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Currency situation back to normal: Finance Ministry

Author: IANS/Monday, May 21, 2018/Categories: Currency

Currency situation back to normal: Finance Ministry

New Delhi - The Finance Ministry has said the currency situation had completely returned to normal across the country and there was no shortage of cash anywhere.

Economic Affairs Secretary Subhash Chandra Garg said that in fact the currency in circulation had decreased over the last four days by around Rs 4,000 crore as there were more deposits than withdrawals.

"The currency situation is completely normal now. For the last few days, in fact, we are seeing no net increase in the currency circulation," Garg told reporters here.

"There is actually a reduction of around Rs 4,000 crore in the last three to four days. It is available in sufficient quantity everywhere. There is no shortage," he said.

There were reports of cash shortage in the country last month with ATMs running dry in various locations which forced the government to increase printing of Rs 500 notes by five times.

Asked if the cash crunch had anything to do with the Karnataka elections on May 12, he said the demand for currency had historically increased in the first 15 days of May and then reduced over the last 15 days of the month, before again rising in October.

"So it could be because of that. It might also have some impact of elections. I cannot rule it out. But if you take it in historical context, this can be completely explained by a trend which has existed over a longer period," he said.

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rajyashree guha

IANS

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