The volume of notes in circulation in India increased by nearly five per cent, making it 1,30,533 in million pieces during the financial year 2021-22, said the Minister of State in the Ministry of Finance, Pankaj Chaudhary in a written reply to Lok Sabha.
In terms of value, they have increased by 9.9 per cent to 31,05,721 in crores during the financial year.
In contrast, the volume and value of the notes in circulation in financial year 2020-21 increased by 7.23 per cent and 16.77 per cent respectively, the Minister said.
The financial year 2016-17 was the only year after demonetization, wherein the value and volume of notes in circulation declined substantially.
On being asked what were the steps taken to improve the digital payment mechanism without any hidden service charges levied by the service providers, the Minister said that the mission of the Government is to move towards a less cash economy to reduce generation and circulation of black money and to promote digital economy.
( With inputs from ANI )
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