Tuesday, May 28, 2024

6 years after demonetisation, RBI finds record 30.88 lakh crore currency with public

Indian Rupees

Currency in circulation among citizens increased to a new high of Rs 30.88 lakh crore in October, breaking the record, a report by the Reserve Bank of India said, as India marks another anniversary of controversial demonetisation.

The amount of currency with the public as on October 21 was 71.84% higher than the amount for the fortnight that ended on November 4, 2016, just four days before India disqualified its high-value bills.

The amount of cash with the public on November 4, 2016, was Rs 17.7 lakh crore.

On November 8, 2016, Indian Prime Minister Narendra Modi announced the demonetisation exercise under which notes of denominations of Rs 500 and Rs 1,000 would become disqualified overnight.

One of the stated aims of the move was to reduce the usage of cash and increase the use of digital transactions instead.

The figure is calculated by deducting the amount of cash with banks from the total amount of currency in circulation.

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