New Delhi: Even after six years of demonetisation, there is no decline in the use of currency notes among people. As of October 21, people are holding notes worth Rs 30.88 lakh crore. On November 8, 2016, Prime Minister Narendra Modi banned 500 and 1000 notes in the name of eliminating corruption and black money.
As of November 4, 2016, people have 71.84% more cash in their currency than they did as of November 4, 2016. It was said at that time that this was a move to transform India into a low-currency economy.
But according to the figures released by the RBI on Friday, it has been stated that till October 21, 30.88 lakh crore rupees are held by the people as currency. As of November 4, 2016, people were holding currency worth Rs 17.7 lakh crore.
English Summary: Cash With Public At Record High Of ₹ 30.88 Lakh Crore, 6 Years After Demonetisation