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Four years since demonetisation: Cash in system steadily rising, at all-time high -George Mathew and Sandeep Singh

-The Indian Express

After Rs 500 and Rs 1,000 notes were withdrawn from the system in November 2016, currency with the public, which stood at Rs 17.97 lakh crore on November 4, 2016, declined to Rs 7.8 lakh crore in January 2017 soon after demonetisation.

Four years after the government announced demonetisation on November 8, 2016, the currency with public for the fortnight ended October 23, 2020 stood at a record high of Rs 26.19 lakh crore — up 45.7 per cent or Rs 8.22 lakh crore from a level of Rs 17.97 lakh crore on November 4, 2016. In the fortnight ended October 23, 2020, the currency with public rose by Rs 10,441 crore to hit a new high.

After Rs 500 and Rs 1,000 notes were withdrawn from the system in November 2016, currency with the public, which stood at Rs 17.97 lakh crore on November 4, 2016, declined to Rs 7.8 lakh crore in January 2017 soon after demonetisation.

Cash in the system has been steadily rising, even though the government and the Reserve Bank of India (RBI) pushed for a “less cash society”, digitisation of payments and slapped restrictions on the use of cash in various transactions.

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