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The Dash of Cash
Business Today India
|December 11, 2022
Currency in circulation has jumped to a new high of ₹30.89 lakh crore as of October 21, 2022, reflecting that Indians still love cash transactions
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CASH IS STILL king. Six years after demonetisation, the currency in circulation has jumped to a new high of ₹30.89 lakh crore as of October 21, 2022, reflecting that cash still remains the preferred choice of payment for Indians. Compared with the pre-demonetisation period, it has increased by a massive 72 per cent from ₹17 lakh crore on November 4, 2016. The demonetisation (of ₹500 and ₹1,000 notes that ceased to be legal tender) was announced by Prime Minister Narendra Modi on November 8, 2016, with the aim of reducing the circulation of black money in the economy, among other objectives.
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