Dry ATMs: Rahul takes a dig at govt

Cash crunch

Finance Minister, Arun Jaitley, however, said that more than adequate currency is in circulation.

The Reserve Bank of India, the country's central bank, insisted late Tuesday that it had "sufficient cash" in its vaults but said it was increasing the printing of rupee notes at its presses around the country.

According to the latest Reserve Bank of India (RBI), cash in circulation as on April 06, 2018 is Rs18.4lakh crore which is very close to currency in circulation pre-demonetization which was Rs17.97lakh crore.

According to reports, officials of the Finance Ministry held a meeting with the Reserve Bank of India to take stock of the situation. The problem will be resolved within next 3 day. while Chhattisgarh Chief Minister Raman Singh accepted the cash crises in state and the situation will normal soon. "In the first 13 days of the current month, currency supply increased by Rs 45,000 crore". The statement comes after reports of currency shortage in at least six states - Gujarat, Eastern Mahashtra, Madhya Pradesh, Bihar, Andhra Pradesh and Telangana.

Many ATMs across Lucknow, the capital of Uttar Pradesh, have no cash including two right next to the RBI office in Gomti Nagar.

"Had we been allowed to speak in Parliament on Rafael (jets) issue, Nirav Modi matter, the Prime Minister won't be able to stand", he said.

"We print about 500 crores of Rs 500 notes per day".

"There is no need for supplying Rs 2,000 notes as it is in over supply". Karnataka facing elections next month has been partly spared from the cash crunch.

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Mamata Banerjee, chief minister of West Bengal, tweeted: "Is there a Financial Emergency going on in the country?"

Senior Congress leader P Chidambaram also slammed the government for the cash crunch, saying cash supply had been "arbitrarily reduced". A local in Hyderabad said, "We have been unable to withdraw cash from ATMs as the ATM Kiosk, in several parts of the city, have run out of cash". Over all there is more than adequate currency in circulation and also available with the banks.

Also, he mentioned that some states may be having more currency while some may be having less currency and that the sudden withdrawal may be since people may have increase the cash withdrawals and so some of the states may have less currency than the others.

Reacting to the cash crunch situation, Finance Minister Arun Jaitley today said that the shortage is temporary and is being tackled quickly.

Addressing a farmers' convention, Chouhan said, "The currency worth Rs 15,00,000 crore was in circulation before demonetisation".

While it is hard to trace any specific reason for such massive cash withdrawals this year, analysts say that concerns over the health of India's banking system has also triggered savers to withdraw cash.

People in Delhi say "We are facing the cash crunch". He added that the shortage was "being tackled quickly".



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