INSUBCONTINENT EXCLUSIVE:
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
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.
