Its 5 years since Note ban in India:
The public has money Five years continued to grow After the Government, one-On demonetization announced in India 8 November 2016. Pre-cash balance with-Paid-in-the round mode, currency With the end of the public fortnight October 8, 2021 remained on record At a high of Rs 28-30 lakh crore 5748 per cent or Rs 10.33 lakh Crore, rs 17.97 lakh level Crore on 4th November 2016.
Cash There has been a 21.1 per cent increase with the public 9.11 lakh crore to percentage, Recorded on 25 November 2016. According to the Reserve Bank India’s RB data for fortnight Ending October 23, 2020, Curve Rose by rs reency with public 155.82 crore before Diwali Festival. It increased 8.5 percent, or Rs. 2.21 lakh crore, on one year- On the basis of year.
After 500-1000 notes Withdrawn in November 2016, currency with the public, 18 lakh crore Decreased on November 2016 8 lakh crore in January 2017 Cached in system Is constantly growing, even if Government and RBI Pushed for a “low cash society.” Digitization of payments and im Banned from use Cash in various transactions. The leap was mainly driven By rush for cash by the public 2020 As government- Tough lockdown announced To deal with the spread of covid.
According to rib’s definition, currency aft with the public . has come on Cash cuts with banks from the total currency in circulation (Asia refers to the casher currency Within a country that is physically The transaction is used to: Between consumers and businesses. Currency surge in Sarkula Not in absolute number A reflection of reality. “What is needed The curve to be kept in mind is: currency for GDP ratio, which was Come down after demonetizes: “A banker said,” said one banker. Cash in GDP movement.
The ratio has been 10-12 per cent About FY20. However, post Due to epidemic and growth Cash in ecosystem, cic 14 of GDP . Expected to grow Percentage up to FY25. RBI’s own Cic’s view suggests there is CC . Little or no relationship between And digital payment penetration And that will grow in line with ci nominal GDP.
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