Twitter reactions: India faces cash crunch as ATMs run dry

Cash Crunch Reported At ATMs In 10 States, Govt Assures 'Solution' In 3 Days

"The temporary shortage caused by "sudden and unusual increase" (in demand) in some areas is being tackled quickly", Jaitley said. "We will increase the circulation of 500 notes within 5 to 7 days", he said.

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 next couple of days, we'll have the supply of about 2,500 crore of Rs 500 notes per day. In the current month, in the first 13 days itself, the currency supply increased by Rs.45000 crores. A large number of ATMs failed to dispense cash to customers in Andhra Pradesh, Telangana, Madhya Pradesh, Maharashtra, Gujarat and Bihar.

CPM general secretary Sitaram Yechury tweeted that ATMs are dry but "the only party flush with cash is the BJP". Who are the persons creating shortfall of cash?

She also asked whether a "financial emergency" was going on in the country. Observing that there is unusually high demand for currency, Garg said there are multiple factors for this including the tendency to hoard cash and it is stronger in some parts of the country. While the reports indicate that Rs 2,000 notes are disappearing, the Centre admitted that there is an acute shortage of Rs 500 notes, adding that it would take a week to up the supply. "We have visited several ATMs since yesterday but it is the situation everywhere". "Smaller denominations like Rs 200 are yet to see a proper circulation as they are mostly available at the banks while only a few ATMs have been calibrated to dispense them". In these states, people are cutting bank and ATMs with cash, but they have to return home after being frustrated.

Union Finance Minister Arun Jaitley has conceded that the country was facing a cash crunch but added that the crisis was only temporary. "There is a decline in the amount of cash given earlier and now to deposit it in the ATM machines". There is around Rs 18 lakh crore currency supply now, which is close to the circulation during the demonetisation period. "I need cash for business but I am not sure where I will get it", said an aggrieved Shashikant Sharma outside the Axis Bank branch near the Anjali Crossroad area in Ahmedabad.

Addressing a public rally after inaugurating more than a dozen developmental projects in Jagesarpur in Amethi, the Congress chief said while the Prime Minister boasted of a "56-inch chest", in reality he has no place for the poor in his heart.

Meanwhile SBI chairman Rajnish Kumar attributed that issue to an "imbalance" due to the crop procurement season in Punjab, MP and UP where there is heightened demand.

On Today, 17 April 2018, The people of India have once again remembered the days of the Demonetisation or Note-ban on bondage.



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