FM Arun Jaitley allays cash crunch fears. Says adequate currency in circulation and availability in banks

Several ATMs in several cities and towns of Madhya Pradesh, Gujarat, Maharashtra, Telangana, Bihar were not functioning and dispensing cash this morning. A few people in Bhopal said the situation has been like this for the past 15 days.

FM Jaitley/ File image

New Delhi: Amid reports of cash-crunch in several states, Finance Minister Arun Jaitley on Tuesday allayed fears saying there's adequate currency in circulation and also available with the banks. The finance minister in a tweet said he has reviewed the currency situation in the country. He said the shortage of cash in ATMS is being looked into and tackled quickly.

Have reviewed the currency situation in the country. Over all 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.

— Arun Jaitley (@arunjaitley) April 17, 2018

"The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly," Jaitley said. Several ATMs in several cities and towns of Madhya Pradesh, Gujarat, Maharashtra, Telangana, Bihar, J&K etc. were not functioning and dispensing cash this morning. A few people in Bhopal said the situation has been like this for the past 15 days. The issue of ATMs running dry was first raised by chief minister Shivraj Singh Chouhan who last evening claimed that Rs 2,000 notes were vanishing from the market, and alleged that there was a "conspiracy" behind it. As the concerns of cash shortage grew on Tuesday, ABP News spoke to Financial Services Secretary Rajiv Kumar who admitted there's a crunch in southern states of Telangana, Andhra Pradesh and Karnataka. Kumar hinted at shortage of Rs 500 notes in the market whose supply will be increased in the coming five to seven days. He did not speak about the state of Rs 2,000 notes. He said 85% ATMs in the country are running fine. Meanwhile, the Congress party lapped up the opportunity to lash out at PM Narendra Modi for "touring abroad at a time when the people in the country are deprived of cash in banks."

'साहब' कर रहे विदेश में ऐश जनता खोज रही बैंकों में कैश ! https://t.co/L4fK0N6MVa

— Randeep Singh Surjewala (@rssurjewala) April 17, 2018

Congress President Rahul Gandhi also attacked PM Modi "for destroying the banking system". "Acche din have come only for Nirav Modi and Mehul Choksi. It's bad days for the nation's farmers and labourers. In today's scenario, PM doesn't have the courage to speak for even 15 minutes in Lok Sabha," Gandhi told reporters in Amethi.