No cash crunch, will soon have Rs 2500 crore notes printed per day: DEA

Economic affairs secretary Subhash Chandra Garg said supply of currencies was provided to the regions where there was a high demand.

Economic affairs secretary Subhash Chandra Garg

New Delhi: The government on Tuesday said there’s adequate currency stocked in the banks and reserves to deal with any form of cash-crunch arising in the country. Addressing a press conference on reports of cash-crunch in several parts of India, Economic affairs secretary Subhash Chandra Garg said, “Currently there’s a total of Rs 18 lakh crore currency supplies. We keep a stock of Rs 2.5-3 lakh crore. Our stock preparation is enough to tackle any kind of cash crunch arising at any point of time.” He acknowledged in some parts the demand of cash is higher and people are queuing up at the ATMs to withdraw money to stock an adequate amount. Garg said supply of currencies was provided to the regions where there was a high demand. “We have 1.75 lakh crore still in reserve. Currency printing has increased in the past few days. At present we have raised printing of Rs 500 notes. An estimated Rs 500 crore worth currency is being printed. We will increase it to Rs 2,500 crore notes per day which means there will be an availability of Rs 70-75,000 crore in the form of Rs 500 notes. Hence, there is an assurance that we have sufficient currency in the system.”