India: A cash-heavy nation
India prints more notes than many other countries
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Globally, the cash in circulation to GDP ratio has ranged from 2.5% to 8%...
...but for India, it is 13% due to the predominant usage of cash by a majority of the population
In 2013: 154 billion banknotes were issued globally...
.... China issued the largest no. of notes, 54 billion
.... and India 20 billion
Global Projections of banknotes for next 3 years
2014: 160 billion
2015: 166 billion
2016: 173 billion
India also withdraws more banknotes from circulation than the number of banknotes collectively produced by all countries taken together with the exception of China. India withdraws over 75% of all notes in circulation every year
...but for India, it is 13% due to the predominant usage of cash by a majority of the population
In 2013: 154 billion banknotes were issued globally...
.... China issued the largest no. of notes, 54 billion
.... and India 20 billion
Global Projections of banknotes for next 3 years
2014: 160 billion
2015: 166 billion
2016: 173 billion
India also withdraws more banknotes from circulation than the number of banknotes collectively produced by all countries taken together with the exception of China. India withdraws over 75% of all notes in circulation every year
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First Published: Apr 29 2014 | 12:05 AM IST