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RBI Notifications Finance and Banking

Currency circulation in India at 99% of pre-demonetisation level: RBI data

Note4students

Mains Paper 2: Governance | Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources.

From UPSC perspective, the following things are important:

Prelims level: Not much

Mains level: One of the aims behind the demonetization was to make India a less-cash society. But it is not achieved, as shown by the data released by RBI.


News

Latest RBI data on currency circulation

  1. According to the RBI, currency in circulation in India stood at Rs17.78 trillion as on 16 February, reaching 98.94% of the pre demonetisation level
  2. On 4 November 2016, the currency with the public was Rs17.97 trillion
  3. Subsequently, it dropped to a low of Rs8.98 trillion as on 6 January 201

Government’s aim behind demonetisation

  1. The demonetisation, aimed at countering tax dodgers and counterfeiters, sucked out 86% of the currency in circulation
  2. The government had then also pointed out to relatively lower levels of currency with the public as a success
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