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Published On: Tue, Apr 17th, 2018

More than adequate currency in circulation: FM Arun Jaitley

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maxresdefaultNEW DELHI : In a bid to allay the fears of cash shortage in the country, Union 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.

The FM stated that the ministry has reviewed the currency situation and the shortage is caused due to  ‘sudden and unusual increase’ in some areas, which is being tackled quickly.

“There has been unusual spurt in currency demand in the country in last three months. In the current month, in the first 13 days itself, the currency supply increased by Rs45,000 crore. 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 Ministry added that both the government and Reserve Bank of India “have taken all steps to meet this unusual demand”.

“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.
Finance Ministry in a series of tweets said that necessary steps are being taken to meet the unusual demand. “The Government  is taking all steps to ensure that ATMs are supplied with cash and to get non-functional ATMs normalised at the earliest,” it added.

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 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.

An RBI report showed that the currency in circulation in the country had reached the pre-demonetisation level of about Rs 17 lakh crore.
West Bengal Chief Minister Mamata Banerjee tweeted the reports of ATMs running out of cash reminds of demonetisation days.(With Agency Inputs ).

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