“Sudden” demand dries up ATMs, Jaitley says enough cash available
Chandigarh, April 18, 2018: The cash crunch if not on the scale of post demonetisation period, is reportedly hitting several parts of the country. The union government however claims adequate cash but the opposition parties term it back to the days of note ban.
The ATMs going dry due to “sudden” rush in demand has made the government sit up and take remedial measures.
Union Finance Minister Arun Jaitley on Tuesday tried to allay fears. “Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly,” he said.
The Reserve Bank of India (RBI) too has denied the cash shortage. As a remedial measure, the currency is being moved to areas from where heavy cash withdrawal are being reported. It also reportedly announced to increase printing of Rs 500 denomination notes by five times to tide over the shortage.
The main states in which the ATMs have come under the cash strain are Madhya Pradesh, Karnataka, Bihar, Telengana and Andhra Pradesh.
Meanwhile, the opposition parties tried to corner the government alleging “return of demonetisation days”. Congress president Rahul Gandhi equated the situation as that of “terror of note ban” gripping the country.