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Note in Circulation Rise 8% Annually to Rs 32 Lakh Crore: FM

Note in Circulation Rise 8% Annually to Rs 32 Lakh Crore: FM

Note in Circulation Rise 8% Annually to Rs 32 Lakh Crore: The note in circulation (NiC), according to Finance Minister Nirmala Sitharaman, increased by 7.98% annually to reach 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.

December 2022 Current Affairs Quiz

More About This: Cash Is Still King:

The amount of money in circulation has increased to a record high of Rs 32 lakh crore six years after demonetisation, demonstrating that cash is still Indians’ preferred method of payment. Compared with the pre-demonetisation period, Since November 4, 2016, when it was Rs 17 lakh crore, it has grown by a staggering 72%. 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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