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money supply is the total stock of money circulation in an economy at a given point of time. it is the money readily available in spendable form including currency and demand deposits. it is a stock concept as it is measured at a particular point. components are: 1) currency held by the public: currency includes coins and currency notes. currency issued by the government or Central Bank has the merit of general acceptability for making every transaction. therefore, it is one of the most important constituents of money supply. it does not include currency held by the blanks.2) demand deposits: demand deposits are those deposits which are payable on demand. demand deposits of people with commercial banks are considered as money so are so they are readily accepted as means of payment. both currency and demand deposits are most liquid assets that for money supply, defined in its narrow sense.
M1 = currency + ODI with RBI + DD with banks. Or
M1 = currency held outside the banks + checkable deposits