Demonetization Date: The country will have completed six years of demonetization tomorrow, November 8. Yet the debate continues as to whether it was a success or not. Many financial experts contend that demonetization was a complete failure. While others assert that it was successful in eliminating black money. A new report from the RBI reveals that the country is still using a lot of currency, and as a result, it’s probable that the debate over demonetization may flare up once more.
How much money is in circulation countywide?
By October 21, 2022, the amount of cash in circulation had hit a record high of Rs 30.88 lakh crore, demonstrating that the nation has continued to use cash extensively even six years after demonetization. This amount is 71.84% larger than the amount of currency in circulation for the two weeks ending November 4, 2016.
With Rs. 30.88 lakh crore in cash, it is at a record high.
The amount of currency in circulation among the general people climbed to Rs 30.88 lakh crore as of October 21 this year, according to information on the money supply issued by the Reserve Bank of India (RBI) every two weeks. Gone. It was Rs 17.7 lakh crore for the two weeks that ended on November 4, 2016.
The date of demonetization was November 8, 2016.
On November 8, 2016, Prime Minister Narendra Modi demonetized the 500 and 1,000 rupee notes to combat corruption and the problem of black money in the economy. The intention was to make India’s economy “less cash-based.” Many experts criticized the action as having poor strategy and execution.
Despite digital operations, the Indian economy is using cash more frequently.
The amount of currency in circulation among the public can be calculated by deducting the amount of cash deposited at banks from the total amount in circulation. Notably, the use of cash in the Indian economy is continuously rising despite the popularity of fresh and practical digital payment choices. One explanation for this might be that the lower middle class and lower class in the nation do not have access to digital facilities and find it more comfortable to do transactions in cash.
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