Shortage of Rs 500 notes to remain for 5-7 days: Banking Secy
The situation is so tense in the state that even Chief Minister Shivraj Singh Chouhan had to make a public comment on the issue. Complaints of cash crunch have been reported from semi-urban and rural regions of the states. Govt has formed state-wise committee & RBI also formed a committee to transfer currency from one state to other.
The government, meanwhile, has been trying to encourage people to adopt cashless payment methods like debit cards, UPI and Aadhaar-Enabled Payments, but has had limited success so far.
They point out that a total of Rs 18.3 lakh cr worth of currency notes are in circulation in India at present, which is more than the Rs 17.8 lakh cr worth of notes that was there just before demonetization.
The Centre on Tuesday admitted to the cash crunch and blamed it on uneven distribution of currency by the RBI across states.
Interestingly this challenges the government's own claim that post-note ban, the use of currency has gone down and more digital transactions are taking place.
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From Varanasi in Uttar Pradesh people said, "We do not know what or where the problem is but the common man is facing difficulty as the ATM Kiosks are not dispensing cash". ATMs are not dispensing cash.
As per latest information, the finance ministry has scheduled a meeting with Reserve Bank of India officials to take stock of the situation.
"We have visited five-six ATMs since morning. The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", the minister tweeted. "We are facing a cash crunch. And the only party flush with cash is the BJP: the people suffer". "We need to pay for the admission of children and purchase groceries and vegetables", a resident of Varanasi in Uttar Pradesh was quoted by ANI as saying. People in Bhopal are also facing the same difficulty since past 15 days and are unable to withdraw cash. They said they are not being able to withdraw cash from ATMs as kiosks in several parts of the city have run out of cash. "The government will act tough on this", he said. After the demonetisation exercise, the currency in circulation increased to Rs. 16,50,000 crore.
Puneet Sharma, a trader at Lucknow's Aminabad market compared the situation to that after the government scrapped high-value notes in November 2016.
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