Politics · India · 21 hrs ago
A decade after demonetisation, cash use remains unchanged in India
RBI data show demonetisation has had little effect on cash in circulation in India, ten years after the exercise.
The data also show that detection of counterfeit notes has increased, particularly for ₹500 notes.
Demonetisation was an effort to reduce the use of cash, but the figures indicate that cash remains in circulation at similar levels.
Meanwhile, UPI transaction values have grown steadily year after year.
That growth continues even when UPI transactions are measured as a share of India’s GDP.
The figures show different trends for cash and digital payments, but do not say what caused them.
No next steps are stated.
Ten years after demonetisation, Reserve Bank of India data show the exercise had little impact on cash in circulation.
Detection of counterfeit notes has increased, particularly for ₹500 notes.
The value of transactions on the Unified Payments Interface has grown steadily year after year.
UPI transaction value has also grown when measured as a share of India’s gross domestic product.
- Who
- The Reserve Bank of India provided the data cited.
- What
- Cash in circulation has not fallen substantially since demonetisation, while counterfeit-note detection has increased.
- When
- Ten years after demonetisation; the article was published in November 2026.
- Where
- India.
- Why
- Not stated
This story does not have two clearly opposing sides.
Demonetisation took place, ten years before the article’s 2026 publication.
RBI data showed little impact on cash in circulation and increased detection of counterfeit notes.
The value of UPI transactions grew steadily, including as a share of GDP.
- Time since demonetisation
- 10 years
- Cash in circulation
- Little impact from demonetisation, according to RBI data
- Counterfeit notes
- Detection increased
- Notes particularly affected
- ₹500 notes
- UPI transaction value
- Grew steadily year after year