At Rs 16.35 lakh cr, cash in circulation 9% less than pre-note ban days

Digital payments has increased compared with pre-demonetisation level, but by varying extents each month

One year after the government annulled high-denomination currency notes and subsequently replaced them with new notes, the total currency in circulation remains 9% less in value terms. Digital payments have increased in number and value, but fluctuate month to month.

On November 8, 2016, Prime Minister Narendra Modi had announced a surprise withdrawal of Rs 500 and Rs 1,000 notes–which constituted 86% of cash in circulation at the time–a move he said would help weed out corruption, curb money laundering, and remove black money and counterfeit notes from the system.