83 percent increase in currency notes after 6 years of demonetisation; RBI data A to Z Counsel

Circle Institute, New Delhi: To stop the black money, the central government would have taken the decision of banning the old notes of 500 and 1000 rupees on November 2016. However, only after six years, it has become clear that the proof of the stoppage has not decreased in practice. On December 23, 2022, the total value of daily currency notes would have been Rs 32.42 lakh crore. There has been an increase of 83 percent compared to the total value of notes in circulation before the announcement of demonetisation. The matter has become clear only from the figures of the Reserve Bank.

What happened after the decision?

– Before Prime Minister Narendra Modi announced the decision of demonetisation, that is, on November 4, 2016, a total of Rs 17.74 lakh crore worth of notes were transacted in the country.

– Due to demonetisation announced on 8 November 2016, old notes of Rs 500 and Rs 1000 were cancelled.

– Or the government has given the deadline till March 31, 2017 to exchange through NOTA bank.

– From the parties opposing the decision of demonetisation; Also comment from some economists.

Out of the old notes of five hundred and one thousand, 99.3 percent notes (15.3 lakh crore rupees) were deposited in the bank.

– After demonetisation, the total value of notes in circulation decreased by Rs 9 lakh crore.

– With regards to the new note of Rs 500 from the Reserve Bank after demonetisation; Also a new note of two thousand rupees was also filed.

– One thousand rupee note only after demonetisation.

– Decision of demonetisation challenged in the Supreme Court through various petitions.

Sometimes, how much?

– 37.67 percent increase in currency notes at the end of March 31, 2018 as compared to March 31, 2017. Or the running price is Rs 18.03 lakh crore.

– At the end of March 2019 and March 2020, the value of currency notes was Rs 21.1 lakh crore and Rs 24.2 lakh crore respectively. By the end of March 2021, it is worth Rs.28.26 lakh crores. Thus, the total value of notes in circulation at the end of March 2022 is Rs.31.05 lakh crore.

– At the end of March 2022, the number of notes in circulation increased to Rs 13,053.3 crore.

– The Supreme Court’s majority declared that the demonetisation decision of the central government was innocent. The opinion of one of the judges in the five-member bench against demonetisation.