Indian deposits in Swiss banks reduced by 80 per cent after Modi became Prime Minister in 2014.