The latest claim made by the Government, in a series of alleged benefits from the demonetisation of November 2016, is the drastic reduction of cash-to-GDP ratio from 12% to 9%.  Our Prime Minister had made this claim w hile addressing the company secretaries at a programme to mark the golden jubilee year of Institute of Company Secretaries of India (ICSI) in Delhi on 4 October 2017. It is a moot question whether a lower Currency in Circulation-GDP (CIC-GDP) ratio is a sign of a more developed economy or not. Before venturing to find its answer, let us examine certain facts. Let us compare our CIC-GDP ratio from FY 2009-10. CIC-GDP ratio of 12.3% in 2009-10 seen a gradual reduction to 11.6% in 2013-14, when Dr. Manmohan Singh relinquished his office. Under the leadership of Shri. Narendra Modi, by 2015-16, it had shot up to 12.2%, and then witnessed a drastic, if disruptive, reduction to 8.8% in 2016-17.  Our Prime Minister conveniently overlooked or glossed ove...