I am going to analyze the CIC in the economy over the years after demonetization to gain better insights.
After the Demonetization of Modi Government, in Nov 8th,2016, India underwent a lot of upheaval.
We have since started using cashless means more. This graph shows the Currency In Circulation since a few(2) years and the image clearly shows peaks at around the harvesting season of may.
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The heavy peak of may,2023 is also accentuated by the fact that 2000 rupee notes were demonetized around that time.
Here is another graphic to look at.
Apart from the earlier mentioned peaks around april,2023, some peaks of the CIC can be seen in Jul,2020 and may,2021 which coincided with the COVID 2019 first and second waves.
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