5 Years of Demonetisation: 5 Years After Demonetisation, Record Increase in Cash Usage, Circulation Up 64%
Central government black money To rein in the 500 and 1,000 rupee notes, five years ago on 8 November 2016, Demonetisation While announcing the announcement, he was suddenly thrown out of the system. But, from that day till 29 October 2021, there has been an increase of 64 percent in terms of value in the notes in circulation.
According to the data released by the Reserve Bank of India (RBI), the notes in circulation (NICs) in terms of value stood at Rs 17.74 lakh crore as on November 4, 2016 (four days before the announcement of demonetisation). Which increased to Rs 29.17 lakh crore by October 29, 2021. There has been a total increase of 64 percent in this.
It is also clear from this that efforts to promote digital payments, the second objective of demonetisation, have not affected cash transactions much.
According to RBI, the value of notes in circulation i.e. NIC was Rs 26.88 lakh crore till October 30, 2020. In which there has been an increase of Rs 2,28,963 crore till October 29, 2021. The year-on-year growth in NIC as on October 30, 2020 was Rs 4,57,059 crore.
According to RBI data, the year-on-year growth in NICs as on November 1, 2019, stood at Rs 2,84,451 crore.
At the same time, the value and quantity of banknotes in circulation had increased by 16.8 per cent and 7.2 per cent respectively during 2020-21, as compared to 14.7 per cent and 6.6 per cent, respectively, during 2019-20.