Global News

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

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

Finance Minister Arun Jaitley conceded a "temporary shortage in some areas" and said it was being "tackled quickly". And the currency in circulation is at Rs 18.4 lakh crore, which is well over Rs 17.9 lakh crore at the time of demonetisation.

State Bank of India (SBI) Chairman Rajnish Kumar said that it would not be correct to state that there is a currency shortage in the country.

ATMs in some parts of the country remained out of cash on Wednesday, with the machines either not working or showing "no cash" signs, especially in Bihar, Uttar Pradesh, Karnataka and Maharashtra.

But it can be noted that the cash crunch originated in the Southern states, particularly in Andhra and Telangana last month following rumours that money in banks is not safe due to a certain provision in the proposed Financial Resolution and Deposit Insurance Bill 2017, finance ministry officials had said on Tuesday. The government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other. In some chests there could be shortage, but the government is geared up to address the issues by currency movements.

He said people of India do not trust the Modi-led Central government anymore. Rumours have always been running that banks like PNB and ICICI-that have been scam hit-may run out of cash.

Meanwhile, amid cash crunch, Ahmadabad police in a tweet asked traffic offenders to pay their challan online and not make excuses of cash shortage when caught by the traffic police.

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While large business transactions were not affected by the sudden cash crunch nationwide since most businesses are done online these days, it were the ordinary people and small businesses in need of small cash for daily needs that were caught in the line of fire of this monetary fiasco.

"Nirav Modi fled with Rs 30,000 crore and the prime minister did not utter a word".

He noted that the government is trying to understand the reasons behind this situation.

Shortage of currency and a spurt in withdrawals is causing a cash crunchPeople in the city were reminded of post-demonetisation days on Tuesday too as most ATMs ran dry and many were forced to visit more than one ATM to get cash. Cash has suddenly vanished, as Govt. has described this as an "unusual" situation. Government or RBI can not arbitrarily control the supply of cash. After the demonetisation exercise, the currency in circulation increased to Rs. 16,50,000 crore.

West Bengal Chief Minister Mamata Banerjee tweeted, "Seeing reports of ATMs running out of cash in several states". Several people say that this situation reminds them of demonetization days. Where these notes of Rs. 2,000 denomination are going, who are keeping them out of circulation? It is a conspiracy to create problems.


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