₹1,000 and ₹500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows.
Thanks to the increasing popularity of digital payment ways, cash usage is not growing at a fast clip but still is on the rise.
According to the latest Reserve Bank data, the notes in circulation in value terms soared from ₹17.74 lakh crore on November 4, 2016, to ₹29.17 lakh crore on October 29, 2021.
The notes in circulation (NIC) increased by ₹2,28,963 crore on October 29, 2021, from ₹26.88 lakh crore as on October 30, 2020.