Adequate currency in circulation, says Arun Jaitley

Javier Stokes
April 18, 2018

This is because many states of the country, including Uttar Pradesh, Uttarakhand, Bihar, Jharkhand and Gujarat, are struggling the with cash crunch. However, Finance Minister Arun Jaitley has taken cognizance of the matter and has assured citizens that there is no shortage of funds in circulation. "It'll be done in 3 days", Minister of State for Finance, SP Shukla, told ANI. Some states have less currency and others have more. "In two-three days, this problem will be resolved".

Long queues were witnessed outside ATMs in several parts of Andhra Pradesh, Telangana, Madhya Pradesh, Bihar and poll-bound Karnataka. "Nevertheless, printing of the notes has been ramped up in all the four note presses", it said in a statement. Meanwhile, the printing of Rs 2,000 notes has also been halted for a past few days.

"We have taken steps to increase the supply of currency in case the demand were to go up further".

"We print about 500 crores of Rs 500 notes per day". In a month, supply would be about 70,000-75,000 crore. "Nirav Modi fled with Rs 30,000 crore and Prime Minister didn't utter a word", Rahul Gandhi said. "Modi Ji has destroyed the banking system".

"Understand the deceit of Noteban, your money in Nirav Modi's pocket".

"This is the marriage season, and also the harvest season, so many people need cash".

A few people outside ATMs in Delhi said, "We are facing cash crunch".

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Former Union Finance Minister and senior Congress leader P Chidambaram also slammed the government for the cash shortage, saying cash supply had been "arbitrarily reduced".

V. Balasubramanian, spokesperson for the ATM industry, said, "ATM service provider do a daily calculation of the cash required which is sent to banks in the night for the next day".

The Narendra Modi government on Tuesday morning went into firefighting mode over reports of cash crunches in various parts of the country, with multiple high-level government officials seeking to assure the Indian public that any shortage of liquidity was a logistics problem and nothing more. Who is keeping them out of circulation? People are tweeting us about not getting cash at ATMs in Delhi too. The reason given for this shortage is a sudden and unusual increase in the number of withdrawals.

On Monday, Madhya Pradesh Chief Minister Shivraj Singh Chauhan alleged there was a conspiracy behind Rs 2000 notes disappearing from the market. "We have visited several ATMs since yesterday but it is the situation everywhere", people in Telangana reportedly said. According to the RBI data the amount transacted digitally increased to more than $2 lakh crore with 1.11 billion transaction in January 2018.

The second is that the recent introduction of the Rs 200 notes hasn't quite worked its way into the mix of various banknotes.

"Where are these notes of Rs. 2,000 denomination going?"

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