In charts | 4th anniversary of demonetisation: Key numbers to watch

Prime Minister Narendra Modi announced demonetisation on November 8, 2016.

Moneycontrol News | November 09, 2020 / 10:39 IST

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Demonetisation: Prime Minister Narendra Modi on November 8, 2016, announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

Four years after the government's decision to "demonetise" Rs 500 and Rs 1,000 notes, data suggest currency circulation in value and volume is continuously increasing. A massive rise seen in the digital payments transaction. A sharp decline is seen in counterfeit notes detected in the banking system, according to data available on RBI. Prime Minister Narendra Modi announced demonetisation on November 8, 2016. Citizens were given 50-days to deposit old notes in banks and post-offices by December 30.

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The value and volume of banknotes in circulation increased by 47.49 percent and 28.48 percent respectively, from the period between March 2019 and March 2020. In the fiscal year ending in March 2020, in value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 83.4 percent of the total value of banknotes in circulation at end-March 2020, with a sharp increase in the share of Rs 500 banknotes.

Bank notes in Circulation: The value and volume of banknotes in circulation increased by 47.49 percent and 28.48 percent respectively, from the period between March 2019 and March 2020. In the fiscal year ending in March 2020, in value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 83.4 percent of the total value of banknotes in circulation at end-March 2020, with a sharp increase in the share of Rs 500 banknotes.

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Counterfeit notes detected in the banking system: Data suggest that the counterfeit notes detected in the Banking System witnessing a sharp decline since FY17. In fact, counterfeit notes numbers have become half to 2.96 lakh in March 2020 from 6.32 lakh in March 2016.

Counterfeit notes detected in the banking system: Data suggest that the counterfeit notes detected in the banking system witnessed a sharp decline since FY17. In fact, the number of counterfeit notes became half to 2.96 lakh in March 2020 from 6.32 lakh in March 2016.

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Total Digital Payments: The biggest change in currency market trend post demonetisation was seen in Digital Payment. The Digital Payments volume rose by 5 times to 3,43,455 lakh in March 2020 from 70,466 lakh in March 2016.

Total Digital Payments: The biggest change in currency market trend after the demonetisation was seen in Digital Payment. The Digital Payments volume rose by five times to 3,43,455 lakh in March 2020 from 70,466 lakh in March 2016.

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