Demonetisation: Big jump in cash with public at Rs 30.88 trn in 6 yrs
Currency with the public has jumped to a new high of Rs 30.88 lakh crore as of October 21, illustrating that cash usage is still robust even six years after the demonetisation move.
At Rs 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016. On November 8, 2016, Prime Minister Narendra Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.
The intent of the move, which was criticised by many experts for poor planning and execution, was to make India a "less cash" economy.
As per the fortnightly data on money supply released by the RBI on Friday, the currency with the public increased to Rs 30.88 lakh crore as on October 21. The central bank data for Reserve Money had put the currency in circulation at Rs 17.7 lakh crore on November 4, 2016.
Currency with public refers to notes and coins used by people to