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You can safely consume the content piece." class="sc-1vv9qcg-0 beGScU"><svg xmlns="http://www.w3.org/2000/svg" width="14" height="16" viewBox="0 0 11 12"><g fill="#00C953"><path fill-rule="evenodd" clip-rule="evenodd" d="M0.132046 0.706548C0.0505465 0.746052 0 0.82155 0 0.903694V5.76155C0.00298169 8.34439 1.73548 10.681 4.41473 11.7158L5.10449 11.9813C5.16895 12.0061 5.24236 12.0063 5.30696 11.9815L6.08418 11.6851C8.81313 10.6728 10.5885 8.31354 10.5888 5.69922V0.903694C10.5888 0.820672 10.537 0.744296 10.454 0.705294C10.454 0.705294 7.02231 -0.000208426 5.30644 4.61929e-08C3.58164 0.000209604 0.132046 0.706548 0.132046 0.706548Z" fill="#00C953"></path><path d="M14.757,14.236l-3.01,2.551-.982-1.2a.99.99,0,0,0-1.427-.114,1.017,1.017,0,0,0-.109,1.4l1.622,1.979a.99.99,0,0,0,1.409.129l3.778-3.2a1.016,1.016,0,0,0,.142-1.4A.99.99,0,0,0,14.757,14.236Z" transform="translate(-7.404 -10.61)" fill="#fff"></path></g></svg></span></a><p class="sc-w2b75e-2 dNqMWl"><time width="160" height="20" dateTime="2021-11-08T04:20:00.183603+00:00" class="">7 months ago</time><small>. <!-- -->New Delhi, Delhi, India</small></p></div><div class="sc-w2b75e-5 THKqz"><button class="dots" title="More Options" aria-label="More Options"><svg width="4" height="15" fill="none" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M1.504 12a1.5 1.5 0 110 3 1.5 1.5 0 010-3zm0-6a1.5 1.5 0 110 3 1.5 1.5 0 010-3zm1.5-4.5a1.5 1.5 0 10-3 0 1.5 1.5 0 003 0z"></path></svg></button></div></header><h1 class="sc-sl5gio-2 bUMqgZ">Five years since demonetisation, Indian economy has more cash in circulation</h1><figure class="sc-sl5gio-9 lhHYpm"><div style="position:relative;display:block;overflow:hidden"><div class="ar-336-600"></div><img src="https://opoyi.com/images/opoyi_UOmNiF6FHFm.jpg" srcSet="https://opoyi.com/images/opoyi_UOmNiF6FHFm.jpg?tr=w-345,q-70,dpr-auto 345w,https://opoyi.com/images/opoyi_UOmNiF6FHFm.jpg?tr=w-600,q-70,dpr-auto 600w" alt="Five years since demonetisation, Indian economy has more cash in circulation" style="position:absolute;top:0;left:0;bottom:0;right:0;inset:0px;box-sizing:border-box;padding:0px;border:none;margin:auto;display:block;height:0px;width:0px;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover" sizes="(max-width: 600px) 100vw,600px"/></div><figcaption class="sc-sl5gio-10 fWXNrj"><p>The Indian government changed its Rs 500 denomination note after demonetising the old Rs 500 note in 2016 (Photo Credit: Unsplash)</p></figcaption></figure><div class="sc-sl5gio-6 kDUUbP"><a href="/topic/narendramodi">#NarendraModi</a><a href="/topic/rbi">#RBI</a><a href="/topic/demonetisation">#Demonetisation</a></div><div class="sc-sl5gio-7 MPOec"><ul> <li>India demonetised two high-value currency notes on November 8, 2016</li> <li>Monday marks five years of the exercise</li> <li>Demonetisation was carried out to drain cash in the system and encourage digital payments</li> </ul></div><div class="sc-sl5gio-8 bMCQXV"><span class="author-by">By</span><a class="author-name" href="https://opoyi.com/profile/8637881244">Sammya Mukhopadhyay</a></div><hr class="sc-sl5gio-13 OtpjX"/><div class="sc-iqp9k8-0 gJKBVx"><p class="sc-2j4b0b-0 fslJYJ"><a href="https://opoyi.com/economy-woes-the-small-guy-waits-for-winds-of-revival">Demonetisation</a> was <a href="https://opoyi.com/pm-modi-celebrates-diwali-with-soldiers-in-nowshera-jk">Narendra Modi</a>-led government’s big move to counter black money back on November 8, 2016. Five years since, currency notes in circulation in value terms have increased 64% till October 29, 2021. Notes in circulation (NIC) went up from Rs 17.74 lakh crore on November 4, 2016 (four days prior to demonetisation) to Rs 29.17 lakh crore till the end of October, according to data released by the <a href="https://opoyi.com/centre-reappoints-shaktikanta-das-as-rbi-governor-for-three-more-years">Reserve Bank of India</a> (RBI). </p><div style="text-align:center;margin:10px 0"><div class="sc-15jch7h-0 hLYYlN"></div><div class="adsContainer"></div></div><p class="sc-2j4b0b-0 fslJYJ">When demonetisation was announced by Prime Minister Narendra Modi, it was said that removing high-value currency notes would deal a death blow on corruption and also usher in larger adoption of digital payments. While digital payments have been on the rise over the last five years, demonetisation does not seem to have impacted cash transactions much. </p><p class="sc-2j4b0b-0 fslJYJ">A significant increase in cash in circulation occurred over the last year. Notes in circulation went up by Rs 2,28,964 crore in 2021 from Rs 26.88 lakh crore on October 30, 2020. The year-on-year increase on October 30, 2020 was Rs 4,57,059 crore. On November 1, 2019, the year-on-year increase was Rs 2,84,451 crore, according to RBI data. </p><p class="sc-2j4b0b-0 fslJYJ">Data show value of bank notes increased by 16.8% and volume of bank notes rose by 7.2% in 2020–21. In 2019–20, the value and volume of bank notes increased by 14.7% and 6.6% respectively.</p><p class="sc-2j4b0b-0 fslJYJ">On November 8, 2016, Prime Minister Narendra Modi announced demonetisation of the Rs 500 and Rs 1,000 currency notes over a televised address at 8 pm. Making the announcement, PM Modi said, “Which honest citizen would not be pained by reports of crores worth of currency notes stashed under the bed of government officers? Or by reports of cash found in gunny bags?”</p><p class="sc-2j4b0b-0 fslJYJ">Aimed to cull out unaccounted cash, the demonetisation exercise was also seen as a nudge towards digital payments. “The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways,” the PM had said in 2016. </p></div><div class="sc-sl5gio-6 kDUUbP"><a href="/topic/narendramodi">#NarendraModi</a><a href="/topic/rbi">#RBI</a><a href="/topic/demonetisation">#Demonetisation</a><a href="/topic/currency">#Currency</a><a href="/topic/reservebankofindia">#ReserveBankOfIndia</a><a href="/topic/news">#news</a><a href="/topic/indianews">#IndiaNews</a><a href="/topic/economy">#Economy</a></div><div><h5 class="sc-8b6um9-0 kKIUfE">Trending on Opoyi</h5><ul data-testid="trendingPost" class="sc-8b6um9-1 irIPut"><li class="sc-8b6um9-2 kTgejy"><a href="/english/who-was-umesh-prahladrao-kolhe-chemist-killed-in-amravati-for-alleged-support-of-nupur-sharma" title="Who was Umesh Prahladrao Kolhe, chemist killed in Amravati for alleged support of Nupur Sharma?" class="sc-8b6um9-3 laUzec">Who was Umesh Prahladrao Kolhe, chemist killed in Amravati for alleged support of Nupur Sharma?</a></li><li class="sc-8b6um9-2 kTgejy"><a href="/english/stranger-things-season-4-how-jason-ruined-plan-to-stop-vecna" title="Stranger Things Season 4: How Jason ruined plan to stop Vecna" class="sc-8b6um9-3 laUzec">Stranger Things Season 4: How Jason ruined plan to stop Vecna</a></li><li class="sc-8b6um9-2 kTgejy"><a href="/english/days-before-udaipur-beheading-amravati-man-stabbed-to-death-for-social-media-post-supporting-nupur-sharma" title="Days before Udaipur beheading, Amravati man stabbed for supporting Nupur Sharma" class="sc-8b6um9-3 laUzec">Days before Udaipur beheading, Amravati man stabbed for supporting Nupur Sharma</a></li></ul></div><div class="sc-sl5gio-17 kJZuou"><div><button aria-label="like" class="sc-1x36o46-0 bBnMZJ"><svg width="22" height="20" fill="none" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M18.716 13.252c1.54-1.357 2.596-3.07 3.054-4.956.246-1.014.269-1.788.188-2.289C21.63 2.532 19.085 0 15.897 0a6.06 6.06 0 00-4.954 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Indian government changed its Rs 500 denomination note after demonetising the old Rs 500 note in 2016 (Photo Credit: Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","metaTitle":"Five years since demonetisation, Indian economy has more cash in circulation","metaDescription":"India demonetised two high-value currency notes on November 8, 2016. Monday marks five years of the exercise. Demonetisation was carried out to drain cash in the system and encourage digital payments.","canonicalUrl":"five-years-since-demonetisation-indian-economy-has-more-cash-in-circulation","extraField":null,"updatedOn":"2021-11-08T04:20:00.183599+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eIndia demonetised two high-value currency notes on November 8, 2016\u003c/li\u003e\n \u003cli\u003eMonday marks five years of the exercise\u003c/li\u003e\n \u003cli\u003eDemonetisation was carried out to drain cash in the system and encourage digital payments\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"","location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Sammya Mukhopadhyay","photo":"https://opoyi.com/images/opoyi_3P8-dIXou.jpg?tr=w-600,q-70,dpr","username":"sammya","id":"eHHzkYx6brHC","role":null},"topics":[{"name":"NarendraModi","slug":"narendramodi","id":"2Mx5OKBUbZfx"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Demonetisation","slug":"demonetisation","id":"z5lXIXDK4PUv"},{"name":"Currency","slug":"currency","id":"7xmHuXmTpwKw"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"news","slug":"news","id":"TtrHLXvjg4wB"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Sammya Mukhopadhyay","id":"GOl1ARDbv7mE","username":"8637881244"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2021-11-08T04:20:00.183603+00:00","publisher":0,"sourceFeed":null,"cleanText":"Demonetisation was Narendra Modi-led government’s big move to counter black money back on November 8, 2016. Five years since, currency notes in circulation in value terms have increased 64% till October 29, 2021. Notes in circulation (NIC) went up from Rs 17.74 lakh crore on November 4, 2016 (four days prior to demonetisation) to Rs 29.17 lakh crore till the end of October, according to data released by the Reserve Bank of India (RBI). ,When demonetisation was announced by Prime Minister Narendra Modi, it was said that removing high-value currency notes would deal a death blow on corruption and also usher in larger adoption of digital payments. While digital payments have been on the rise over the last five years, demonetisation does not seem to have impacted cash transactions much. ,A significant increase in cash in circulation occurred over the last year. Notes in circulation went up by Rs 2,28,964 crore in 2021 from Rs 26.88 lakh crore on October 30, 2020. The year-on-year increase on October 30, 2020 was Rs 4,57,059 crore. On November 1, 2019, the year-on-year increase was Rs 2,84,451 crore, according to RBI data. ,Data show value of bank notes increased by 16.8% and volume of bank notes rose by 7.2% in 2020–21. In 2019–20, the value and volume of bank notes increased by 14.7% and 6.6% respectively. On November 8, 2016, Prime Minister Narendra Modi announced demonetisation of the Rs 500 and Rs 1,000 currency notes over a televised address at 8 pm. Making the announcement, PM Modi said, “Which honest citizen would not be pained by reports of crores worth of currency notes stashed under the bed of government officers? Or by reports of cash found in gunny bags?”,Aimed to cull out unaccounted cash, the demonetisation exercise was also seen as a nudge towards digital payments. “The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways,” the PM had said in 2016.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"Demonetisation, five years of demonetisation, Reserve Bank of India, cash in circulation","originalPublishedOn":"2021-11-08T04:20:00+00:00","languageId":1,"isRedirect":false,"status":2},"alternateUrl":null,"alternateUrlLang":null,"storyTrending":[{"node":{"id":"COf5GFiNqWTw","languageId":1,"slug":"english/who-was-umesh-prahladrao-kolhe-chemist-killed-in-amravati-for-alleged-support-of-nupur-sharma","title":"Who was Umesh Prahladrao Kolhe, chemist killed in Amravati for alleged support of Nupur Sharma?"}},{"node":{"id":"AuQNy26fvNmy","languageId":1,"slug":"english/stranger-things-season-4-how-jason-ruined-plan-to-stop-vecna","title":"Stranger Things Season 4: How Jason ruined plan to stop Vecna"}},{"node":{"id":"6tEEMTR5ywyQ","languageId":1,"slug":"english/days-before-udaipur-beheading-amravati-man-stabbed-to-death-for-social-media-post-supporting-nupur-sharma","title":"Days before Udaipur beheading, Amravati man stabbed for supporting Nupur Sharma"}}],"hashSlug":"6668ef481ac05167ccc431a44a00c58b","host":"https://opoyi.com","removeTime":false,"noPost":false,"lang":"en","suspendPost":false,"nonEmbededTopics":[{"name":"NarendraModi","slug":"narendramodi","id":"2Mx5OKBUbZfx"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Demonetisation","slug":"demonetisation","id":"z5lXIXDK4PUv"},{"name":"Currency","slug":"currency","id":"7xmHuXmTpwKw"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"news","slug":"news","id":"TtrHLXvjg4wB"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"}],"blocks":[{"type":"paragraph","data":{"text":"\u003ca href=\"https://opoyi.com/economy-woes-the-small-guy-waits-for-winds-of-revival\"\u003eDemonetisation\u003c/a\u003e was\n\u003ca href=\"https://opoyi.com/pm-modi-celebrates-diwali-with-soldiers-in-nowshera-jk\"\u003eNarendra Modi\u003c/a\u003e-led government’s big move to counter black money back on November\n8, 2016. Five years since, currency notes in circulation in value terms have increased\n64% till October 29, 2021. Notes in circulation (NIC) went up from Rs 17.74\nlakh crore on November 4, 2016 (four days prior to demonetisation) to Rs 29.17\nlakh crore till the end of October, according to data released by the \u003ca href=\"https://opoyi.com/centre-reappoints-shaktikanta-das-as-rbi-governor-for-three-more-years\"\u003eReserve Bank\nof India\u003c/a\u003e (RBI). "}},{"type":"paragraph","data":{"text":"When demonetisation\nwas announced by Prime Minister Narendra Modi, it was said that removing\nhigh-value currency notes would deal a death blow on corruption and also usher\nin larger adoption of digital payments. While digital payments have been on the\nrise over the last five years, demonetisation does not seem to have impacted\ncash transactions much. "}},{"type":"paragraph","data":{"text":"A significant\nincrease in cash in circulation occurred over the last year. Notes in\ncirculation went up by Rs 2,28,964 crore in 2021 from Rs 26.88 lakh crore on\nOctober 30, 2020. The year-on-year increase on October 30, 2020 was Rs 4,57,059\ncrore. On November 1, 2019, the year-on-year increase was Rs 2,84,451 crore,\naccording to RBI data. "}},{"type":"paragraph","data":{"text":"Data show value of\nbank notes increased by 16.8% and volume of bank notes rose by 7.2% in 2020–21.\nIn 2019–20, the value and volume of bank notes increased by 14.7% and 6.6%\nrespectively."}},{"type":"paragraph","data":{"text":"On November 8, 2016,\nPrime Minister Narendra Modi announced demonetisation of the Rs 500 and Rs\n1,000 currency notes over a televised address at 8 pm. Making the announcement,\nPM Modi said, “Which honest citizen would not be pained by reports of crores\nworth of currency notes stashed under the bed of government officers? Or by\nreports of cash found in gunny bags?”"}},{"type":"paragraph","data":{"text":"Aimed to cull out\nunaccounted cash, the demonetisation exercise was also seen as a nudge towards\ndigital payments. “The magnitude of cash in circulation is directly linked to\nthe level of corruption. Inflation becomes worse through the deployment of cash\nearned in corrupt ways,” the PM had said in 2016. "}}],"isSponsored":null,"description":"India demonetised two high-value currency notes on November 8, 2016. Monday marks five years of the exercise. Demonetisation was carried out to drain cash in the system and encourage digital payments.","metaTitleUpdate":"Five years since demonetisation, Indian economy has more cash in circulation","keywords":"Demonetisation, five years of demonetisation, Reserve Bank of India, cash in circulation","dataAuthor":{"title":"By","name":"Sammya Mukhopadhyay","id":"GOl1ARDbv7mE","username":"8637881244"},"isShared":false,"galleryPost":false,"isImagePostType":false,"twitterCreator":"Opoyis","messages":{"Index":{"USER":"Hi {username}, start creating a post...","TRENDING":"Trending","FOLLOWING":"Following","HISTORY":"History","SHARE":"Share","SHAREHEADING":"Share a post","DISCARD":"Discard","LOCATION":"Location","CANCEL":"Cancel","DISCARDTEXT":"Discard this post?","MAYBELATER":"Later","ENABLE":"Enable Notifications","NOTIFICATION":"Don’t miss any updates","NOTIFICATIONTEXT":"Get notified on the most important stories as they happen.","WRITE_STORY":"Write Your story here...","COPY_LINK":"Copy Link","SHARE_TO_OPOYI_FEED":"Share to Opoyi Feed","SHARE_TO_FACEBOOK":"Share to Facebook","SHARE_TO_WHATSAPP":"Share to WhatsApp","SHARE_TO_TWITTER":"Share to Twitter","MORE_OPTIONS":"More Options","SELECT_LOCATION":"Select a Location","SEARCH_LOCATION":"Search a location...","WHATSAPP_TOAST_MSG":"Sharing to Whatsapp","FACEBOOK_TOAST_MSG":"Sharing to Facebook","TWITTER_TOAST_MSG":"Sharing to Twitter","COPY_LINK_TOAST_MSG":"Link copied successfully!","OPOYI_FEED_TOAST_MSG":"Sharing to Opoyi Feed","MORE_OPTION_MSG":"Sharing outside Opoyi","ERR_TOAST_MSG":"Somthing is Wrong, Unable to post","POST":"Post","TITLE":"Title","SUMMARY":"Summary","HIGHLIGHTS":"Highlights","ADD_SUMMARY":"Add summary of the story...","CREATE_POST":"Create post","EDIT_POST":"Edit post","ADD_COVER_IMAGE":"Add a Cover Image","WRITE_ABOUT_IMAGE":"Write something about this image…","IMAGE_UPLOAD_ERR":"Unable to upload the image, Please retry","PLEASE_WRITE_TITLE":"Please write title of post","PLEASE_WRITE_STORY":"Please write something in story","IMAGE":"Image","NOTIFICATION_ENABLED":"Notifications are Enabled","UNKNOWN_ERROR":"Ooops, Something is wrong"},"Disclaimer":{"DISCLAIMER":"Disclaimer","OPINION_DISCLAIMER":"The views expressed in this article are the personal opinions of the author. 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