No shortage of currency, says RBI |
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Amid reports of a cash crunch from some parts of the country, Reserve Bank of India clarified that there is sufficient cash in RBI vaults and currency chests.
The RBI informed that printing of currency has been ramped up in all four note presses, adding that shortage in some pockets is due to logistical issues.
Earlier in the day, Finance Minister Arun Jaitley said, there is more than adequate currency in circulation and also available with the banks.
In a tweet, he said, temporary shortage caused by sudden and unusual increase in some areas is being tackled quickly.
The Department of Economic Affairs has also said, the government continues to have in stock adequate currency notes of all denominations including of 500, 200 and 100 rupees to meet any demand.
It also assured the people that there has been adequate supply of currency notes which have met entire demand so far and the Centre will be supplying adequate currency notes to meet even higher levels of demand if such demands were to continue in the coming days or months.
The Department also said the government is taking all steps to ensure that ATMs are supplied with cash and to get non-functional ATMs normalised at the earliest.
The government with the Reserve Bank of India has taken all steps to meet this unusual demand.
There were media reports that several areas in Telangana, Andhra Pradesh, Maharashtra, Bihar, Madhya Pradesh and Gujarat are facing shortage of currency for the last few weeks.
Later, briefing media in New Delhi, Secretary Department of
Economic Affairs Subhash Chandra Garg said, Government prints about five hundred crore of 500 rupees notes per day and decision has been taken to raise the production by five times.
He said, in next couple of days, there will be supply of about 2500 crore of 500 rupees notes per day. Mr Garg said, in a month, supply will be about 70 thousand to 75 thousand crore. He said, there are sufficient Rs 2000 currency notes.
He noted that the government is trying to understand the reasons behind this situation.
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