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Currency In Circulation: Currency circulation in the country is continuously increasing. There has been a jump of 7.98 percent in currency circulation in just one year. The value of the total currency in circulation on December 3, 2021 was Rs 29,56,672 crore, which has reached Rs 31,92,622 crore (Rs 32 lakh crore) with an increase of 7.98 per cent a year later on December 2, 2022.
Government’s emphasis on making cashless economy
Finance Minister Nirmala Sitharaman said in a written reply to a question in the Lok Sabha that the demand for currency depends on many macroeconomic factors, including economic growth and the level of interest rates. The Finance Minister said that the aim of the government is to create a cashless economy so that black money can be curbed and digital economy can be promoted. He said that the government and RBI have taken several steps to encourage digital payments and promote cashless economy.
Currency circulation increased despite demonetisation
In his reply, the Finance Minister said that Rs 16,41,571 crore was in circulation on March 31, 2016, which came down to Rs 13,10,193 crore on March 31, 2017 after demonetisation. However, since then, the process of increasing it is going on. It has increased to Rs 18,03,709 crore as on 31 March 2018, Rs 21,10,892 crore as on 31 March 2019. It has increased to Rs 24,20,975 crore on 31 March 2020, it has increased to Rs 28,26,863 crore on 31 March 2021 and it has increased to Rs 31,05,721 crore on 31 March 2022.
MDR charge should not be imposed on customers
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The Finance Minister said that in order to rationalize the merchant discount rate on debit card transactions, the RBI has suggested banks to ensure that merchants do not pass on the MDR charge on debit card payments.
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