More than adequate currency in circulation: Jaitley

NEW DELHI: In a bid to allay the fears of cash shortage in the country, Finance Minister Arun Jaitley on Tuesday said there was more there adequate currency in circulation. He added that the temporary shortage of currency in some areas was being tackled.

“Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly,” he tweeted.

Shortage of currency is being reported in many parts of Andhra Pradesh, Telangana, Maharashtra and Madhya Pradesh. Many ATMs machines are out of cash and bankers admitted to the cash crunch.

Hitting out at the government, CPI (M) leader Sitaram Yechury tweeted, ATMs were empty in November 2016. ATMs are empty now.

“The country is still paying the price of a sudden midnight Firman of demonetisation. Institutional damage under Modi has caused great hardship to the common Indian,” he added.

Minister of State for Finance Shiv Pratap Shukla said the government has formed a committee to address the problem of currency shortage in certain states and the issue would be resolved in next 2-3 days.

“The Government has set up state-wise committee and RBI has also formed a committee to transfer currency from one state to other because for money transfer you need the permission of the RBI. It (the shortage) will be solved in 2-3 days,” Shukla said. 

RBI report show that the currency in circulation in the country has reached the pre-demonetisation level of about Rs 17 lakh crore.

Fast, accurate and updated real time local news is available on your smartphone and tablet.
STAY CONNECTED EVERYWHERE YOU GO!

Author

Agencies