NSUI workers express ire over shortage of money in ATMs

NSUI workers express ire over shortage of money in ATMs

Assuaging concerns over currency shortage in ATMs (Automated Teller Machines), finance minister Arun Jaitley on Tuesday said there is more than adequate currency in circulation and the same is available with banks.

"Have reviewed the currency situation in the country".

Earlier on Tuesday, Minister of State (MoS) Finance SP Shukla said, "We've cash currency of Rs 1,25,000 crore right now".

With public anger rising across the country over cash availability, some media reports quoting bank officials said that the sudden spike in number of people willing to withdraw huge amount of cash stems from the fear of "bail-in clause" in the Financial Resolution and Deposit Insurance (FRDI) Bill. However, to take a stock of situation, the Finance Ministry reportedly had a meeting with the Reserve Bank of India and other banks last week. The Government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other. "It (the shortage) will be solved in 2-3 days", Shukla said.

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Meanwhile, the people in various parts of the country, including Delhi, Karnataka, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh, Bihar, Telangana, Maharashtra have been unable to withdraw cash from the ATMs. "Who is creating currency crunch?"

The reason for the cash crunch this time could be the lack of higher denomination currency notes needed to pay harvest season wages. "We have visited several ATMs today as well, to no avail", a local said.

"16.5 lakh crore notes were printed & circulated in markets, but where are Rs.2000 notes going?" Since the amount of currency put out by the Reserve Bank of India (RBI) and government printing presses is adequate for normal transactions, bankers believe there is hoarding of the Rs 2,000 notes. "The currency worth Rs 15,00,000 crore was in circulation before demonetisation". 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. The NSUI workers showed protest against Acche Din claims of Bhartiya Janata Party led Union Government. ATMs in other areas like the posh Hazratganj, Indira Nagar and Shahnajaf Road have been run dry for the last two days. "The government will act tough on this", the Madhya Pradesh Chief Minister said.

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