Reserve Bank data, reported that the currency in circulation, in value terms, soared from Rs 17.74 lakh crore on November 4, 2016, to Rs 32.42 lakh crore on December 23, 2022. Soon after demonetisation, the currency in circulation fell precipitously to a low of about Rs 9 lakh crore on January 6, 2017, nearly 50% of Rs 17.74 lakh crore on November 4, 2016. Compared with January 6, 2017, the currency in circulation has seen a more than threefold or 260% jump, while from November 4, 2016, it has seen about 83% jump. As per the report, demonetisation led to a decline in the currency in circulation by about Rs 8,99,700 crore (up to January 6, 2017) resulting in a large increase in surplus liquidity within the banking system.