Tuesday, 25 September, 2018

Cash shortage: Govt might take 3 days to restore cash

Reports of cash crunch pouring in from different states as ATMs go dry Cash Crunch Reported At ATMs In 10 States, Govt Assures 'Solution' In 3 Days
Herman Weaver | 17 April, 2018, 20:22

"We keep Rs 2.5-3 lakh crore more currency in stock for excess demand".

Jaitley's deputy, Shiv Shukla, insisted that the problem would be resolved in the next two to three days.

For instance, in FY16, Purandare's annual salary including sitting fees stood at Rs 11.27 lakh per annum, but sharply rose to Rs 35.19 lakh in FY17 - higher than SBI's then Chairman Arundhati Bhattacharya's Rs 28.96 lakh. Nearly Rs 5 lakh crore worth of Rs 2,000 notes were printed after demonetisation. "This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also". The notes in circulation on November 4, 2016 - four days before the Union government announced demonetisation of Rs 500 and Rs 1,000 notes - were Rs 17.74 trillion while the currency notes in circulation are now at Rs 18.04 trillion. In a month, supply would be about Rs 70,000-75,000 crore. "In certain geographies, the demand for cash is more".

Garg attributed the sudden cash demand to localised phenomena.

There have been reports of currency shortage in at least six states - Gujarat, Eastern Mahashtra, Madhya Pradesh, Bihar, Andhra Pradesh and Telangana.

He said people of India do not trust the Modi-led Central government anymore. The government is now monitoring the chest wise currency position, to replenish chests which have a shortage of funds. Some ATM is working, but they have only 500 rupees notes. They are more than adequate to meet the transaction demand of customers... In the second scenario, the government should meet as much demand as is there, but that could create a new normal for currency usage.

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"There is no need for supplying Rs 2,000 notes as it is in over supply". One reason is that procurement season has come and the payment to farmers has gone up.

"The Government is taking all steps to ensure that ATMs are supplied with cash and to get non-functional ATMs normalised at the earliest", the statement added. The situation has been the same for 15 days.

Trinamool Congress leader Derek O'Brien called it "a financial emergency".

Opposition parties were quick to point out the mismanagement by the government and remind the public of a similar shortage faced in the aftermath of demonetisation.

Already huge bank defaults in Punjab National Bank, ICICI bank scam, and evasion of thousands of crores by big business magnates are making round every day in the country, leading to loss of people's faith in the banking system.

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