zerohedge.com / by Tyler Durden / Nov 21, 2016 2:39 PM
As India continues to struggle with a countrywide cash shortage as a result of the November 8 demonetization in which the government unexpectedly removed the highest denomination bills out of circulation and which has brought various mostly rural part of the cash-driven economy to a halt, the government is resorting to ever more novel solutions how to restock outlets with new, “clean” cash.
As the Times of India reports, authorities have managed to cut down the transportation time of cash from printing to the main distribution centers from 21 days to six and by using all modes of transport, including helicopters and Indian Air Force planes, to move the cash quickly. The government is hopeful that the situation will improve over the next week. With availability of cash improving in urban areas, the government is concentrating on rural areas.
While even tenured economists have predicted that the short-term may lead to a shock for the Indian economy, senior government sources are hopeful that the level of economic activity should climb back to normal levels by January 15. Referring to any “windfall” from the decision to demonetise 500- and 1,000-rupee notes, sources said any gains could be used for recapitalisation of banks, building infrastructure and purchasing advanced weapons systems for the armed forces.
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