More than adequate currency in circulation: Jaitley

More than adequate currency in circulation: Jaitley

More than adequate currency in circulation: Jaitley

Mr. Jaitley said that he reviewed the currency situation in the country and indicated that the temporary shortage in currency was mainly due to sudden and unusual increase in some areas.

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

The Reserve Bank of India on Tuesday formed a committee to tide over the cash crunch crisis that has hit a few states in the country to take a stock of the situation. Govt has formed state-wise committee & RBI also formed committee to transfer currency from one state to other. "It (the shortage) will be solved in 2-3 days", Shukla said.

Shortage of currency is being reported in many parts of Andhra Pradesh, Telangana, Maharashtra and Madhya Pradesh.

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Last week, some parts of Eastern India including Bihar had seen a cash crunch with ATMs running dry in these states.

On Twitter she wrote: "Seeing reports of ATMs running out of cash in several States. We need to pay for the admission of children and purchase groceries and vegetables", said a person in Varanasi. "We are facing the cash crunch". The situation has been the same since 15 days. However, Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Monday alleged a conspiracy aimed at creating cash crunch in the market by hoarding Rs 2000 currency notes and warned that the government will act sternly against the perpetrators. The Modi government on November 8, 2016 had announced demonetisation of high value notes, Rs 500 and Rs 1000, which together accounted for 86-87 per cent of the currency in circulation. We have visited 5-6 ATMs since morning.

Public sector bank executives also said there is a spurt in demand for cash to make payments for agricultural activities as well. The NSUI workers showed protest against Acche Din claims of Bhartiya Janata Party led Union Government. This is a conspiracy to create problems. In some of the states, recalibration of ATM machines for Rs 200 notes have not been completed leading to shortage of cash.

Many ATMs have gone "out of service" in Patna where locals, as quoted by ANI, 'have been taking rounds of ATMs since last three days but cash is still not available.' Hyderabad too is facing the same issue. "Facing a lot of inconvenience in this heat", said a Patna resident.

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