Апреля 24, 2018

ATM cash crunch reported in many states, Arun Jaitley says problem temporary

17 Апреля 2018, 10:55 | Melvin Schneider

Adequate currency in circulation, shortage temporary: FM Arun Jaitley

Reports of cash crunch pouring in from different states as ATMs go dry

Finance Minister Arun Jaitley though, says that adequate currency is in circulation and the temporary shortage will be tackled quickly.

Mr. Jaitley said that he reviewed the currency situation in the country and indicated that the temporary shortage in currency was mainly due to sudden and unusual increase in some areas.

Cash-starved customers in large numbers started queuing up outside ATMs and banks since early Tuesday morning to withdraw currency notes from vending machines, but a lot of them were either out of service or had a board notifying "no cash". "We have cash currency of Rs.1,25,000 crores right now". Bank officials said that people have been withdrawing cash more than they require at the beginning of the month. "The Government has set up state-wise committee and RBI has also formed a committee to transfer currency from one state to other because for money transfer you need the permission of the RBI. It'll be done in 3 days", SP Shukla, Minister of State for Finance told ANI. The states which have been affected include Andhra Pradesh, Bihar, Karnataka, Maharashtra, Rajasthan, Uttar Pradesh, Madhya Pradesh, and Telangana. Complaints of cash crunch have been reported from semi-urban and rural regions of the states.

In Telangana's Hyderabad, people reported, "We have been unable to withdraw cash from ATMs as the kiosks (ATM Kiosk), in several parts of the city, have run out of cash".

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However, according to news reports, several parts of India are facing a cash shortfall this week prompting the government to step in with corrective measures like better routing of cash from currency chests. The situation has been the same since 15 days. After this exercise (demonetisation), the currency in circulation increased to Rs 16,50,000 crore.

The finance ministry officials said cash availability is a dynamic situation. "It will be done in three days". "But notes of Rs 2,000 are missing from the market". "The government will act tough on this", the Madhya Pradesh Chief Minister said.

A senior officer of the State Bank of India in Bhopal, who asked not to be named, told Hindustan Times, "Hoarding of notes is taking place in a large number especially of Rs 2,000 denomination notes".

"We have visited five-six ATMs since morning". The government has reportedly claimed that the lack of currency notes could be due to high demand of cash during Baisakhi, Bihu and other harvest festivals. He alleged a "conspiracy" to create a shortage of cash in the state, where assembly elections will be held later this year, by keeping the highest denomination notes out of circulation.

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