Wednesday, 16 October, 2019

Adequate currency in circulation, says Arun Jaitley

The government has cited an ‘unusual spurt in demand’ for the ATM cash crunch The government has cited an ‘unusual spurt in demand’ for the ATM cash crunch
Russell Knight | 19 April, 2018, 04:49

Cash withdrawals have gone up sharply in the last three months especially in Andhra Pradesh, Telenghana, Karnataka, Madhya Pradesh and Bihar, the government said in a release adding that it would be "supplying adequate currency notes to meet even higher levels of demand if such demand were to continue in the coming days/months".

However, bankers say the sudden spike in demand for cash has been phenomenal this year.

Demand for cash has risen sharply from an average of around Rs 20,000 crore a month, which could be attributed to a spurt in poll funding as political parties face off for the Karnataka elections, and the resurgence of businesses that have traditionally run on cash.

"Overall there is more than adequate currency in circulation and also available with the Banks. The RBI has been given an indent to increase the flow of Rs 500 notes in the system", said Kumar.

United Kingdom inflation falls to 2.5%, its lowest level for a year
He said while the inflation figures were certainly "food for thought" for the MPC he still predicted a rate hike next month. It fell from 2.7% in February after prices for women's clothing rose at a slower pace than a year ago .

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Finance minister Arun Jaitley conceded there was a "temporary shortage" of cash in certain states, which was being tackled on a war footing, and he insisted that there was "more than adequate" currency in circulation. Currency notes of Rs 2,000 valued at almost Rs 5 lakh-crore were printed after demonetisation. The trouble began after high denomination Rs 2,000 notes went missing from the market all of a sudden, stated a financial expert.

However, in some areas unusual, suddenly the use of cash has resulted in a currency problem, which is temporary and would be resolved soon.

ATM cash crunch: Mobile wallet companies including Paytm, Mobikwik and Flipkart-owned PhonePe today said they have seen a significant jump in digital transactions amid a recent currency shortage at ATMs and banks in some parts of the country. "You can assume this is one note most suitable for people to keep themselves", Garg said adding that there is no need to print more of these notes. But no person should withdraw thinking there is cash shortage in the country, he said. The Government and RBI should act quickly to remedy the situation and stop giving the aam aadmi a fright as now and give no room for people to ask, Shouldn't the Government manage the economy better? "The situation has, however, normalised in Maharashtra and Madhya Pradesh", a senior finance ministry official said.

"This situation (cash crunch) is not restricted to the state, it is there in the entire country". A committee under the DEA secretary has been formed to monitor the cash situation.

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