May 24, 2018

‘Temporary problem’ to ‘no cash crunch’: How govt responded to empty ATMs reports (Hindustantimes)

‘Temporary problem’ to ‘no cash crunch’: How govt responded to empty ATMs reports (Hindustantimes)

The government on Tuesday sought to explain the reason for cash shortage in parts of the country, with the finance minister calling the problem “temporary” and a senior bureaucrat saying there is no shortage.

“There is no cash crunch in the country. There is around Rs 18 lakh crore currency supply now, which is close to the circulation during the demonetisation period. We keep Rs 2.5-3 lakh crore more currency in stock for excess demand,” IANS quoted S C Garg, economic affairs secretary, as saying.

“In the last few days we have pumped cash into the system to meet the demand. We still have a reserve of Rs 1.75 lakh crore.” Garg attributed this sudden cash demand to localised phenomenon. Read more

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