Cash crunch to ease by year end, says Arun Jaitley

Jaitley said, that the amount of cash to be issued in the form of new 500 and 2,000 rupee notes would not be the same as the amount circulating before Nov. 8

By: Reuters | New Delhi | Updated: December 2, 2016 12:44 pm
Finance Minister Arun Jaitley, former Prime Minister Manmohan Singh at the inauguration of a seminar on ‘Guru Gobind Singh: Life and Legacy’, in New Delhi, Friday. Anil Sharma Finance Minister Arun Jaitley, former Prime Minister Manmohan Singh at the inauguration of a seminar on ‘Guru Gobind Singh: Life and Legacy’, in New Delhi, Friday. Anil Sharma

Finance Minister Arun Jaitley said on Friday that a cash crunch following the scrapping of high-value banknotes would ease by Dec. 30 with the release of a significant part of new replacement currency.

WATCH VIDEO: New Currency Notes Worth Over Rs 4 Crore Seized In Bengaluru

Jaitley said, however, that the amount of cash to be issued in the form of new 500 and 2,000 rupee notes would not be the same as the amount circulating before Nov. 8, when Prime Minister Narendra Modi announced the demonetisation move.