By March 2019, notes in circulation peaked to Rs 21L cr

The value of total notes in circulation as at end of March 2019 stood at Rs 21,109 billion, Minister of State for Finance Anurag Singh Thakur said. In the preceding fiscal 2017-18 (fiscal ended March 2018), the notes in circulation were Rs 18,037 billion; while it stood at Rs 13,102 billion at the end of 2016-17.

The value of total notes in circulation in the Indian economy stood at Rs 16,415 billion as on March 31, 2016.

Thakur was responding to a query whether currency notes in circulation increased post-demonetisation compared to pre-demonetisation levels.

Prime Minister Narendra Modi had announced banning high value Rs 500 and Rs 1,000 notes on November 8, 2016 with the aim to curb black money, check terrorism and further digital economy.

On asked if the government proposed total elimination of cash from the market, Thakur said, “No such proposal regarding total elimination of cash from the market is under consideration of the government.”

To a question whether government has taken note of the fact that non-availability of Rs 1,000 currency causes problems to the citizens, Thakur said the economy has already adjusted itself to the new scenario where the earlier series of Rs 500 and Rs 1,000 had ceased to be a legal tender.