Published: Tue, April 17, 2018
Markets | By Noel Gibbs

ATMs run dry across the country ; Jaitley says cash crunch temporary

ATMs run dry across the country ; Jaitley says cash crunch temporary

"The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", Jaitley tweeted.

Jaitley said in a tweet that he has reviewed the currency situation in the country. The government has formed state-wise committees and the RBI has also formed a committee to transfer currency from one state to other.

Amid reports of no cash in ATMs, SBI chairman Rajnish Kumar said "I don't think it's right to make statement that there is shortage of currency, ATM availability at around 88% which is normal".

Meanwhile, the RBI on Tuesday formed a committee to tide over the cash crunch crisis that has hit several states in the country.

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While several states across the country have reported instances of ATMs going dry, the government has asked for at least three days to mitigate the lack of availability of currency.

In Madhya Pradesh people have been facing a cash crunch for the last two weeks while In Bihar's Patna also many ATMs have gone "out of service" causing hassle to the locals.

Severe cash crunch was faced in India following November 8 ban on high-value currency notes. With crucial elections around the corner, the cash shortage in many BJP-ruled states has begun to attract the ire from opposition parties. Earlier, finance ministry officials had reportedly met with the RBI officials to take stock of the situation.

There have been several reports that people are finding it hard to withdraw cash from ATMs, which either don't have the desired amount of cash, are empty, or only have 500 rs notes.

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The currency in circulation in the country has reached the pre-demonetisation level of about Rs 17 lakh crore, according to a report by Reserve Bank of India (RBI). After the demonetisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. "But notes of Rs 2,000 are missing from the market", Chouhan was quoted as saying by PTI.

"Where these notes of Rs. 2,000 denomination are going, who are keeping them out of circulation?" This is a conspiracy to create problems.

West Bengal Chief Minister Mamata Banerjee said it reminds her of the demonetisation days.

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