ATMs go dry in many states after cash crunch hits India

18 April, 2018, 05:24 | Author: Terri Saunders
  • Cash Crunch Reported At ATMs In 10 States, Govt Assures 'Solution' In 3 Days

Finance Minister, Arun Jaitley, however, said that more than adequate currency is in circulation. The country last saw such shortages in wake of Modi's shock decision to withdraw nearly 86% of the cash in circulation with a single order in November 2016. Villages and tribal belts in Gujarat were worse off. Deputy CM Nitin Patel, who is also the state finance minister, said the government was in touch with the RBI to ensure that enough cash was supplied to banks. "This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also". In just the first 13 days of April, the currency supply increased by ₹45,000 crore. "In a month, supply would be about 70000-75000 crore", ANI quoted SC Garg, Secretary, Department of Economic Affairs as saying.

SBI Chairman Rajnish Kumar said it would not be correct to state that there is a currency shortage in the country. "The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly".

Printing of notes of other denominations would also be reviewed by the government in the next few days.

Mamata Banerjee, chief minister of West Bengal, tweeted: "Is there a Financial Emergency going on in the country?" "A panel has been formed and the matter will be fixed in three days", said SP Shukla, Mos Finance. ATMs are not dispensing cash.

"This government, which has still not been able to count the demonetised currency, is asking us to trust its jumla that there is no cash crunch... The government will act tough on this", he added. "BJP government has created artificial crisis of cash so that common man can not withdraw their hardearned money from the bank".

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In the meanwhile, the scuffle is also being fought on social media with many taking to Twitter to express the problems that they are facing due to shortage of currency notes.

Reports suggest that the various festivals like Baisakhi, Bihu and other harvest festivals might have pushed the demand for cash in the states.

With ATMs suddenly running dry in several states, Congress President Rahul Gandhi on Tuesday said the "terror" of demonetisation has returned to haunt the country, slamming Prime Minister Narendra Modi for what he described as destroying India's banking system.

Since it has been a practice to hoard cash before any election to meet huge campaign expenses, there has been a rise in demand for cash in Karnataka, which goes to polls on May 12. "We have visited several ATMs since yesterday but it is the situation everywhere", said one of the residents. According to the RBI, there was Rs 18.17 lakh-crore currency in circulation as on April 6, which is close to the number at the time of demonetisation.

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