Afternoon D & C Dedicated To Mumbai
Home > Business > ATMs run dry in some states, FM says temporary shortage

ATMs run dry in some states, FM says temporary shortage

Wednesday, April 18, 2018

Several parts of Andhra Pradesh, Telangana, Madhya Pradesh, Bihar and poll-bound Karnataka have reported shortage of currency and ATMs running down, which the government yesterday attributed to unusual spurt in demand in last three months.

Finance Minister Arun Jaitley said the "temporary shortage" in certain states is being "tackled quickly" and that there is "more than adequate" currency in circulation.

Jaitley, who has been away from office since April 2 due to kidney ailment, said he has 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 demand) in some areas is being tackled quickly," he said in a tweet.

The government is checking with banks and the Reserve Bank of India to ensure adequate supply of currency.

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.

While currency supply increased by Rs 45,000 crore in the first 13 days of April, "unusual spurt in demand" was seen more in some parts of Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh and Bihar, it said.

Minister of State for Finance Shiv Pratap Shukla said the government has formed a committee to address the problem of currency shortage in certain states and the issue would be resolved in next 2-3 days.

"The Government has set up state-wise committee and RBI has also formed a committee to transfer currency from one state to other because for money transfer you need the permission of the RBI. It (the shortage) will be solved in 2-3 days," he said.

Tweet
COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:
 
Email:
Comments:
 
 
City news
A week after the arrest of 11 people ...
Accused molestor caught, his 3 friends slip away
Some parts of Maharashtra sizzle at 42 degree ...
I am 24 year old girl working since last 5 years.
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)The monotony of your humdrum existence will get to you today, says Ganesha. A change of décor is what you may have in mind. Money may not be an issue, and a quick fix may result in a little partying in the evening. You want to show off your beautiful and serene ambience, don't you?
- Advertising -
India’s journey in education, is one of mixed suc
Summer time brings certain welcome gifts – mangoe
Team R-Factor, a team of 25 young, motivated tech
Read More