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

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Union Finance Minister Arun Jaitley has conceded that the country was facing a cash crunch but added that the crisis was only temporary.

cash crunch

Jaitley said, “Have reviewed the currency situation in the country. Over all there is more than 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.”

Janta Ka Reporter had reported on Monday how people in states such as Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana were facing serious shortage of cash as ATMs had gone dry.

Jaitley’s deputy in the finance ministry, Shiv Pratap Shukla, had said, “We have cash currency of Rs. 1,25,000 crore right now. There is one problem that some states have less currency and others have more. The government has formed state-wise committees and the RBI has also formed a committee to transfer currency from one state to other. It’ll be done in three days.”

Madhya Pradesh Chief Minister Shivraj Singh Chouhan had alleged a conspiracy and warned of action against those found to be behind it. He was quoted by ANI, “16.5 lakh crore notes were printed & circulated in markets, but where are Rs.2000 notes going? Who is trying to create a cash crunch? This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also.”

West Bengal Chief Minister Mamata Banerjee asked if the country was going through a ‘financial emergency.’ She teeted, “Seeing reports of ATMs running out of cash in several States. Big notes missing. Reminder of #DeMonetisation days. Is there a Financial Emergency going on in the country?

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