Despite record high UPI transactions coupled with rising cash withdrawals through ATMs and falling currency-to-GDP ratio, the currency in circulation (CiC) has continued to rise, reaching a new record high of Rs 40 trillion in January, logging an annual growth of 11.1% as against 5.3% a year ago. On net incremental basis, CiC has more than trebled to Rs 2.76 trillion from Rs 88,517 crore. The numbers show the futility of the note-ban imposed in November 2016 when as much as 87% of the money in circulation across Rs 1000 and Rs 500 rupee notes were banned, with the stated objective of curtailing corruption and curbing cash usage/to promote digital payments.