Cash crunch returns as ATMs in many states go dry

ATM cash crisis Problem severe Income Tax dept roped in by government

Cash crunch returns as ATMs in many states go dry

Reacting on the cash crunch situation in the country, the Finance Minister Arun Jaitley on Tuesday said that the shortage is temporary and is being tackled quickly. Who is trying to create a cash crunch? There is one problem that some states have less currency&others have more.Govt has formed state-wise committee & RBI also formed committee to transfer currency from one state to other.

Meanwhile, the government assured that the matter would be solved in 3 days. "We've cash currency of Rs 1,25,000 crore right now".

Efforts to take a version of the State Bank of India, with the largest number of ATMs, in the state did not yield any result.

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"We are facing a cash crunch".

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".

From Varanasi in Uttar Pradesh people said, "We do not know what or where the problem is but the common man is facing difficulty as the ATM Kiosks are not dispensing cash". In some of the states, recalibration of ATM machines for Rs 200 notes have not been completed leading to shortage of cash.

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A senior finance ministry official said, "We held a meeting with the RBI officials, banks, and states today (Thursday)".

In Hyderabad people said, they have been unable to withdraw cash from ATMs.

Some bank officials also believe the RBI has deliberately reduced cash supply to banks to force people to make digital payments and increase cashless transactions.

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People of various cities including Delhi, Varanasi, Bhopal and Hyderabad are struggling as ATMs are running dry, creating a situation of a severe cash crunch. The situation has been the same since last 15 days. "We are facing difficulty, don't know what to do", they said. "We need to pay for the admission of children and purchase groceries and vegetables". After this exercise (demonetisation), the currency in circulation increased to Rs 16,50,000 crore. ATMs dried up in north Bihar due to issues related to transportation of cash from currency chests located in other parts of the state, officials said. "But notes of Rs 2,000 are missing from the market".

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