ATMs run dry in many states, Arun Jaitley says problem due to excess cash in other areas
The Congress asked if it was a result of gross mismanagement or a deliberate ploy by the Centre.
Finance Minister Arun Jaitley on Tuesday allayed fears of a cash crunch as ATMs continued to run dry in several states. He said that the “temporary” cash crush was the result of “sudden and unusual increase” in cash in some parts of the country.
“We have reviewed the currency situation in the country. Overall there is more than adequate currency in circulation, and also available with the banks,” said the finance minister. People from Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana have said that ATMs in their areas either do not have cash or are not functioning, NDTV reported.
Telangana: People in Hyderabad say, 'We have been unable to withdraw cash from ATMs as the kiosks (ATM Kiosk), in several parts of the city, have run out of cash. We have visited several ATMs since yesterday but it is the situation everywhere'. pic.twitter.com/wRMS3jgjyP
— ANI (@ANI) April 17, 2018
People in Varanasi say, 'We do not know what or where the problem is but the common man is facing difficulty as the ATM Kiosks are not dispensing cash. We have visited 5-6 ATMs since morning. We need to pay for the admission of children and purchase groceries & vegetables'. pic.twitter.com/8eSGXU0NtU
— ANI UP (@ANINewsUP) April 17, 2018
Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly.
— Arun Jaitley (@arunjaitley) April 17, 2018
Minister of State for Finance SP Shukla said that currency worth Rs 1.25 lakh crore was in circulation in the country. He said the government and the Reserve Bank of India had formed committees to transfer excess currency from one state to another. “It will be done in two to three days,” Shukla added.
On Tuesday, the Congress and Communist Party of India (Marxist) criticised the Centre for the cash crunch. The Congress asked on Twitter if the crunch was due to mismanagement or a deliberate act on the part of the government. CPI(M) leader Sitaram Yechury compared the lack of money at ATMs to the situation immediately following demonetisation in November 2016.
News reports say that ATMs around the country are running of out cash. Is it just gross mismanagement by the Modi Govt or is this a deliberate move? #IndiaSpeaks
— Congress (@INCIndia) April 17, 2018
ATMs were empty in November 2016. ATMs are empty now. And the only party flush with cash is the BJP: the people suffer.
— Sitaram Yechury (@SitaramYechury) April 17, 2018
On Monday, Madhya Pradesh Chief Minister Shivraj Singh Chouhan had claimed that Rs 2,000 notes were missing from the market, and that there was a “conspiracy” behind this. “Currency worth Rs 15,00,000 crore was in circulation before demonetisation,” Chouhan said at a farmers’ meeting in Shajapur. “After this exercise, the currency in circulation increased to Rs 16,50,000 crore. But notes of Rs 2,000 are missing from the market.” He said he had taken up the matter with the Centre.
