 19-Apr-18, Asia Times 

While the Indian government and central bank are at pains to assert there is no cash shortage in the country, automated teller machines in many states have gone dry.

Image: Reuters

The cash shortfall in the system is estimated by the State Bank of India at a whopping INR700 bn rupees (USD10.6 bn), which is a third of the monthly withdrawals normally made at ATMs.

The Indian government has announced it will increase printing of 500-rupee notes by five times to meet the shortfall. However, it suspects hoarding of 2,000 rupee notes and a spike in cash withdrawals as reasons for the shortfall.

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