Demonetisation type cash crunch hits ATMs; Arun Jaitley reacts, says shortage temporary

People stand outside a non-functioning ATM in Delhi. Several people complained ATMs were not working and some that were only dispensed Rs 500 notes

People stand outside a non-functioning ATM in Delhi. Several people complained ATMs were not working and some that were only dispensed Rs 500 notes

Earlier, amidst the cash crunch reports in many states in India including Gujarat and Uttar Pradesh, Union Finance Minister Arun Jaitley on Tuesday took to his Twitter account to assure that there is no cash crisis. Many people across the country are facing a shortage of cash from last 15 days as the ATMs are not dispensing currency notes. "The temporary shortage caused by sudden and unusual increase in some areas is being tackled quickly", said Jaitley.

According to RBI data, currency in circulation as on April 6 was Rs 18.17 lakh crore, which is close to the number at the time of demonetisation. There are hardly any ATMs, which have rupees two thousand or even five hundred notes, which are causing hardship for the common man. People in need of immediate cash is facing problem. "It will be done in three days".

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So, what could be the reason for the "sudden and unusual" cash crunch in the states?

Severe cash crunch was faced in India following November 8 ban on high-value currency notes. The situation was initially spotted in the south states of the nation, as there were reports of ATM's running out of cash in various parts of Telengana and Andhra Pradesh. The finance ministry held a meeting with the RBI officials last week to ensure that there was no large-scale hoarding of cash which might set in panic among people. With crucial elections around the corner, the cash shortage in many BJP-ruled states has begun to attract the ire from opposition parties.

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Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Tuesday claimed that Rs 2,000 notes were vanishing from the market, and alleged that there was a "conspiracy" behind it. "News reports say that ATMs around the country are running of out of cash". After the demonetisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. "Where these notes of Rs 2,000 denomination are going, who are keeping them out of circulation? The government will act tough on this", the Madhya Pradesh Chief Minister said. No doubt Twitterati are creative and amusing both at a time and knows well to take a dig over the issues in a unique style.

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