Currency shortage - ATMs run dry in several states

ATM Cash Crunch Across India: ATM Machines Go Dry in Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh & Telangana

Karnataka facing elections next month has been partly spared from the cash crunch. This figure is close to the amount in circulation at the time of demonetisation. The cash in circulation-to-GDP ratio before demonetisation stood at 11.6% and it has declined to 10.7% at present, said the BS report.

Finance Minister Arun Jaitley said the "temporary shortage" in certain states is being "tackled quickly" and that there is "more than adequate" currency in circulation.

"I have reviewed the currency situation in the country. The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", Jaitley tweeted. However, the problem has now spread to several states. Along with RBI, it has formed committees in states to ensure adequate stock of currency.

He said there was "unusually high demand" for currency in the last couple of months. "We had adequate reserves of currency notes which have been used to meet fully the extraordinary demand generated so far", the Finance Ministry statement said.

Each one of us needs to be mindful of this quote attributed to master strategist Chanakya: "Learn from the mistakes of others". ATMs are not dispensing cash.

Already huge bank defaults in Punjab National Bank, ICICI bank scam, and evasion of thousands of crores by big business magnates are making round every day in the country, leading to loss of people's faith in the banking system. Nirav Modi fled with Rs 30,000 crore and PM didn't utter a word.

FRDI Bill, 2017: This cash crunch, though a new phenomenon in several states, has been disrupting operations in Andhra Pradesh and Chennai.


According to the manager of nationalised bank in the city who wished to remain anaonymous, confirmed to CityToday that there was a cash crisis following short supply of money from the currency chests. "News reports say that ATMs around the country are running of out of cash". The NSUI workers showed protest against Acche Din claims of Bhartiya Janata Party led Union Government. People have also tweeted the photos of long queues outside some working ATMs.

Indian opposition leaders criticized the government for mismanagement of the financial system.

■ Spurt in demand for cash to make payments for agricultural activities.

She also asked whether a "financial emergency" was going on in the country.

ATMs running dry again? He pointed out that the prime minister, while announcing demonetisation in 2016, promised "everything will be fine in 50 days, but it has now been more than 1.5 years, and there is still a cash crunch".

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

Finally, the liquidity issues that were introduced as a result of the Rs 2,000 note could still be lingering, with the reported increase in Rs 100 and smaller-value bank notes not picking up enough slack. "16.5 lakh crore notes were printed & circulated in markets, but where are Rs 2,000 notes going?"

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