Finance Minister Nirmala Sitharaman said note in circulation (NiC) has witnessed an annual growth of 7.98 per cent to Rs 31.92 lakh crore as of December 2, 2022. The demand for currency depends upon several macroeconomic factors, including economic growth and level of interest rates, she said.
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Six years after demonetisation, the currency in circulation has jumped to a new high of Rs 32 lakh crore reflecting that cash still remains the preferred choice of payment for Indians. Compared with the pre-demonetisation period, it has increased by a massive 72 per cent( in value and 45 % increase in volume) from Rs 17 lakh crore on November 4, 2016. The demonetisation (of Rs 500 and Rs 1,000 notes that ceased to be legal tender) was announced by Prime Minister Narendra Modi on November 8, 2016, with the aim of reducing the circulation of black money in the economy, among other objectives.
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