Notes in circulation drop to Rs 11.73 lakh crore, post ban

The total value of outstanding currency notes has been circulation and came down to Rs 11.73 lakh crore of demonetization, Parliament reported today.The value had steadily increased until March 31, 2016 from March to the end of 2014. There were Rs 16.41 lakh crore currency notes outstanding as of March 31 last year, which has reached Rs 11.73 lakh crore as on March 3, 2017, State Finance Minister Arjun Ram Meghwal said in A written response in the Lok Sabha.The reduction of banknotes in circulation is due to the demonetization of the specified banknotes.

As of March 31, 2014, there were Rs 12.82 lakh crore of outstanding notes, which went to Rs 14.28 lakh crore until March 31, 2015 and Rs 16.41 lakh crore more at the end of March 2016.Prime Minister Narendra Modi announced on November 8 the demonetization of 500 and 1,000 rupees, which represented 86 percent of the total currency in circulation.After the demonetization, the government has come up with new notes of Rs 500 and 2,000 with added security features. Meghwal said that until February 2017, there were http://www.thebankinfo.com/blog/post/notes-in-circulation-drop-to-rs-11.73-lakh-crore%25252c-post-ban-