Adequate currency in circulation, says Arun Jaitley
Adequate currency in circulation, says Arun Jaitley
18 April, 2018, 23:59
Cash crunch has been reported in several states including Karnataka, Telangana, Andhra Pradesh, Maharashtra, Rajasthan, Uttar Pradesh and Madhya Pradesh.
The Economic Affairs secretary further told the media that the government will supply Rs 2,500 crore of Rs 500 notes per day. Officials attributed the "unusual spurt in demand" for payments made for crop procurement and looming elections. The shortage has been blamed on inadequate availability of Rs 2,000 currency notes, and the fact that ATM cassettes have not been configured to dispense smaller Rs 200 notes.
The country last saw such shortages in wake of Modi's shock decision to withdraw nearly 86 percent of the cash in circulation with a single order in November 2016. They further said the situation has improved substantially with coordinated efforts of finance ministry, RBI, banks and cash logistic companies.
Observing that there is unusually high demand for currency, Mr Garg said there are multiple factors for this including tendency to hoard cash and it is stronger in some parts of the country.
This comes amid reports of an unusual spike in cash in the ATMs in many parts of the country. Overall issue of less cash should come to normalcy within soonest possible time, " said Neeraj Vyas, DMD (Chief Operating Officer), SBI.
The Government is taking all steps to ensure that ATMs are supplied with cash and to get non-functional ATMs normalised at the earliest. Currency notes of Rs 2,000 valued at almost Rs 5 lakh-crore were printed after demonetisation. Some psychological feeling why not keep some cash in pocket rather than keeping in banks. On an average 10-12% of ATMs at a given point of time are usually under maintenance due to one or the other reason and remain out of service. Reports of cash shortage first emerged from southern states of Andhra and Telengana. Data shows that after peaking at Rs 154.09 lakh crore in March 2017, the value of digital transactions fell to Rs 114.12 lakh crore in February 2018.
There may be a feeling among people that there will be a cash shortage in the future, which is causing people to withdraw cash, Garg said.
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