Sunday, 22 April, 2018

Adequate currency in circulation, shortage temporary: FM Arun Jaitley

Adequate currency in circulation, shortage temporary: FM Arun Jaitley Cash shortage in many states as ATMs run dry; govt hopes to fix problem in 3 days
Freda Brock | 17 April, 2018, 11:24

Reviving bitter memories of cash crunch pangs due to demonetisation in November 2016, ATMs in several states have gone dry, indicate reports. The Reserve bank of India held a meeting, in which a committee discussed the crisis and how to overcome it. Minister of State for Finance, SP Shukla has stated that the situation has arisen because some of the states have low reserves of cash, which makes the it hard for some areas to maintain the high quantity of cash. "It will be done in three days", Shukla told ANI.

According to media reports, states like Gujarat, Eastern Mahashtra, Madhya Pradesh, Bihar, Andhra Pradesh and Telangana are dealing with the issue of currency shortage as citizens are turned away by out-of-cash ATMs.

People across the country are facing problems to take out cash from the ATMs. ANI on Tuesday quoted people as saying in Bhopal that they have been facing cash crunch for the last 15 days as the ATMs are not dispensing currency notes. People are tweeting about the cash-crunch problem. She also asked if there was a financial emergency in the country.

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Reports suggest officials of the finance ministry have held a meeting with the Reserve Bank of India (RBI) to take stock of the situation. ATMs are not dispensing cash.

SP Shukla, said, "We've cash currency of Rs1,25,000 crore right now". Since the amount of currency put out by the Reserve Bank of India (RBI) and government printing presses is adequate for normal transactions, bankers believe there is hoarding of the Rs 2,000 notes. The government has formed state-wise committees and RBI also formed a committee to transfer currency from one state to another. Madhya Pradesh Chief Minister Shivraj Singh Chouhan has alleged a conspiracy behind Rs. 2,000 notes vanishing from the market. "Is it just gross mismanagement by the Modi Govt or is this a deliberate move?" Most of the ATMs are not dispensing cash, the ones which are dispensing, have only Rs. 500 notes.

Addressing a farmers' convention Shajapur, Chouhan said, "The currency worth Rs 15,00,000 crore was in circulation before demonetisation". Many banking experts are of the view that cash, especially black money, is easier to store in Rs 2000 notes as notes of lower denominations need more space. "The government will act tough on this".

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