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FM Arun Jaitley: No cash crunch in India, temporary shortage being tackled

FM Arun Jaitley: No cash crunch in India, temporary shortage being tackled

The government has formed state-wise committees and the RBI has also formed a committee to transfer currency from one state to other. "It'll be done in 3 days", Shukla said.

"There has been unusual spurt in currency demand in the country in the last three months", it said. "This unusual spurt in demand is seen more in some parts of the country like Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar", the Finance Ministry said in a statement.

The Centre and the Reserve Bank of India (RBI) have stepped in to tackle the shortage of cash in several states. "We are facing a situation similar to the government had scrapped 500- and 1000 rupee notes that triggered a cash shortage", he said. "We print about 500 crore of Rs 500 notes per day". This process of re-calibration is handled quickly in urban and metro areas but takes a longer amount of time in rural and semi-urban areas.

Severe cash crunch was faced in India following November 8 ban on high-value currency notes. "In a month, supply would be about 70000-75000 crores", informed Garg. "Nirav Modi fled with Rs 30,000 and the prime minister did not utter a word".

However, the latest cash crunch has triggered a political storm, a characteristic feature of the highly divisive Indian polity.

According to the manager of nationalised bank in the city who wished to remain anaonymous, confirmed to CityToday that there was a cash crisis following short supply of money from the currency chests.

Israel's Labor cuts ties with Corbyn, citing anti-Semitism and hatred of Israel
Israeli Labour is part of the "Zionist Union" faction in Israel's Knesset that controls 24 of the legislature's 120 seats. Clearly this proves that the Jewish Labour Movement's work is more important than ever, and we're not going anywhere".

The government got into action mode after reports of cash crunch and ATMs running dry in different parts of the country made headlines on Tuesday.

People in Delhi have also been talking about the non-availability of cast at ATMs. "There is one solution for it that a proper cash management system be maintained", Sinha said. Is there a Financial Emergency going on in the country?

The Opposition, particularly the Congress, will definitely score brownie points on this over the BJP government, a party which while in Opposition used to throw barbs at the Congress-led government of policy paralysis and administrative lapses. They blamed the cash shortage over fewer deposits and more withdrawals.

The government is checking with banks and the Reserve Bank of India to ensure adequate supply of currency. "We are unable to refill ATMs because people are not depositing in banks", she told IE. Madhya Pradesh CM Shivraj Singh Chouhan on Monday questioned the disappearance of Rs 2,000 notes from the market alleging a conspiracy. "Seeing reports of ATMs running out of cash in several states".

"We have cash currency of Rs.1,25,000 crores right now. There has been some tendency of some people using Rs 2,000 notes, but that does not affect the overall supply of the Rs 2,000 notes".

Asked whether there was any hoarding of the Rs 2,000 notes, he said: "In this system, there are about 6.70 lakh crore worth of Rs 2,000 notes". Who is trying to create a cash crunch?

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