Forex in circulation amongst residents rose to a brand new excessive of Rs 30.88 lakh crore in October, breaking the document, in response to a report from the Reserve Financial institution of India he mentioned, as India marks one other anniversary of controversial demonetization.

The quantity of foreign money with the general public as of October 21 was 71.84% increased than the quantity for the fortnight ending November 4, 2016, simply 4 days earlier than India disqualified its high-value notes.

The amount of money with the general public on November 4, 2016 was Rs 17.7 lakh crore.

On November 8, 2016, Indian Prime Minister Narendra Modi introduced the demonetization train underneath which the five hundred and 1000 rupees denominations banknotes can be demoted in a single day.

One of many acknowledged targets of the measure was to cut back using money and improve using digital transactions as a substitute.

The determine is calculated by subtracting the amount of money in banks from the entire quantity of foreign money in circulation.

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