1 7 ▁due ▁to ▁eas ing ▁c ash ▁short ages . ▁There ▁was ▁again ▁sharp ▁rise ▁there after . ▁By ▁April ▁ 2 0 1 8 , ▁the ▁volume ▁of ▁the ▁digital ▁pay ments ▁had ▁double d . ▁After ▁return ▁of ▁the ▁c ash , ▁the ▁growth ▁in ▁digital ▁payment ▁had ▁been ▁mod est . ▁ ▁The ▁currency - to - G DP ▁ratio ▁was ▁ 1 2 . 1 % ▁in ▁ 2 0 1 5 – 1 6 . ▁It ▁decl ined ▁to ▁ 8 . 8 % ▁in ▁ 2 0 1 6 – 1 7 ▁due ▁to ▁Dem on et ization ▁but ▁increased ▁again ▁to ▁ 1 0 . 9 % ▁in ▁ 2 0 1 7 – 1 8 . ▁The ▁currency - to - G DP ▁ratio ▁was ▁only ▁margin ally ▁lower ▁compared ▁to ▁levels ▁before ▁Dem on et ization . ▁ ▁Bank notes ▁in ▁circul ation ▁On ▁ 2 8 ▁October ▁ 2 0 1 6 , ▁the ▁total ▁bank notes ▁in ▁circul ation ▁in ▁India ▁were ▁val ued ▁at ▁; ▁what ▁proportion ▁of ▁this ▁derived ▁from ▁ ▁and ▁ ▁bank notes ▁was ▁unknown . ▁In ▁its ▁annual ▁report ▁of ▁March ▁ 2 0 1 6 , ▁the ▁Reserve ▁Bank ▁of ▁India ▁( R BI ) ▁stated ▁that ▁total ▁bank notes ▁in ▁circul ation ▁val ued ▁ ▁of ▁which ▁nearly ▁ 8 6 % ▁( around ▁) ▁derived ▁from ▁ ▁and ▁ ▁bank notes . ▁In ▁terms ▁of ▁volume , ▁the ▁report ▁stated ▁that ▁ 2