Since demonetisation in 2016, the amount of money in circulation has increased by 83%

The rupee in circulation (CIC), which has increased by about 83% after the announcement on November 8, 2016, has not been significantly impacted by the demonetisation of the greater paper currency of 500 and 1,000. 

On Monday, the Supreme Court backed the government’s choice to implement demonetisation. One of the main goals of the historic decision, which was announced by Prime Minister Narendra Modi on November 8, 2016, was to encourage digital payments and prevent the circulation of illegal money. 

The CIC increased significantly in value from 17.74 lakh crore on November 4, 2016, to 32.42 lakh crore on December 23, 2022, according to Reserve Bank data.

This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.

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