January 21, 2019

Adequate currency in circulation, shortage temporary: FM Arun Jaitley

17 April 2018, 11:27 | Regina Holmes

Cash Crunch Reported At ATMs In 10 States, Govt Assures 'Solution' In 3 Days

Cash crunch in many parts of India as ATMs run dry government says solution in 3 days

Finance Minister, Arun Jaitley has called the crisis a temporary one and has assured that the situation is going to be tackled quickly.

"Have reviewed the currency situation in the country". "In Gujarat, the currency chests were not getting adequate supply of cash from the RBI", said an executive director of a public sector bank. "The temporary shortage caused by "sudden and unusual increase" (in demand) in some areas is being tackled quickly". Govt has formed state-wise committee & RBI also formed committee to transfer currency from one state to other. Reserve bank has already formed the committee to transfer currency from one state to other.

The Congress party also slammed the government for the cash crunch, questioning if the cash shortage was deliberate. "In two-three days, this problem will be resolved", Minister of State in Finance Shiv Pratap Shukla told TV channels.

The hashtag ATM trended on Twitter since Tuesday morning as people complained that they have had come away from ATMs without cash. While the growth in currency has been nearly flat (compared to the day before demonetisation), the need for currency has shrunk considerably because of the high level of digitisation.Cash crunch in ATMs may also be the result of a slowdown in deposit growth.

Several ATMs across states, including Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana are not dispensing cash.

People in Varanasi say, "We do not know what or where the problem is but the common man is facing difficulty as the ATM Kiosks are not dispensing cash".

Reports suggest officials of the finance ministry have held a meeting with the Reserve Bank of India (RBI) to take stock of the situation. Madhya Pradesh Chief Minister Shivraj Singh Chouhan has alleged a conspiracy behind Rs. 2,000 notes vanishing from the market. After this exercise (demonetisation), the currency in circulation increased to Rs 16,50,000 crore.

"Prior to note ban on November 8, 2016, the total value of Rs 500 and Rs 1000 denomination notes in circulation was Rs 17.74 lakh. The government will act tough on this". Who are the persons creating shortfall of cash?

Chouhan added that he has taken up the issue with the Union Government. This is a conspiracy to create problems.

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