More currency is in circulation now than of demonetization period, the RBI report
Wednesday - August 29, 2018 2:35 pm ,
Category : INDIA
At the time of the demonetisation, amount of old currency out from economy is less than currency now in circulation. In November 2016, Rs 15.44 lakh crore was out of currency practice. Till March 2018, currency circulation of Rs 18.03 lakh crores came into operation. There has been an increase of 37.7% in the last one year. The RBI claimed in the report of 2017-18 released on Wednesday.
According to the report, as per March 2017, 72.7 percent of total currency flow having notes is 500 and 2000 rupees. By March 2018, 80.2% of 500 and 2000 rupees notes in circulation in the total currency circulation notes amount. According to the RBI, the Indian economy has improved in the last financial year with Increasing investment and construction in the country. Inflation on an annual basis decreased. Credit growth has also returned to double digit compared to the last few years. The GST proved to be important in the indirect tax system.
November 8, 2016, from 12 o'clock in the night, 1000 and 500 value notes were out of currency. 86% of the running currency notes i.e. Rs 15.44 lakh crore were out of currency notes. This amount is equivalent to Gross Domestic Product (GDP) of 60 small countries.
