NEW DELHI, Nov. 9 (Xinhua) -- The total cash in circulation in India's economy has gone up by 25.63 percent to a record high of 22.57 lakh crore Indian Rupees (around 323 billion U.S. dollars) over the past three years, the country's central bank the 'Reserve Bank of India (RBI)' revealed in its latest data, said media reports on Saturday.
This huge increase in quantum of currency-in-circulation is despite the Centre Government's high-pitched campaigns over the years to promote cashless or digital transactions.
Three years ago, on Nov. 8, the Centre Government had announced Demonetisation of the then two currency notes, in denominations of 500 and 1000 Indian Rupees, with one of the objectives being to check the circulation of black money in the economy.
According to the latest data released by the RBI, the total currency-in-circulation as on Nov. 1 stood at 22.57 lakh crore Indian Rupees, up from 17.97 lakh crore Indian Rupees (257 billion U.S. dollars) as on Nov. 4, 2016.
