Opposition leaders say situation reminds them of demonetisation days

People in Hyderabad have been facing troubles in withdrawing cash from ATM machines, reported news agency ANI.

Minister of State for Finance Shiv Pratap Shukla also commented on the issue, confirming reports of a cash crunch in the country, giving reassurances of resolving the shortage within three working days. According to the Reserve Bank of India data, currency in circulation as on April 6 was Rs 18.17 lakh crore. Reserve bank has already formed the committee to transfer currency from one state to other.

Even BJP-ruled Madhya Pradesh, Maharashtra, Gujarat and coalition government in Bihar have reported cash crunch on Monday but Union Finance Minister Arun Jaitley categorically denied the reports of any cash crunch.

FestivalsReports suggest that the various festivals like Baisakhi, Bihu and other harvest festivals might have pushed the demand for cash in the states. Earlier in the day, a statement by the finance ministry confirmed reports of cash shortages and some ATMs running dry of cash or becoming non-functional in some parts of the country."There has been unusual spurt in currency demand in the country in last three months", it said. This cash crunch is reminding them of the demonetisation times and people are taking to social media to express their problems.

However, this time, reports say that the cash crunch was a knee-jerk reaction to the latest Financial Resolution and Deposit Insurance (FRDI) Bill, being tabled in parliament.

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"We have cash currency of Rs 1,25,000 crore right now". "ATMs are running out of cash".

The Manipur government also wrote a letter to the finance ministry apprising them of acute shortage of cash in the state.

Bankers indicate that the situation is worse in rural centres while urban centres are getting a reasonable cash supply, albeit, it is much less than the actual requirement.

He added that there was adequate currency in circulation and with the banks and that the situation would be tackled quickly. In next couple of days, we'll have supply of about 2500 crore of Rs 500 notes per day. It should be noted that several people who were using Paytm have now returned to cash after the KYC diktat. He alleged a "conspiracy" to create a shortage of cash in the state, where assembly elections will be held later this year, by keeping the highest denomination notes out of circulation.

Commenting on the situation, J N Singh, chief secretary, said, "We understand the urgency faced by the banks and are in constant touch with the RBI as well as the central government to resolve the issue".

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