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.
Latest RBI data on currency circulation
- 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
- On 4 November 2016, the currency with the public was Rs17.97 trillion
- Subsequently, it dropped to a low of Rs8.98 trillion as on 6 January 201
Government’s aim behind demonetisation
- The demonetisation, aimed at countering tax dodgers and counterfeiters, sucked out 86% of the currency in circulation
- The government had then also pointed out to relatively lower levels of currency with the public as a success