Cash Crunch

The current cash crunch in ATMs might have invoked a rage on social media and on air, but the problem isn’t that big as it seems to be. Described by Indian ministers as a temporary shortage of funds due to over allocation of funds across different areas, the problem of cash crunch is manageable.

The problem has been reported in areas including Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana.

Finance Minister Arun Jaitley said, “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.”

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Opposition Congress and the Left took a jibe at the incumbent government as asked if it was “mismanagement” or a “deliberate move”. The otherwise idle Rahul Gandhi has got his spicy fodder to speak to media.

MoS for Finance Shiv Pratap Shukla said: “We’ve cash currency of Rs 1,25,000 crore right now. There is one problem that some states have less currency and others have more. Government has formed state-wise committee and RBI also formed committee to transfer currency from one state to other. It will be done in three days.”

“16.5 lakh crore notes were printed & circulated in markets, but where has the currency disappeared? ‘Is it because the government announced demonetization’ or ‘has the act of absconding of Nirav Modi and Mehul Choksi engendered this situation,’ are some of the many questions which are erupting on digital platforms.

 

Is there a permanent solution to solving the larger problem of absconding the country after looting the money of Aam Aadmi? The government currently took proactive measures to avert such circumstances and hence, abstained ICICI Bank CEO Chanda Kochhar’s brother in law at the Mumbai airport while he was flying to a foreign country.

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