Cash crunch: More than adequate currency in circulation, says FM Arun Jaitley

Cash crunch: More than adequate currency in circulation, says FM Arun Jaitley

Union Finance Minister Arun Jaitley commented on the situation in a tweet, and said, "Have reviewed the currency situation in the country. The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", the finance minister tweeted on Tuesday.

Public sector bank executives also said there is a spurt in demand for cash to make payments for agricultural activities as well. "It will be done in three days", Shukla told ANI.

RBI report show that the currency in circulation in the country has reached the pre-demonetisation level of about Rs 17 lakh crore. The Government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other. "It will be done in 3 days".

Among the worst affected cities are Hyderabad, Bhopal, Surat, Varanasi and Delhi.

Meanwhile, the people in various parts of the country, including Delhi, Karnataka, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh, Bihar, Telangana, Maharashtra have been unable to withdraw cash from the ATMs.

The Financial Resolution and Deposit Insurance (FRDI) Bill, 2017, introduced in the Lok Sabha in August previous year, has a "bail-in" clause, which some experts say brings potential harm to deposits in the form of savings accounts. There is sufficient cash in the system,"Kumar said". Recent weeks have seen a severe shortage of Rs 2000 currency notes which many attribute to hoarding. They don't want to get money deposited in their accounts, as there are no ATMs for about 25 km. He, however, said that there is nothing to worry about and that the economic system of India is still safe and secure.

The Manipur government also wrote a letter to the finance ministry apprising them of acute shortage of cash in the state.

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From the government side, it was Madhya Pradesh CM Shivraj Singh Chouhan who came to the resuce of the Centre.

He was referring to news reports of ATMs running out of cash at some places in the state. In some states, the recalibration of ATM machines to dispense 200 rupee currency notes is yet to be finished. Nearly Rs 5 lakh crore worth of Rs 2,000 notes were printed after demonetisation.

The cash crunch is back. "The government will act tough on this", he added.

A bank customer trying to withdraw cash from an ATM in Bhopal complained that the situation has been the same since last 15 days.

The reason for the cash crunch this time could be the lack of higher denomination currency notes needed to pay harvest season wages.

During Akshaya Tritiya, it is customary for Indians to buy gold as a good omen, and most of the gold purchases in India are done via cash.

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