5 years after demonetisation, notes below circulation in worth phrases have gone up
Although the federal government had launched its sudden transfer of demonetisation to cull out black cash by removing forex 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.
In line with knowledge launched by the Reserve Financial institution of India (RBI), notes in circulation (NIC) by way of 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 objective 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 improve on October 30, 2020, was Rs 4,57,059 crore.
The RBI knowledge additional confirmed that the year-on-year improve 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.
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