Cash Crunch "Temporary", Says Arun Jaitley, Empty ATMs Reported: 10 Points

Darnell Taylor
April 17, 2018

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.

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

"News reports say that ATMs around the country are running of out cash. It'll be done in 3 days", said Mos Finance Shiv Pratap Shukla.

Reports of ATMs without cash have been received from several states, including Karnataka, Telangana, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh and Madhya Pradesh. "We have been unable to withdraw cash from ATMs as the kiosks, 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 for last 15 days. After the demonitisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. Meanwhile, the opposition Congress has asked if the cash crunch has taken place because of "deliberate move" of the government.

"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". Members also prayed to God that ATM would get cash and people get rid of their problems they are facing due to shortage of cash.District Spokesperson, Sachin Rajak said that in Jabalpur city majority of ATM machines are empty or could be termed cash less and customers are facing problems. "The currency worth Rs 15,00,000 crore was in circulation before demonetisation". 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.

"We held a meeting with the RBI officials, banks, and states today (Thursday). This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also", said MP CM Shivraj Singh Chouhan to ANI. "We are facing difficulty, don't know what to do".

"In Bihar, people told ANI, "(We) have been taking rounds of ATMs since last three days but cash is still not available. "The government will act tough on this", he said. "Facing a lot of inconvenience in this heat", said a Patna resident.

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