Raids conducted on cash hoarders amid currency crunch in India

Govt taking all steps to ensure ATMs are replenished

Aparliamentary panel has called RBI Governor Urjit Patel on May 17 to answer queries on aspate of banking scams unearthed in the last few months, sources said.

Amid reports of a cash crunch in some of the states, tax authorities have conducted raids to trace out hoarders. The government would also like to assure that it would be supplying adequate currency notes to meet even higher levels of demand if such demand were to continue in the coming days/months.

In Bihar, for instance, Rs 800-900 crore has been pumped in through the ATM network with initial assessments suggesting that the shortage may be tackled soon. The RBI, which used to print Rs 500 crore to Rs 2,500 crore worth of 500 rupee notes everyday, will now be printing Rs 70,000 to Rs 75,000 crore to meet the rising demand, the banking regulator said. "The temporary shortage caused by "sudden and unusual increase" (in demand) in some areas is being tackled quickly", Jaitley said in a tweet.

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

The total outstanding money deposited in banks by March 30 stood at Rs 114.75 lakh crore against Rs 107.58 lakh crore a year earlier.

Amid reports of cash crunch pouring in from several states of India, the government has now chose to increase five-fold the printing of Rs 500 notes to deal.

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The decision to print more Rs 500 notes is based on one single fact- all the ATMs in the country are calibrated to dispense Rs 500 not Rs 200.

Economic Affairs Secretary Subhas Garg on Tuesday said, "there is no shortage of cash". The FM said that he had reviewed the currency situation which, he said, is not too much to be alarmed about.

RBI In Huddle After Cash Shortage Hits The Country:- Right after the Indian Prime Minister Narendra Modi announced demonetization, the currency crisis in the country reached all time high. "One reason is that the procurement season has come and the payment to farmers have gone up", Kumar said. "Sir, with due respect, the cash shortage in banks and ATMs is neither sudden nor temporary".

TMC chief Mamata Banerjee also tweeted, "Seeing reports of ATMs running out of cash in several States".

To understand the reasons behind cash crunch, go through the entire Twitter thread well. "The availability of cash in the system has improved as transactions are taking place both in and out of the banks", a government source said. Many people were spooked by fears of a return of post-demonetisation days. She also wondered whether there was a "financial emergency" in the country.

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