Currency in circulation rises for second straight week

The currency in circulation (CIC) rose for the second week ended January 20, 2017, showing the effect of Reserve bank of India (RBI) infusing fresh currency notes of various denominations in the system.

According to RBI data, CIC showed net rise of around Rs 36,600 crore (3.9 per cent over previous week) in week ended January 20, 2017. The outstanding currency in circulation 

stood at about Rs 9,87,400 crore. It had grown by Rs 52,783 crore (5.9 per cent) in the previous week ended January 13, 2017. The currency pool in circulation had shrunk for nine weeks in a row till January 6, 2017. The outstanding currency in circulation was Rs 17,97,460 crore on November 4, 2016, in the week prior to demonetisation. The volume dipped to Rs 8,98,020 crore on January 06, 2017. 

On the night of November 8, the government cancelled Rs500 and Rs1,000 notes as legal tender, removing about 86 per cent of whatever was in circulation.