Minister of State for Finance Shiv Pratap Shukla said the government has formed a committee to address the problem of currency shortage in some States and the issue would be resolved in the next 2-3 days. "We can not do much unless RBI starts dispatching currency to the currency chest from where we get cash". The government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other. To begin with, in recent weeks, there has been a severe shortage of Rs 2,000 notes (SBNs), indicating that several people may be holding on to lump sump amounts of cash once again.
The government, in a press release, clarified that there has been unusual spurt in currency demand in the country in last three 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.
Rajnish Kumar, chairman of India's largest bank, the State Bank of India, said it was wrong to say it was a cash crunch as the demand for cash had gone up in the procurement season beginning April.
Each one of us needs to be mindful of this quote attributed to master strategist Chanakya: "Learn from the mistakes of others". The entire country was sent in a panic wave as Prime Minister Narendra Modi made a decision to demonetize the economy by bringing in stability in the country.
"There is no cash crunch in the country".
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. However, the shortage of cash is said to be the main reason for ATMs to go cashless.
As if the bank frauds were not enough, now the BJP government is not even able to run the banking system properly. In the last few days, we have pumped cash into the system to meet the demand. It cited bank officials' statements that people have been withdrawing cash more than they require at the beginning of the month.
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"There is no shortage of notes in stock, there is no shortage of cash being printed".
The government is checking with banks and the Reserve Bank of India to ensure adequate supply of currency. "Bank ATMs are running dry".
On Monday, Madhya Pradesh Chief Minister Shivraj Singh Chauhan claimed there was a conspiracy behind Rs 2000 notes disappearing from the market.
Contributing to the woes of the general public, ATMs at several parts of the country have become either non-functional or are running dry.
"We've cash currency of Rs1,25,000 cr right now". People are really struggling with the cash crunch and in the midst of this, Union Finance Minister Arun Jaitley has tweeted on the issue. He alleged a "conspiracy" to create a shortage of cash in the state, where assembly elections will be held later this year, by keeping the highest denomination notes out of circulation.
Reacting to the situation, West Bengal Chief Minister Mamata Banerjee on Tuesday said it reminds her of the demonetisation days.
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