FinMin reviews situation, blames it on ‘unusual demand’
GN Bureau | April 17, 2018
As media reports spoke of ATMs across the country going dry, Congress leader Rahul Gandhi took a dig at the government even as the finance ministry reviewed the situation and blamed it on “unusual demand for cash”.
“Desh ke ATM sab phir se khali, Benkon ki haalat kya kar dali,” Rahul Gandhi tweeted on Tuesday.
Last weekend, media reports spoke of ATMS especially in smaller towns and villages not delivering cash over the previous week.
The finance ministry meanwhile noted, “There are reports of cash shortages and some ATMs running dry of cash or becoming non-functional in some parts of the country.” It said there has been “unusual spurt in currency demand in the country in last three months”.
“In the current month, in the first 13 days itself, the currency supply increased by Rs. 45, 000 crores. This unusual spurt in demand is seen more in some parts of the country like Andhra Pradesh, Telangana, Karnataka, MP and Bihar,” it said.
The government maintained it has, along with the Reserve Bank of India, “taken all steps to meet this unusual demand”. “We had adequate reserves of currency notes which have been used to meet fully the extraordinary demand generated so far. We continue to have in stock adequate currency notes of all denominations, including of Rs.500, 200 and Rs.100 to meet any demand.”
It assured people of adequate supply of currency notes “which have met entire demand so far”. It said all steps were being taken to ensure that ATMs are supplied with cash and to get non-functional ATMs normalised at the earliest.
Indian billionaires saw their incomes surge by Rs 2,200 crore a day in 2018, and the wealthiest got wealthier as the top 1 percent of the country’s richest increased their fortune by 39 percent – but the bottom half managed to climb the ladder by a mere 3 percent, a report by Oxfam reveals.
The central government is set to present a complex and comprehensive report of its revenues and expenditures throughout the financial year in the budget address on February 1. Modi led NDA government will present the interim budget this year as elections are set to take place in April.
Narendra Modi-led NDA government is due to present its last budget on February 1, before the 2019 general elections. Finance minister Arun Jaitley, who is currently in US for medical treatment, is likely to present the budget. This will be an interim budget of the NDA government.
The government has said that state-run BHEL and Libcoin are in talks to form a world class consortium to initially build 1 GWh (Gigawatt hours) lithium ion battery plant in India. The plant’s capacity will be enhanced up to 30 GWh after some time. With this, India has finally taken steps into its ene
The centre has given the green signal for regularisation of pay scales of board level executives in National Hydroelectric Power Corporation Ltd (NHPC), North East Electric Power Corporation (NEEPCO), THDC India Ltd. (formerly Tehri Hydro Development Corporation Ltd.) and Satluj Jal Vidhyut Nigam Ltd. (SJV
The government has given approved the project for capacity expansion of Numaligarh Refinery from 3 MMTPA (million metric tonne per annum) to 9 MMTPA. The plan envisages setting up of crude oil pipeline from Paradip to Numaligarh and product pipeline from Numaligarh to Sil