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LATEST NEWS UPDATES | Six years since demonetisation, cash with public at record high of ₹30.88 lakh crore

Six years since demonetisation, cash with public at record high of ₹30.88 lakh crore

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published Published on Nov 6, 2022   modified Modified on Nov 7, 2022

-PTI/ The Hindu

The intent of the move, which was criticised by many experts for poor planning and execution, was to make India a "less cash" economy.

Currency with the public has jumped to a new high of 30.88 lakh crore as of October 21, illustrating that cash usage is still robust even six years after the demonetisation move.

At 30.88 lakh crore, the currency with the public is 71.84% higher than the level for the fortnight ended November 4, 2016. On November 8, 2016, Prime Minister Narendra Modi had announced the decision to withdraw 500 and 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.

The intent of the move, which was criticised by many experts for poor planning and execution, was to make India a "less cash" economy.

As per the fortnightly data on money supply released by the RBI on Friday, the currency with the public increased to 30.88 lakh crore as on October 21. The central bank data for Reserve Money had put the currency in circulation at 17.7 lakh crore on November 4, 2016.

Currency with public refers to notes and coins used by people to transact, settle trades, and for buying goods and services. The figure is arrived at after deducting cash with banks from the currency in circulation.

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PTI/ The Hindu, 6 November, 2022, https://www.thehindu.com/news/national/six-years-since-demonetisation-massive-jump-in-cash-with-public-at-3088-lakh-crore/article66103872.ece?homepage=true


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