India calms cash crunch worries, will ensure adequate currency supply [Reuters (UK)]
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Source: Reuters
India calms cash crunch worries, will ensure adequate currency supply | Reuters 3 Min Read MUMBAI, April 17 (Reuters) - India’s government and the central bank will ensure there is an adequate amount of currency notes, following reports that banks’ automated teller machines had run out of cash in different parts of the country, the government said on Tuesday. Cash withdrawals in India go up during crop harvest season which is usually during March to April, and then during festival season in October, but there has been an unusual rise in currency demand in the last three months. That is a source of worry for India’s policymakers as a sustained heavy currency withdrawal suggests a return of cash hoarding by individuals, diluting the purpose of a massive note ban exercise by Prime Minister Narendra Modi in late 2016. “The total stock of currency has come down but still we have notes worth more than two trillion rupees ($30.46 billion) in stock which is more than sufficient,” said the gov
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