New Delhi: Even after six years of demonetization, there is no decline in the use of banknotes among people. As of 21 October, people are in possession of banknotes worth Rs 30.88 lakh crore. On November 8, 2016, Prime Minister Narendra Modi banned 500 and 1000 banknotes in the name of eliminating corruption and black money.
As of November 4, 2016, people have 71.84% more cash in their currency than November 4, 2016. At the time, this was rumored to be a move to transform India into a low-currency economy.
But according to data released by the RBI on Friday, it was claimed that as of October 21, 30.88 crore lakh rupees are held by the people as a currency. As of November 4, 2016, people held currency worth Rs 17.7 lakh crore.
Summary in English: Cash with an audience at an all-time high of ₹ 30.88 Lakh Crore, 6 years after the demonetization
