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Five years after demonetisation, notes under circulation in value terms have actually gone upThough the federal government had actually introduced its abrupt relocation of demonetisation to cull out black money by extracting currency notes worth 500 and 1,000 rupees denomination out of the system, on November 8, 2016, the notes in circulation in worth terms have increased by 64 percent because that day till October 29, 2021.
According to data launched by the Reserve Bank of India (RBI), keeps in mind in flow (NIC) in terms of worth, increased from Rs 17.74 lakh crore on November 4, 2016 (just four days prior to demonetisation was revealed), to Rs 29.17 lakh crore on October 29, 2021, an increase of 64 per cent.This reveals that the other function of demonetisation, i.e.
promo of digital payments, has not impacted money transactions much.
The NIC increased 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 boost on October 30, 2020, was Rs 4,57,059 crore.The RBI information further revealed that the year-on-year boost in NIC on November 1, 2019, was Rs 2,84,451 crore.The worth and volume of bank notes in flow had increased by 16.8 per cent and 7.2 per cent, respectively, throughout 2020-21 as against a boost of 14.7 per cent and 6.6 per cent respectively during 2019-20.
Business
5 Years Considering That Demonetisation, Worth Of Money In Blood circulation Up 64%
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