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Arun Jaitley denies shortage of currency supply after demonetisation

Not for a single day was the supply of currency inadequate, said Arun Jaitley.

By: Express Web Desk | New Delhi |
February 7, 2017 2:09:12 pm
Companies Act 2013 amendment, msme arun jaitley, Companies Act 2013 amendment arun jaitley, companies act amendment, msme gst bill, parliament Companies Act 2013, business news Finance Minister Arun Jaitley speaks in Rajya Sabha.

Finance Minister Arun Jaitley told Rajya Sabha on Tuesday that the remonetisation process moved smoothly after demonetisation was announced and that there was no shortage of currency supply, even for a single day. Jaitley said: “Not for a single day was the supply of currency inadequate.”

The government has been criticised over demonetisation and people struggled over shortage due to liquidity crunch and additional restrictions imposed for daily, weekly and monthly transactions. Jaitley has denied any allegations of mismanagement of demonetisation and remonetisation as well.

After demonetisation, the government slowly started to flood the system with the new Rs. 2,000 notes to replenish the cash shortage and that raised the new problem–shortage of loose cash. ATMs remained out of order for days on end, some even for weeks with people camping outside them throughout the night in wait for cash.

Further, logistical issues were a nightmare as providing new currency from the RBI currency chests to every corner of the country was a mammoth exercise. The situation couldn’t be stabilised in few days and people across the country, including banks came on record saying they were struggling with short supply of currency.

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