The government stepped in to assure citizens that they had reviewed the currency situation. "There is more than adequate currency in circulation", he reiterated, saying RBI figures show that Rs 18.17 lakh crore was in circulation. Government has formed state-wise committee and RBI also formed committee to transfer currency from one state to other. In the current month, in the first 13 days itself, the currency supply increased by Rs 45000 crores, according to a press release by Ministry of Finance.
People across India are experiencing difficulties in withdrawing cash money from ATM machines across many states, as the Hyderabad, Bhopal, Surat, Varanasi and Delhi have been hit by the crisis and there is an urgency to balance the cash flow.
Massive cash crunch across country has left ATMs dry. When the cash shortfall was reported from Andhra Pradesh and Telangana in March, it was attributed by some to a misunderstanding of the Financial Resolution and Deposit Insurance Bill, which had a "bail in" clause where depositors would bear a portion of any losses.
Seeing reports of ATMs running out of cash in several States. Industry experts feel the shortage has been caused because of hoarding of the Rs 2,000 currency notes.
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SBI Chairman Rajnish Kumar said, "To say that there is shortage of currency is not a right statement to make". Along with RBI, it has formed committees in states to ensure adequate stock of currency. Big notes missing. Reminder of #DeMonetisation days.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Tuesday claimed that Rs 2,000 notes were vanishing from the market, and alleged that there was a "conspiracy" behind it.
Reacting to the sudden cash crunch in the country, Congress President Rahul Gandhi blamed Prime Minister Narendra Modi for "destroying the banking system". While addressing a farmers' convention, he said, "The currency worth Rs. 15,00,000 crore was in circulation before demonetisation".
The reason for the cash crunch this time could be the lack of higher denomination currency notes needed to pay harvest season wages.