Cash Crunch "Temporary", Says Arun Jaitley, Empty ATMs Reported: 10 Points

No cash in ATMs Two reasons behind currency shortage that have gone unnoticed

Finance Minister Arun Jaitley on Tuesday addressed the "cash-crunch" issue saying that there is "more than adequate" currency in circulation and the temporary shortage in certain states is being "tackled quickly". He also said he had reviewed the currency situation and there was "more than enough" in circulation and in banks. Over all there is more than adequate currency in circulation and also available with the Banks,"he assured. The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", he tweeted. The Reserve bank of India held a meeting, in which a committee discussed the crisis and how to overcome it. Minister of State for Finance, SP Shukla has stated that the situation has arisen because some of the states have low reserves of cash, which makes the it hard for some areas to maintain the high quantity of cash. There is one problem that some states have less currency & others have more. "The situation will be resolved as soon as possible". Despite the currency flow going back to the pre-demonetisation levels, people are facing difficulty in withdrawing cash from ATMs. "We have visited several ATMs today as well, to no avail", a local said. "We need to pay for the admission of children and purchase groceries & vegetables". While the growth in currency has been nearly flat (compared to the day before demonetisation), the need for currency has shrunk considerably because of the high level of digitisation.Cash crunch in ATMs may also be the result of a slowdown in deposit growth. Bank officials have refused to comment. This was nearly a month after ATMs in Andhra Pradesh and Telangana had run dry. According to a NDTV report, Addressing a farmers' convention, Mr Chouhan said on Monday, "The currency worth Rs. 15,00,000 crore was in circulation before demonetisation". ATMs are empty now. ATMs are empty now.

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On the other hand, Madhya Pradesh chief minister Shivraj Singh Chouhan claimed that Rs 2,000 notes were vanishing from the market, and alleged that there was a "conspiracy" behind it. Who are the persons creating shortfall of cash? This has resulted in notes of lower denominations in ATMs being taken by people instead in a good number and ATMs running dry.

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