Currency back in circulation at 91%, digital payments up but fluctuating; cashless economy a long way off

One year after the government annulled high-denomination currency notes and subsequently replaced them with new notes, the total currency in circulation remains 9 percent less in value terms. Digital payments have increased in number and value, but fluctuate month to month.

On 8 November, 2016, Prime Minister Narendra Modi had announced a surprise withdrawal of Rs 500 and Rs 1,000 notes–which constituted 86 percent of cash in circulation at the time – a move he said would help weed out corruption, curb money laundering, and remove black money and counterfeit notes from the system.

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