Arun Jaitley confirms there's cash crunch, says it's only temporary

17 April, 2018, 20:21 | Author: Eleanor Thompson
  • Reports of cash crunch pouring in from different states as ATMs go dry

The delay in recalibration of cash vending machines to dispense Rs 200 notes is understood to be one of the reasons for the currency shortage in some parts of the country. Taking precaution measures, the Reserve Bank said it is also taking steps to move currency to areas which are witnessing unusually large cash withdrawals. "We have taken steps to raise this production five times", Garg said at a press meet called to calm fears after reports of currency shortages emerged from several parts of the country.

There have been reports of currency shortage in at least six states - Gujarat, Eastern Mahashtra, Madhya Pradesh, Bihar, Andhra Pradesh and Telangana. "We are facing a situation similar to the government had scrapped 500- and 1000 rupee notes that triggered a cash shortage", he said.

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"Things were fine till March, in terms of ATM transactions, but last few days we are having serious problem with cash", said V. Balasubramanian, a spokesperson for the Confederation of ATM Industry (CATMi), the industry body for ATMs. Some states have less currency and the others have more. "In a month, supply would be about 70000-75000 crore". "The government will act tough on this", he said. Congress president also hits out at the Prime Minister for his silence over the recent scams. The people of Delhi are also facing the problem of cash. The situation has been the same since 15 days. When asked whether people are losing trust in the banking system, Garg said the private banks in India are world class and the public sector banks are fully backed by the government.

The Centre on Tuesday admitted to the cash crunch and blamed it on uneven distribution of currency by the RBI across states.

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Chouhan added that he has taken up the issue with the Union Government. In next couple of days, we'll have a supply of about 2,500 crores of ₹500 notes per day. "We were forced to stand in queues as he snatched 500-1000 rupee notes from our pockets and put in Nirav Modi's pocket", Rahul Gandhi told ANI.

Bank officials said they are getting only one-tenth of the required cash leaving them helpless to replenish the ATMs.

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The Reserve Bank of India (RBI) on Tuesday denied reports of cash shortage and said that there is sufficient cash in the RBI vaults and currency chests. We have visited 5-6 ATMs since morning.

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