Just before the announcement of demonetization by Prime Minister Narendra Modi, notes in circulation in the economy has increased to Rs 22,420 billion in November 2019 as compared to Rs 17,741 billion on 4 November 2016. On the issue of increase in notes even after demonetization, the Minister of State in Parliament said that demonetization and digital cash initiatives have reduced the circulation of Rs 2,934.80 billion notes.
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