Currency circulation in India at 99% of pre-demonetisation level: RBI data
Currency in circulation in India stood at Rs17.78 trillion as on 16 February, 98.94% of the Rs17.94 trillion that was in circulation before demonetisation
Mumbai: Currency in circulation in India stood at Rs17.78 trillion as on 16 February, reaching 98.94% of the pre demonetisation level, according to the latest data released by the Reserve Bank of India (RBI).
On 4 November 2016, the latest data released by the central bank before high-value banknotes were invalidated on 8 November, the currency with the public was Rs17.97 trillion. Subsequently, it dropped to a low of Rs8.98 trillion as on 6 January 2017. The demonetisation, aimed at countering tax dodgers and counterfeiters, sucked out 86% of the currency in circulation. The government had then also pointed out to relatively lower levels of currency with the public as a success.
According to central bank’s annual report, 98.96% of notes (by value) that were invalidated had returned to the RBI by the end of June 2017.
- Write-offs at PSBs grow at faster clip than loan growth
- Monetary policy panel cites inflationary risks as reason for RBI rate hike
- Vivo invests ₹200 crore to ramp up manufacturing at Greater Noida facility
- Ad agency Rediffusion to launch new logo, vision
- CSIR lab develops potential clot buster drug for stroke, licences it for clinical trials
Editor's Picks »
- At opposition meet, Rahul Gandhi targets govt over Rafale deal
- News in numbers: Trump’s attacks on the press ‘dangerous to the lifeblood of democracy’, says NYT
- Former Religare CEO Shachindra Nath raises about ₹1,000 crore for NBFC
- PE industry lobbies CCI for anti-trust exemptions
- Opinion | Turkey flashes warning sign to Asia
- Recent rise in trade deficit is not due to the oil prices
- Safeguard duty proposal has deepened uncertainty in the solar energy sector
- Fortis Healthcare: What now, after IHH entry and June quarter loss?
- Weak Q1 for Amara Raja but investors pin hopes on softening lead prices
- IDBI Bank Q1 results show how expensive it is for LIC