'There is no need for supplying Rs 2,000 notes as it is in over supply.
In its letter to the RBI on Wednesday, the Maha Gujarat Bank Employees' Association has sought for urgent intervention of the apex bank to avoid tensions in the branches due to shortage of cash. There is also a severe shortage of Rs 2,000 denomination currency notes as the supply of these notes have been stalled by the Reserve Bank of India since 2017 and to top this even public deposits have dried up. "These notes alone can more than meet the demand of any month", he said.
On paper, the total worth of Rs 2,000 notes in circulation as of today is Rs 6.7 lakh crore.
Some ATMs downed shutters with No cash and Out of service messages, prompting the government to move currency from surplus regions.
Many people in the political circles are of the view that due to upcoming elections in several states, political parties have begun hoarding notes. An SBI ATM near Gandhi Maidan had only Rs 100 notes at around 3 pm on Tuesday.
A 9.8 per cent nominal GDP growth would have taken the currency available with the public to Rs 19.4 trillion by March 2018, as against the actual availability of Rs 17.5 trillion, it said, stressing that the gap of Rs 1.9 trillion is not the shortfall. But, off late, we have noted somewhat lesser inflow coming back from circulation.
According to Economic Affairs Secretary Subhash Chandra Garg, there are multiple factors including tendency to hoard cash - and it is stronger in some parts of the country - which led to the situation.
The Reserve Bank said on Tuesday there was no shortage of currency in the system even though it has ramped up printing of notes at its four presses. The whole sale market and APMCs [Agricultural Produce Market Committee] are facing issues because of the big cash crunch.
The Spokesperson of the Bank Officers Association Ashwini Ranas categoric statement corroborates this. Though the number of users is increasing, a more pragmatic option would be to educate on migrating to digital modes of payments to avoid similar situation and save precious time, Singh added.
As the word of cash shortage spread, people started drawing more for exigency. Economist and India Equity Strategist for Credit Suisse, Neelkanth Mishra, said that it was not "unusual" for currency demand to rise in the first half of April.
To remedy the demand supply mismatch, the government has made a decision to speed up the printing of Rs 500 notes.
When asked about its ATMs, private sector Axis Bank said it has enough cash, which is "better than the industry average and there is no such crisis".
"We have reviewed the currency situation in the country. The temporary shortage caused by "sudden and unusual increase" (in demand) in some areas is being tackled quickly", Jaitley said. The government is also analysing the demand pattern in the states.
The finance ministry did not explain the sudden increase in demand for cash, and did not immediately respond to a request for additional comment.
The Mexican middleweight had been due to face Golovkin but his place has already been filled by Vanes Martirosyan. Upon his return to boxing, Alvarez has agreed to provide negative drug tests before his next fight in Las Vegas.
Pretium Resources has a 52 week low of $6.17 and a 52 week high of $12.44. ( NYSE :PVG) to report earnings on May, 11. Toronto Dominion National Bank & Trust accumulated 247,438 shares or 0.01% of the stock. ( NYSE :PVG).
According to him, Diamond had gone against the country's moral code by posting a series of suggestive videos on his social media. The Paris-based Reporters Without Borders said last week the new online content rules "will kill off Tanzania's blogosphere".
Those on probation do not lose their right to vote and those doing time for a misdemeanor can vote via absentee ballot. These individuals are participants in society at large, despite the limitations placed on them by parole conditions.
It increased, as 57 investors sold VZ shares while 662 reduced holdings. 118 funds opened positions while 594 raised stakes. After $-0.02 actual EPS reported by WPX Energy, Inc . for the previous quarter, Wall Street now forecasts 0.00% EPS growth.
The Oregon-based Mengis Capital Management Inc. has invested 2.59% in the stock. 1,200 are owned by Ellington Mngmt Group Ltd Co. Its down 0.02, from 1.08 in 2017Q3. 151 funds opened positions while 637 raised stakes. 747,224 are owned by Raymond James And.
Mckinley Capital Management LLC Delaware purchased a new stake in shares of Pfizer during the second quarter worth about $103,000. Dimensional Fund Advisors LP grew its stake in Pfizer by 4.8% during the 2nd quarter. (NYSE:PFE) to report earnings on May, 1.
Institutional Ownership/ Insider Ownership: Ensco plc institutional ownership is held at 89.8% while insider ownership was 0.5%. During the past week, the stock's average weekly volatility was 6.97% and 3.87% volatility over the past 30 days.
We don't know the MSRP of the 2018 Ford Cobra Jet Mustang, but we can expect it to be somewhere north of $100,000. In true drag-racer form, it ditches the independent rear suspension for a classic nine-inch solid axle.
Sales declined 8 percent a year ago and dropped another 4.6 percent through March, leading to his ousting as Cadillac president. Cadillac global sales grew 15.5% last year to 356,457 units for the second-biggest sales year in its 115-year history.
The government has made a decision to increase the production of currency notes by five times, reported the Indian Express. The people on the streets, however, had a common reaction: "It seems like the note ban has returned to haunt us".
At 1222 GMT, June WTI crude oil is trading $67.75, up $1.24 or +1.86% and June Brent crude oil is at $72.75, up $1.17 or +1.63%. Futures in NY rose as much as 2%, extending their gain beyond last week's three-year high.
Target Expands Drive Up Curbside Delivery
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Transocean Ltd. (RIG) stock closes Yesterday with $11.82
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Adequate currency in circulation, says Arun Jaitley
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.
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