Currency with the public declined 2.28 per cent year-on-year during the April-October period of 2023 for the first time after the government announced demonetisation on November 8, 2016. With cash remaining the preferred mode of payment, currency with public for the fortnight ended October 20, 2023 stood at Rs 32.01 lakh crore, down by Rs 74,728 crore in the current financial year so far.
The decline is mainly due to the Reserve Bank of India’s (RBI) decision to withdraw the Rs 2,000 denomination notes from circulation on May 19 this year. While the value of Rs 2,000 notes was at Rs 3.62 lakh crore when the withdrawal was announced, notes worth Rs 10,000 crore notes are yet to come back to the RBI.
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