In 2016, ₹ 16.41 lakh crore notes were in circulation, now it’s ₹ 31.92 lakh crore
New Delhi: Despite a big push to a cashless economy, circulation of currency notes has almost doubled since demonetisation.
As per the data tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha on Monday, the value of notes in circulation was Rs 31.92 lakh crore in December 2022, up from Rs 16.41 lakh crore in 2016.
The minister informed the house that the notes in circulation witnessed an annual growth of 7.98 per cent to Rs 31.92 lakh crore as of December 2, 2022, as against Rs 29.56 lakh crore as of December 2021.
The volume of currency notes in circulation in 2016 was 90,266 million pieces, which rose consistently through subsequent years and was 1,30,533 million pieces in 2022. The volume of notes in circulation increased by 45 per cent between 2016 and 2022.