Have taken steps to raise printing of cash: Secy, Dept of Economic Affairs
The Secretary of the Department of Economic Affairs, SC Garg has ensured that in the next few days there will be a supply of about Rs 2500 crore of Rs 500 notes per day while in a month the supply would go up to 70,000-75,000 crore
The Secretary of the Department of Economic Affairs, SC Garg has ensured that in the next few days there will be a supply of about Rs 2500 crore of Rs 500 notes per day while in a month the supply would go up to 70,000- 75,000 crore.
His assurance has come afterATMs in several cities ran out of cash on Tuesday.
On Tuesday, people in the states of Telangana, Uttar Pradesh, Madhya Pradesh, Uttar Pradesh and Gujarat reported that they were unable to withdraw cash since several machines within their city had run out of money.
SC Garg also said that currently the Department prints about 500 crore of Rs 500 notes per day. He added that the department was taking steps to raise the production to five times.
Earlier, Finance minister Arun Jaitley had said that the temporary shortage in cash wascaused by "sudden and unusual increase in some areas and is being tackled quickly".