Published: Tue, April 17, 2018
Finance | By Loren Pratt

Remember demonetisation days? Netas react to cash crunch

Remember demonetisation days? Netas react to cash crunch

Assuaging concerns over currency shortage in ATMs (Automated Teller Machines), finance minister Arun Jaitley on Tuesday said there is more than adequate currency in circulation and the same is available with banks.

Below we have listed 10 developments reviewing the cash situation in India.

SBI Chairman Rajnish Kumar in an interview to CNBC-TV18 backed Jaitley's statement, saying that there is enough currency in circulation.

SP Shukla, said, "We've cash currency of Rs1,25,000 crore right now".

"News reports say that ATMs around the country are running of out 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. "In two-three days, this problem will be resolved", Minister of State in Finance Shiv Pratap Shukla told TV channels. The no cash complaints are coming from various regions including Delhi, Noida, Madhya Pradesh, Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana.

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. We need to pay for the admission of children and purchase groceries & vegetables".

The cash crunch has given the opposition fresh ammo to hit out at the ruling BJP at the Center. The situation has been the same for last 15 days.

From the government side, it was Madhya Pradesh CM Shivraj Singh Chouhan who came to the resuce of the Centre. Due to shortage of cash in ATMs the routine works of common man hampered badly as the ATMs are not shelling currency notes. The Modi government on November 8, 2016 had announced demonetisation of high value notes, Rs 500 and Rs 1000, which together accounted for 86-87 per cent of the currency in circulation. "We have visited several ATMs today as well, to no avail", locals said to ANI.

The sources in the government said that occurrence of various festivals like Baisakhi, Bihu and other harvest festivals which also mark the lunar new year recently might have pushed the demand for cash in the affected states. The people in Delhi, on the other hand, said that most of the ATMs are dispensing only Rs. 500 notes.

Addressing a farmers' convention Shajapur, Chouhan said, "The currency worth Rs 15,00,000 crore was in circulation before demonetisation". The NSUI workers showed protest against Acche Din claims of Bhartiya Janata Party led Union Government.

People across the country are facing problems to take out cash from the ATMs. "We are facing a lot of inconvenience in this heat".

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