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UP says no cash crisis, enough currency with all banks

UP says no cash crisis, enough currency with all banks

Mumbai: The Reserve Bank on Tuesday said there is no shortage of currency in the system even though it has ramped up printing of notes at its four presses. Jaitley, who has been away from office since April 2 due to kidney ailment, said he has reviewed the currency situation in the country. In some chests there could be shortage, but the government is geared up to address the issues by currency movements. Government officials had attributed the shortage to an "unusual" demand for cash, but the reasons for said demand spurt are still unclear.

Garg asserted that there was no cash crunch in the country, pointing out that now around Rs 18 lakh crore worth of currency was in circulation - a little over what was in circulation at the time of demonetisation. Nearly Rs 5 lakh crore worth of Rs 2,000 notes were printed after demonetisation.

"This may have altered the demand for smaller denomination notes in a larger way to possibly substitute for the currency of larger denominations", it said. The finance ministry will ask the I-T department to probe all the large withdrawals made in the past three months. If we compare, then Rs 7,140 crore was the cash demand previous fortnight, and Rs 33,000 crore before that. "We had got some cash earlier from neighbouring states, but are running out of it now".

Raptors defeat Wizards to win Game 1 in National Basketball Association playoffs
A lovely series of passing led to a three-pointer by Wright with 3:31 to play, and gave the Raptors a 12-point lead. They're No. 1 for a reason". "That goes to Kyle, he could have a awful night but he'll just make a winning play".

In order to meet the demand, the RBI will be printing more notes over the next few days. Unless the government takes urgent steps to restore normalcy, there is a grave risk of erosion of public faith in the banking system.

The cash crunch has revived fears of a repeat of the crisis that ensued after India's Prime Minister Narendra Modi in late 2016 announced he was scrapping the 1,000 and 500 rupee notes with only months' notice.

Rama Dorai of FIS stressed that "different states have seen cash crunches at different times, and this is not in itself a new phenomenon".

Venezuela's Maduro blasts Summit of Americas for "intolerance"
Commerce Secretary Wilbur Ross told the summit that Washington would not "cede leadership" to China in Latin America . In recent months corruption scandals have toppled the careers of some of Latin America's most prominent politicians.

"Our internal estimates suggest that in states like Bihar, Gujarat and the southern states, the income velocity is far less than the national average", Ghosh said. "RBI is closely monitoring both these aspects" the central bank said. "But this does not affect the overall supply of Rs 2,000 notes", Garg said. They are more than adequate to meet the transaction demand of customers...

On paper, the total worth of Rs 2,000 notes in circulation as of today is Rs 6.7 lakh crore.

SBI Chairman Rajnish Kumar told PTI that the bank is trying to pump in currency in areas where shortage was witnessed. These states are Madhya Pradesh, Telengana, Andhar Pradesh, north Bihar and Punjab. There has been an "imbalance" due to the crop procurement season, when demand for currency goes up.

US, UK authorities warn of cyber attacks by Russian government
Officials said the activity had been under observation for "some time" and was not directly related to missile strikes on Syria. Russian Federation was threatening the U.S. and Britain's safety and security, the two countries said in their joint statement.

According to Mishra, from the government's perspective, high-denomination notes as percentage of the cash in circulation has perhaps settled at a higher level than it was pre-demonetisation, and this is an attempt to reduce or re-normalise it.


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