The ATMs in a number of states have gone dry and the users are facing cash crunch speaks volume about the financial mismanagement in the country.
“We are facing a cash crunch. ATMs are not dispensing cash. The situation has been the same for 15 days. We have visited several ATMs today as well, to no avail,” the agency quoted people as saying. Similar reports have come from other cities in several states.
The problem has been particularly acute in some of the poll bound states such as Andhra Pradesh, Maharashtra, and Karnataka as well as in Gujarat, Rajasthan, Uttar Pradesh, Madhya Pradesh, and Delhi.
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However, Union Finance Minister Arun Jaitley was quite casual about this and almost brushed aside any seriousness attached to this development. Jaitley tweeted, “Have reviewed the currency situation in the country. Overall there is more than the 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.”
SP Shukla, Union Minister of State for Finance, was a bit more concerned about the happening. “We have cash currency of Rs 1,25,000 crore right now. There is one problem that some states have less currency and others have more. The government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other. It will be done in three days,” he said.
Union Ministry of Finance said in a release: “There has been an unusual spurt in currency demand in the country in last three months. In the current month, in the first 13 days itself, the currency supply increased by Rs.45000 crores. This unusual spurt in demand is seen more in some parts of the country like Andhra Pradesh, Telangana, Karnataka, MP, and Bihar.”
“The Government would like to assure all the people that there has been an adequate supply of currency notes which have met entire demand so far. The government would also like to assure that it would be supplying adequate currency notes to meet even higher levels of demand if such demand were to continue in the coming days/months,” it added.
The opposition Congress pointed out the financial mismanagement of the present government and what was unheard of during Manmohan Singh regime. “News reports say that ATMs around the country are running of out cash. Is it just gross mismanagement by the Modi Govt or is this a deliberate move?” the party tweeted from its official handle. Congress also accused the development as a deliberate move. However, the last accusation cannot be confirmed as of now.
The ruling BJP’s attitude is reminiscing about the last years of communist rule in West Bengal. Intoxicated by arrogance and overconfidence, the BJP is losing connection with the common people and failing to address their problems. Narendra Modi is a seasoned politician and he should try and arrest this trend. As such the Indian Middle Class is mired in a host of economic and financial difficulties and to hand them these additional harassments will not augur well for the ruling BJP.