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Jaitley soothes nerves on currency shortage

Author: IANS/Tuesday, April 17, 2018/Categories: Economy

Jaitley soothes nerves on currency shortage

New Delhi, April 17 - Allaying fears of currency shortage in the country, Finance Minister Arun Jaitley on April 17 said the government has reviewed the situation and "there is more than adequate currency in circulation".

"Have reviewed the currency situation in the country. Overall there is more than adequate currency in circulation and also available with the banks. The temporary shortage caused by ‘sudden and unusual increase' in some areas is being tackled quickly," Jaitley tweeted.

His tweet came following some reports that ATMs have run out of money in some parts of the country.

Currency shortage was reported in Andhra Pradesh, Telangana and Madhya Pradesh in the past few weeks. There were also complaints of shortage in parts of Maharashtra, Gujarat and Bihar on Monday.

According to Reserve Bank of India data, currency in circulation as on April 6 was Rs 18.17 lakh crore.

Industry experts feel the shortage has been caused because of cash hoarding of the Rs 2,000 currency notes.

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Kavita Giridhar Mallya

IANS

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