The citizens of India are recalling the November 2017 situation in April 2018 due to reported substantial amount of shortage of Cash in the ATMs. The reports from various parts of the country leads one to think if the cash is hoarded in the fear to lose them to government. Yes, a message making rounds on social media last month got viral which stated Indian government is planning to confiscate deposited funds from the bank if they happen to find any irregularities in the depositing habit under FRDI (Financial Resolution Deposit Insurance) Act.
It is anticipated that people may have believed the message and are reserving the cash in their houses rather than depositing it in the bank. Be it Madhya Pradesh, Karnataka, Delhi, Andhra Pradesh, Uttar Pradesh, Bihar, Telangana or Maharashtra, people visiting ATMs return empty handed as the handwritten notice board displays “No Cash” sign.
“For the past 2-3 days, there has been a shortage of money in ATMs. This morning, I came to the ATM in the hope that money would have been loaded, however, the machine is still not working. We are finding it very difficult to operate without cash,” said a local from Bhubaneswar to ANI. Another local from Bhopal complained the similar situation in Bhopal too.
As per TV reports, RBI stated the technical inability to be the reason but refuted Media reports of any cash crunch in the nation. While Finance Minister, Arun Jaitley called everything to be “under control”. In a tweet by the Finance Minister, Arun Jaitley said, “Have reviewed the currency situation in the country. Overall there is more than 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,”
A TV report also stated that Bank Managers blame less supply of cash to the banks as the primary reason while few noticed decrement in the cash deposits by citizen as the reason. RBI has ramped up the the printing of currency in 4 of the printing presses as a precautionary measure. Reacting to Cash Crunch news, former Uttar Pradesh Chief Minister, Akhilesh Yadav doubted of international conspiracy behind the cash crunch condition. Talking to reporters, Yadav said, ” There is cash crunch even when paper, ink and machines were brought from abroad. I think there is an international conspiracy to hit Indian economy,” He called it government’s responsibility to find out the reason for the cash crunch and didn’t deny the speculation of cash hoarding.
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