Cash crunch: Finance Ministry assures of resolving the problem in 3 days, navyamedia

Cash crunch: Finance Ministry assures of resolving the problem in 3 days

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The Union Minister of State for Finance Shiv Pratap Shukla today accepted reports of an alleged cash crunch in the country and then said the shortage will be resolved within the next three working days.

Shiv Pratap Shukla then said there is an imbalance of currency available across several states at present. He said the central government and the Reserve Bank of India (RBI) are looking into the grave issue.

In a short tweet on the issue, Finance Minister Arun Jaitley said: “Have reviewed the currency situation in the country. Overall there is more than the 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.”

Shukla then confirmed that the central government has only Rs. 1,25,000 crore currency in cash as of now.

He then said the government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other. This will be done in three days, Shukla added.

Meanwhile, the people in various parts of the country, including Telangana, Andhra Pradesh, Delhi, Rajasthan, Karnataka, Uttar Pradesh, Bihar, Madhya Pradesh and Maharashtra have been unable to withdraw cash from the ATMs.