ATm Map of India
Some ATMs in the national capital too were reported to be out of service. We had adequate reserves of currency notes which have been used to meet fully the extraordinary demand generated so far.
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".
Currently, the circulation currently at Rs 18.17 lakh crore is higher than pre-note ban levels of Rs 17.77 lakh crore. Mr Garg said, in a month, supply will be about 70 thousand to 75 thousand crore.
A student, N Jayanth, who was roaming to withdraw cash in Kukatapally said: "I would have travelled at least 10 km to withdraw cash to pay my hostel fee". The residents felt the pinch as the wedding season is on and there is short supply of currency notes of Rs 2,000. The printing of new Rs. 1000 notes has not begun yet.
"Is it correct that currency in circulation has increased by only 2.75 per cent since demonetization?" But, off late, we have noted somewhat lesser inflow coming back from circulation.
Senior finance ministry officials on Wednesday held video conferences with public sector banks during which they have been asked to replenish ATMs with 500 rupee notes.
The Economic Affairs Secretary seems to be right as cash availability was not short, dispensing the cash was a problem. "So it is in absolute numbers higher than at the time of demonetisation".
Other lenders, including Canara Bank, Bank of India and Axis Bank claimed that cash shortage at ATMs was limited to select pockets. In the first fortnight of April alone, the demand was close to Rs45,000 crore. "I support digitization, but government can not force the pace of digitization or arbitrarily reduce the supply of cash".
Garg had also given an assurance that the government was looking to ramp up printing to around Rs2,500 crore of Rs500 notes daily in the next few days.
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After several ups and downs, the country has been facing the currency heat once again after ATMs across the country turned dry.
Earlier, Finance Minister Arun Jaitley tweeted that there is "more than adequate currency" in circulation.
"RBI is also taking steps to move currency to areas which are witnessing unusually large cash withdrawals", it added.
Several parts of Andhra Pradesh, Telangana, Madhya Pradesh, Bihar and poll-bound Karnataka have reported shortage of currency and ATMs running dry, which the government yesterday attributed to unusual spurt in demand in last three months.
"In certain states, the demand has gone up". They are more than adequate to meet the transaction demand of customers...
"Short-time measures are also not available because already due to cash shortage in both Andhra Pradesh and Telangana, emergency cash is being sent there", he said.
"We have not got this investigated, but you can assume that this one note is most suitable for people to keep with themselves. Demand for cash has been rising". "There are 19,000 ATMs in the state and strict directives have been issued to ensure availability of cash in them". Money for votes is a common practice in India, as well as spending in cash for legitimate expenses such as paying people for door-to-door campaigns.
The cash crunch is a recall of a cash crisis after the demonetisation of Rs 1000 and Rs 500 notes in November 2016.
Minister of State for Finance Shiv Pratap Shukla said the government has formed state-wise committees and the issue would be resolved in next 2-3 days. Cash movement is a complex exercise and involves logistical complexities.
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