The latest data provided by the RBI shows a surge in the currency in circulation to 21.41 lakh crore ₹ as on March 15th 2019 from 17.97 lakh crore ₹ on November 4th 2016, just 4 days before Demonetisation, which is an increase of almost 20%, firmly proving once again that India’s reliance on cash is not falling. After the central government abruptly demonetised currency notes of 500 and 1000 ₹, thereby freezing 86% of the cash in circulation overnight on November 8th 2016, currency in circulation fell to 9 lakh crore ₹ in Jan 2017. However, it subsequently first crossed the pre-demonetisation levels in March 2018 when it rose to 18.29 lakh crores; then in August of 2018 the RBI reported that 99.3% of demonetised money had returned back into the system, thereby proving the entire exercise to be a massive failure. The all important board meeting of Jet Airways was held today in London and its Chairman and Founder Naresh Goyal and his wife Anita Goyal were made to step down. Jets strategic partner Etihad Airways has reduced their stake to 12% from 24%. The consortium of lenders led by SBI have converted their debt into equity and now have a controlling shareholding of 50.5%.
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