In India, demonetisation was done to shut down the business of fake notes, eliminate corruption and implement a clean system with digital payment.

During this time, it was said to reduce the use of cash and promote UPI and other cashless transactions. But even after this, the cash flow in India is not decreasing.

According to a report of last year, cash circulation in India has increased by about 165 percent in India from FY 2016-17 to 2023-24. This shows that Indians are still using cash.

According to the HSBC PMI and CMS Cash Index, the Cash circulation in India was 13.35 lakhs in the financial year 2016-17.

In the year 2023-24, this cash circulation increased to Rs 35.15 lakh crore by the end of this year. That is, the use of cash has increased more than two and a half times in these years.

UPI started in the year 2016-17. After this, when the Kovid epidemic came, its use gained momentum and the online transaction led to a tremendous boom.

According to the figures of February 2024, the amount of UPI transactions has now increased and this record has reached Rs 18.07 lakh crore.