Crunch time
A severe rupee shortage threatens to cause an economic crisis. But the government is in denial. As recently as last week, the finance minister blamed the media for blowing up the issue. On the other hand, the RMA governor has declared that, “we have no money.” And he has already stopped issuing rupees to commercial banks. He has also warned that we can no longer sell our foreign reserves to buy rupees. The RMA has had to borrow rupees to allow for the import fuel and other essential items. But traders are already complaining that they cannot do business.…