Cash Crunch: Arun Jaitley Says Temporary Shortage Being “Tackled Quickly”

New Delhi: Addressing the issue of cash crunch going on in the country, Union Finance Minister Arun Jaitley said there is ‘more than adequate’ currency in circulation and the temporary shortage in the states in being ‘tackled quickly.’

Reports of currency shortage have emerged from at least six states – Gujarat, Eastern Maharashtra, Madhya Pradesh, Bihar, Andhra Pradesh and Telangana.

“Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks. The temporaryshortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly,” he tweeted.

A committee has been formed to look into the problem, which is expected to be resolved within 2-3 days, informed Minister of State for Finance Shiv Pratap Shukla.

“The Government has set up state-wise committee and RBI has also formed a committee to transfer currency from one state to other because for money transfer you need the permission of the RBI. It (the shortage) will be solved in 2-3 days,” Shukla was quoted by PTI.