Massive jump in cash with public

Currency with the public has jumped to a new high of Rs 30.88 lakh crore, illustrating that cash usage is still robust even six years after the demonetisation move.

At Rs 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016. On November 8, 2016, Prime Minister Narendra Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.