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No shortage of currency notes; cash management weak, says RBI

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RANCHI: The Reserve Bank of India on Monday clarified that there was no shortage of currency in the current system of the country, but blamed mismanagement of cash as the reason behind the scarcity of liquid money.
The country’s 3800 currency chests are filled with notes. Ajay Michyani said the above during a Regional Media Workshop held by RBI at BNR Chanakya here on Monday.
Apart from this, after the changes in the rules of mutilated notes, it is made clear that if anything is written on the new note, then the bank or any person cannot refuse to accept it, it is legal tender. Michyani urged the people not to keep the notes folded and dirty, maintain its quality and beauty. From printing of notes to its distribution a heavy expenditure is made, so keep notes well and use it correctly, he added.
RBI clarified that there is no shortage of currency in financial transactions. In 2018, there were 18.39 lakh crore currency notes in circulation. However, at present there is 21.7 lakh crore currency notes in circulation. On the deteriorating situation of the state’s ATM, RBI said that there is no shortage of currency, its just mismanagement from bank level. RBI said that all coins of Rs 10 are real and if anyone denies accepting it, it is legally wrong.
The RBI has clarified that the common consumer does not need to be scared about counterfeit notes. Bank after identifying it at the counter should issue a bank slip and give information to the RBI. The bank cannot register an FIR on maximum of four fake notes in a single transaction.
During the workshop, there were a large number of officers including RBI Executive Director Surekha Marandi, Yogesh Dayal, Shailja Singh, Regional Incharge Director Sanjeev Dayal and Rajesh Tiwari.

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