Cash crunch grips nation again; 3 possible reasons why

Adequate currency in circulation, shortage temporary: FM Arun Jaitley

Mr. Jaitley said that he reviewed the currency situation in the country and indicated that the temporary shortage in currency was mainly due to sudden and unusual increase in some areas.

Cash-starved customers in large numbers started queuing up outside ATMs and banks since early Tuesday morning to withdraw currency notes from vending machines, but majority were either out of service or had a board notifying "no cash". "We are facing a situation similar to the government had scrapped 500- and 1000 rupee notes that triggered a cash shortage", he said.

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There is also a severe shortage of Rs 2,000 denomination currency notes as they are neither being supplied by the Reserve Bank of India since September 2017 to banks nor are they coming back from customers in the form of deposits, many media reports claimed.

The Congress party also slammed the government for the cash crunch, questioning if the cash shortage was deliberate. "It'll be done in 3 days", SP Shukla, Minister of State for Finance told ANI. ANI on Tuesday quoted people as saying in Bhopal that they have been facing cash crunch for the last 15 days as the ATMs are not dispensing currency notes. ATMs are not dispensing cash. Jaitley's comments come in the wake of people from at least six states, including Gujarat, Maharashtra, Madhya Pradesh, complaining that the ATMs have run dry. Complaints of cash crunch have been reported from semi-urban and rural regions of the states.

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Recently, the cash situation has detoriated across India, last month the cash situation in Andhra Pradesh and Telangana got so detoriated that the banks have chose to get cash from Maharashtra and Kerala for Telangana and for Andhra Pradesh, it got transferred from Odisha and Tamil Nadu. After this exercise (demonetisation), the currency in circulation increased to Rs 16,50,000 crore.

"News reports say that ATMs around the country are running of out cash". Who are the persons creating shortfall of cash?

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He had taken up the issue with the Union Government, Mr Chouhan added. At a farmers' convention on Monday, the chief minister said that Rs 2000 currency notes are missing from the market even as the notes in circulation are more than pre-demonetisation. This is a conspiracy to create problems.

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