According to RBI, the value of notes in circulation as on October 30, 2020, was Rs 26.88 lakh crore. It increased by Rs 2,28,963 crore till October 29, 2021.
It has been five years since the demonetisation has done on November 08, 2016. Since demonetisation, there has been an increase in the trend of digital payments across the country. However, despite the huge growth in digital payments five years after demonetisation, the number of notes in circulation is also increasing rapidly.
Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1000 notes from midnight on November 8, 2016. The motive behind this decision was to promote digital payments and curb black money.
After demonetisation, for the next several months, there was a lot of chaos in the country. People had to stand in long lines in banks to deposit old notes and get new notes. Those who were told that demonetisation will bring back black money, terrorism will be stopped, but nothing like this has been seen in the last 5 years.
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