Phasing out of physical cash would be a boost to our economy

GIVEN the necessity for successive stringent budgets, including expansion of the taxation net, I have a proposal for Finance Minister Michael Noonan — consider starting to phase out physical cash in the next five years.

This is one way of boosting tax revenue as currently businesses which deal primarily in cash, some of which are thriving in the black economy, will be obliged to conduct transactions exclusively using cheque, bank draft or credit/laser card payment options, exposing them to the operational remit of the Revenue Commissioners.

A full review should be commissioned by the Department of Finance to explore the viability of this policy.