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Reviewing currency circulation, says Modi govt after cash shortage, ATMs run dry

Tuesday April 17, 2018 10:05 PM, News Network

Cash Shortage

New Delhi: The Modi government on Tuesday while saying it is reviewing the currency circulation in the country assured that there are adequate reserves of currency to meet the rising demands and that the non-functional ATMS will be normalized soon.

Acknowledging that there are cash shortages and some ATMs are running dry of cash or becoming non-functional in some parts of the country, the government said, "There has been unusual spurt in currency demand in the country in last three months. In the current month, in the first 13 days itself, the currency supply increased by Rs.45000 crores. This unusual spurt in demand is seen more in some parts of the country like Andhra Pradesh, Telangana, Karnataka, MP and Bihar."

"The Government of India with the Reserve Bank of India have taken all steps to meet this unusual demand. We had adequate reserves of currency notes which have been used to meet fully the extraordinary demand generated so far. We continue to have in stock adequate currency notes of all denominations, including of Rs.500, 200 and Rs.100 to meet any demand", the government said.

"The Government would like to assure all the people that there have been adequate supply of currency notes which have met entire demand so far. 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", the Ministry of Finance said in a statement.

Meanwhile, reports of cash shortages and dry ATMs are also coming from Mumbai and other parts of Maharashtra besides the states listed above and the Modi government is being attacked by various opposition party leaders.

Congress president Rahul Gandhi while attacking the government said that “terror of note ban” has once again gripped the nation. Rahul Gandhi accused Prime Minister Modi of destroying India’s banking system by announcing demonetisation. “Modiji’s ‘Mallya maya’, the terror of note ban is again spreading. The country’s ATMs are again empty, what has been done to the country’s banks,” Rahul Gandhi said in a message posted on his official Twitter handler.

Former Union Finance Minister and senior Congress leader P Chidambaram also slammed the government for the cash shortage, saying cash supply had been “arbitrarily reduced”. As a rule, cash supply must grow at the same rate as the economy is growing and the government was obliged to provide as much cash as people need at any given time, Chidambaram said in a series of tweets.

“A government is obliged to provide as much cash as the people need at any given time. Government or RBI cannot arbitrarily control the supply of cash. If RBI has injected sufficient cash, it is obliged to tell the people why there is a cash shortage,” he said.

CPI (M) leader Sitaram Yechury, also attacked the government and said, “ATMs were empty in November 2016. ATMs are empty now. And the only party flush with cash is the BJP: People suffer.”

In another tweet, Yechury said, "The demonetisation did not kill terrorism and it did not kill corruption or fake currency either. But it has certainly killed the Indian economy. The cash crisis tells us how Modi’s demonetisation disaster is still wreaking havoc."

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