Arun Jaitley confirms there's cash crunch, says it's only temporary

Arun Jaitley confirms there's cash crunch, says it's only temporary

Arun Jaitley confirms there's cash crunch, says it's only temporary

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. Overall there is more than adequate currency in circulation and also available with banks.

Finance minister Arun Jaitley responding quickly, maintaining that it was a "temporary shortage" in certain states and was being "tackled quickly".

As reports of the cash crunch emerged in Madhya Pradesh, the Chief Minister Shivraj Singh Chouhan alleged a "conspiracy" to create problems.

There were rumours that if the Financial Resolution and Deposit Insurance Bill (FRDI) was passed, there would be heavy monetary losses for savers of the bank goes bankrupt.

Currency withdrawal by individuals during January-March 2018 was at 1.4 trillion rupees, sharply higher than 1.1 trillion rupees in the same quarter of 2016, according to Reserve Bank of India data.

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Briefing the media, S C Garg, Secretary, Department of Economic Affairs said, "We print about 500 crores of Rs 500 notes per day".

How much cash is in the economy? The entire country was sent in a panic wave as Prime Minister Narendra Modi chose to demonetize the economy by bringing in stability in the country. After the demonitisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. This is why any attempt to hoard cash by any institution may come a cropper today.

Now it seems that again the situation seems to return as many ATM'S across India run dry and pose as a problem for the common man.

However, never in the past has such a situation has been reported ahead of elections. In Telangana, some fed up youths in Khammam district performed last rites on a State Bank ATM last month.

Opposition leaders criticized Modi and his party, the BJP, and compared the situation to the chaos triggered by the 2016 cash ban. Gandhi accused PM Modi of destroying the country's banking system owing to the decision of demonetisation.

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What measures is the government taking? The government has asked for a time of three days to resolve the crisis.

What if the government's promises fail?

Barely had the people recovered from the spectre of demonetisation that struck the country on the November 8, 2016, that cash crunch is back to make life in Narendra Modi's India a tad bit more hard.

"We had to tell our suppliers to wait for a few days for payments".

But will stock market feel the pinch of this cash crunch? Attributing the cash crunch to procurement season, SBI chairman Rajnish Sinha told ANI, Maharashtra and Mumbai are facing no issues as far as SBI is concerned.

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