- After 15 months the amount of money in circulations is 99.17% of what it was on 04 November 2016.
- In January 2018, currency in circulation rose by approximately 89,000 crores and there was a sharp decline in digital transactions.
- The Finance Minister,
Arun Jaitley , had set an ambitious goal of 25 billion digital transactions in his Union Budget for 2017-18. - Around 14.8 billion transactions have been recorded from 1 April 2017 to 28 January 2018.
Whether or not the assault managed to actually curb these menaces is a matter of great debate but finally, after 15 months the amount of money in circulation is 99.17% of what it was on 04 November 2016 (the last weekend before the
Though one of the intended purposes of the note ban was to nudge people into embracing digital payment mechanisms, a move that was achieved to some degree, it looks like the economy is pivoting back to relying on cash transactions. In January 2018, currency in circulation rose by approximately 89,000 crores and there was a sharp decline in digital transactions. The Finance Minister, Arun Jaitley, had set an ambitious goal of 25 billion digital transactions in his Union Budget for 2017-18 but only around 14.8 billion transactions--including bank-to-bank electronic money transfers, digital wallet payments, Aadhaar-based and electronic toll payments--have been recorded from 1 April 2017 to 28 January 2018 according to data compiled by the ministry of electronics and IT (MeitY).