Four years of banknote ban: Cash usage in the country continues to rise, digital campaign has made no difference

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New Delhi, Monday 9 November 2020

It has been 4 years since the banknote ban and subsequent campaign to promote digital transactions, but surprisingly, the use of cash in the country has not declined in the meantime and has now reached record levels.

It may be mentioned here that 4 years ago, on November 8, 2016, Narendra Modi suddenly announced this in his address to the nation at 8 pm. The 500 and 1000 notes were declared illegal from 12 noon on the same day, i.e. the currency of these notes was closed.

It was then argued in favor of the ban that it would bring out the black hole, reduce cash transactions, the government has since launched a campaign to encourage more digital transactions, but the statistics say the same.

What the statistics say

According to a report in the Indian Express, before the ban, on November 4, 2016, the total currency in the country was Rs 17.97 lakh crore. In the months following the ban, it certainly declined sharply, but now it has reached new record levels again. After the ban, in January 2017, the country's currency depreciated to Rs 7.8 lakh crore.

Subsequently, there was a constant emphasis by the government and the Reserve Bank on the low use of cash and ‘cashless society’ and digital transactions. But if we look at the latest figures, in the fortnight of October 23, 2020, the total value of the currency in the country was Rs 26.19 lakh crore, which is a record to date. This is 45.7 per cent or Rs 8.22 lakh crore more than the November 4, 2016 level. In the fortnight of October 23, there was an increase of Rs 10,441 crore in public.

Currency has risen rapidly since this year

Especially in the last 10 months of the Corona period, the value and spread of the currency in the country has increased very fast. As on January 3, 2020, the total value of currency in the country was Rs 21.79 lakh crore, but by October 23, 2020, it has increased to Rs 26.19 lakh crore.

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