ATM cash crunch reported in many states, Arun Jaitley says problem temporary

Adequate currency in circulation, shortage temporary: FM Arun Jaitley

In a bid to allay the fears of cash shortage in the country, Finance Minister Arun Jaitley on Tuesday said there was more there adequate currency in circulation.

"Have reviewed the currency situation in the country".

"Currency in circulation is at Rs 18.29 lakh crore". Bank officials said that people have been withdrawing cash more than they require at the beginning of the month.

The government and Reserve Bank of India (RBI) officials had met and attributed the shortfall to unusual local demand in a few states and instructed banks to improve their cash management. Govt has formed state-wise committee & RBI also formed committee to transfer currency from one state to other. Minister of State for Finance, SP Shukla told ANI that the cash shortage was due to some states having low currency reserves in comparison to others.

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People in Madhya Pradesh, Delhi, Bihar, Gujarat and Telangana too have reported problems in withdrawing money from ATMs. While the growth in currency has been nearly flat (compared to the day before demonetisation), the need for currency has shrunk considerably because of the high level of digitisation.Cash crunch in ATMs may also be the result of a slowdown in deposit growth. "News reports say that ATMs around the country are running of out cash". "We are facing the cash crunch". The situation has been the same for last 15 days.

The hashtag ATM trended on Twitter since Tuesday morning as people complained that they have had come away from ATMs without cash. 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 since yesterday but it is the situation everywhere", said a customer in Hyderabad. Meanwhile, the opposition Congress has asked if the cash crunch has taken place because of "deliberate move" of the government. He alleged a "conspiracy" to create a shortage of cash in the state, where assembly elections will be held later this year, by keeping the highest denomination notes out of circulation. "The government will act tough on this".

During Akshaya Tritiya, it is customary for Indians to buy gold as a good omen, and most of the gold purchases in India are done via cash. "It will be done in three days". "Facing a lot of inconvenience in this heat", said a Patna resident.

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