ATMs running dry again? FM Jaitley steps in to soothe people's nerves

Cash crunch

In a tweet on Tuesday, the FM said that the currency situation in the country has been "reviewed" and assured the availability of "adequate currency in circulation".

The Modi government is checking with banks and the Reserve Bank of India (RBI) to ensure adequate supply of currency, ET Now reported. The Reserve bank of India held a meeting, in which a committee discussed the crisis and how to overcome it. Minister of State for Finance, SP Shukla has stated that the situation has arisen because some of the states have low reserves of cash, which makes the it hard for some areas to maintain the high quantity of cash.

The notes in circulation on November 4, 2016 - four days before the Union government announced demonetisation of Rs 500 and Rs 1,000 notes - were Rs 17.74 trillion.

ANI reported that most of the ATMs in Vadodara, Gujarat were out of service and quoted a local saying that he could only withdraw Rs 10,000 from one working ATM, after spending a lot of time in the queue.

To take a stock of the situation, the Reserve Bank of India on Tuesday formed a committee to tide over the cash crunch crisis that has hit a few states in the country. "It (the shortage) will be solved in 2-3 days", Shukla said.

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People complain of inconvenience due to lack of currency in ATMs in several states. The situation was initially spotted in the south states of the nation, as there were reports of ATM's running out of cash in various parts of Telengana and Andhra Pradesh.

People in Bhopal say, "We are facing a cash crunch". After this exercise (demonetisation), the currency in circulation increased to Rs 16,50,000 crore. "But notes of Rs. 2,000 are missing from the market".

Addressing a farmers' convention Shajapur, Chouhan said, "The currency worth Rs 15,00,000 crore was in circulation before demonetisation. This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also", said MP CM Shivraj Singh Chouhan to ANI.

"The government is committed to protecting every depositor in public sector banks and therefore we need not create any fear psychosis", Finance Minister Arun Jaitley had said while replying to a discussion on 'Supplementary Demand for Grants - Second Batch for 2017-18'in Lok Sabha.

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