Cash still king as circulation at 99% of pre-demonetisation level: RBI data

Almost a year after the demonetisation drive, the currency in circulation, as on 16 February 2018, stood at Rs 17.78 trillion (Rs 17.78 lakh crore), according to a Live Mint report.
Before November 8, 2016, the total currency with the Indian public, according to RBI data, was Rs 17.97 trillion. The demonetisation drive sucked Rs 14.48 trillion out of the system.

This means that as of 16 February, 99.94 per cent of the currency is back in circulation.
During a short span from November 9 to December 31, 2016, the Reserve Bank pumped in 23.8 billion pieces of bank notes into circulation aggregating Rs 5,540 billion in value.
Nearly half the currency notes circulated by the Reserve Bank of India during the first nine months of 2017-18 were of smaller denomination, such as Rs 200, Rs 100 and below. This is in line with the government's move to push digitisation and encourage people to do digital banking for high-value transfers.
As on June 16, 2017, the currency in circulation stood at Rs 15.29 trillion (Rs 15.29 lakh crore), or 86.2 per cent of the pre-demonetisation level, according to a Business Standard report.

Another new note, this time for Rs 200, from RBI on its way?

Are you tired of receiving higher denominations of Rs 2,000 and Rs 500 notes? Or are you still grappling under the effects of demonetisation where Rs 100 notes are a rare sight at Automated teller machines (ATMs)? Worry no more —The Reserve Bank of India (RBI) has cleared a proposal to inject Rs 200 notes around June, 2017.

The development comes after anonymous sources revealed that the decision was taken at the RBI board meeting in March, Live Mint reported.

The move comes against the backdrop of government’s aim to rework the Indian monetary system. An RBI spokesperson declined to comment.

Even though the RBI lifted all cash withdrawal caps from ATM and banks on March 13, 2017, operators say there is a dearth of lower denomination banknotes.

The RBI board has 14 members, including Urjit Patel, four deputy governors, Economic Affairs Secretary Shaktikanta Das.

Narendra Modi government's surprise move on November 8 to scrap Rs 500 and Rs 1,000 notes has posed some temporary trouble for consumers in a cash-dominant economy like India, putting 86 per cent of the currency out of circulation. (READ MORE)