Ishtdev Sharma

India is witnessing a significantly high level of physical cash circulation. As per official government data, currency with the public exceeds ₹37 lakh crore, while total currency in circulation is approximately ₹38 lakh crore (June 2025).

While cash remains essential for economic functioning, such elevated levels raise serious concerns regarding financial transparency, regulatory enforcement, and national security risks.

This report presents a structured legal and policy analysis of the issue.
✅ 1. High-Level National Review
Joint assessment by PMO, Ministry of Finance, RBI, and security agencies

✅ 2. Strengthened Enforcement
Improved implementation of PMLA, UAPA, and Income Tax provisions

✅ 3. Sector-Based Cash Audit
Identification of high-risk cash-intensive sectors

✅ 4. Financial Intelligence Enhancement
Deployment of real-time monitoring and data integration systems

✅ 5. Policy Alignment
Bridging the gap between digital initiatives and actual cash usage

✅ 6. White Paper Publication
Comprehensive government report on cash vs digital economy

https://helpful.foundation/high-cash-circulation-in-india-legal-financial-national-security-implications/

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