Cash-to-GDP ratio could hit 14-15%, the highest since independence

This is assuming 10% contraction in India's nominal GDP; currency with public crossed Rs 26 trillion in mid September

Four years ago, on November 8, when high-value currency notes (Rs 500 and Rs 1,000), which accounted for 86 per cent of the Indian currency in circulation, were demonetised, one of the aims was to propel the population towards digital modes of payment. Data, however, shows that India has once again become a predominantly cash economy — with currency in the hands of the public crossing Rs 26 trillion in mid-September. With respect to the size of the economy, the cash-to-gross domestic product (GDP) ratio is now likely highest since Independence. 

If we assume that India’s nominal GDP contracts by 10