Five Years Since Demonetisation, Value Of Cash In Circulation Up 64%

Though the federal government had launched its sudden transfer of demonetisation to cull out black cash by removing foreign money notes value 500 and 1,000 rupees denomination out of the system, on November 8, 2016, the notes in circulation in worth phrases have elevated by 64 per cent since that day until October 29, 2021.According to information launched by the Reserve Bank of India (RBI), notes in circulation (NIC) when it comes to worth, went up from Rs 17.74 lakh crore on November 4, 2016 (simply 4 days earlier than demonetisation was introduced), to Rs 29.17 lakh crore on October 29, 2021, a rise of 64 per cent.This exhibits that the opposite function of demonetisation, i.e. promotion of digital funds, has not impacted money transactions a lot. The NIC went up by Rs 2,28,963 crore on October 29, 2021 from Rs 26.88 lakh crore as on October 30, 2020.The year-on-year enhance on October 30, 2020, was Rs 4,57,059 crore.The RBI information additional confirmed that the year-on-year enhance in NIC on November 1, 2019, was Rs 2,84,451 crore.The worth and quantity of financial institution notes in circulation had elevated by 16.8 per cent and seven.2 per cent, respectively, throughout 2020-21 as towards a rise of 14.7 per cent and 6.6 per cent respectively throughout 2019-20.