Recently the ATM s across the nation has not been giving out cash to the users for nearly a fortnight. Some angry enough to trash the ATM kiosks.
But what is the reason behind the cash crunch? Is it a silent demonetization or it a conspiracy?
After reports of the shortage of Rs 2000 currency notes in Madhya Pradesh, Chief Minister Shivraj Singh Chouhan called it a conspiracy to create cash crunch in the state. Chouhan warned that the government will act sternly against those who are hoarding Rs 2000 currency notes. The Chief Minister made the statements while addressing a large gathering of farmers at Shajapur district headquarters.
“When demonetisation took place, markets were flooded with currency notes worth Rs 15 lakh crore. Today, Rs 16.5 lakh crore currency notes have been printed and circulated. But where are the Rs 2000 currency notes vanishing? Who is hoarding them? Who is creating currency crunch?” Shivraj Singh Chouhan reportedly asked. He made a veiled attack on opposition parties and said, “This is also a conspiracy…, so that troubles start. Once the trouble starts, (conspirators) play mischief.”
The Chief Minister further said that the state government was in contact with the Centre and would take strict actions against persons found involved in hoarding Rs 2000 currency notes.
READ ALSO: India goes dry; ATMs stop working in states
WHAT HAS THE FINANCE MINISTER GOT TO STAY?
Amid the ATM cash crunch, Union Finance Minister Arun Jaitley said on Tuesday that a “temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly.”
“Have reviewed the currency situation in the country. Overall there is more than the adequate currency in circulation and also available with the Banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly,” the minister tweeted.
His junior minister SP Shukla told a leading news agency that there is a “problem that some states have less currency and others have more,” promising that it will be solved in three days with both the government and the Reserve Bank of India working to “transfer currency from one state to other.”
WHAT THE OPPOSITION HAS TO SAY?
Meanwhile, the opposition Congress has asked if the cash crunch has taken place because of “deliberate move” of the government. The party’s official Twitter handle said:
News reports say that ATMs around the country are running of out cash. Is it just gross mismanagement by the Modi Govt or is this a deliberate move? #IndiaSpeaks
— Congress (@INCIndia) April 17, 2018
MEANWHILE
The bank officers have claimed that the cash crunch is due to the Reserve Bank of India (RBI)’s rationing. It is a tactic—less traction for RBI’s digital push.
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