Amidst reports of a cash crunch from different parts of the country, Union Finance Minister Arun Jaitley said the government was "tackling the issue quickly" to overcome a "temporary shortage" caused by a sudden spurt in demand. Soon the hashtag #CashCrunch started trending on Twitter.
Jaitley said, "Have reviewed the currency situation in the country". While attacking the government, Congress president Rahul Gandhi said that "terror of note ban" has once again gripped the nation. "A panel has been formed and the matter will be fixed in three days", said SP Shukla, Mos Finance. PM calls him as Nirav and Mehulbhai.
Gandhi dared Modi to allow him to speak in the Lok Sabha for 15 minutes, saying the Prime Minister was scared of speaking in Parliament during the second half of the just concluded Budget Session which was completely washed out in protests. "The government will act tough on this", the Madhya Pradesh Chief Minister said.
The government also dismissed concerns over a lack of adequate supply of the high-value 2000 rupee note while acknowledging early signs of hoarding.
There were rumours that if the Financial Resolution and Deposit Insurance Bill (FRDI) was passed, there would be heavy monetary losses for savers of the bank goes bankrupt.
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".
CPI (M) leader Sitaram Yechury, also attacked the government and said, "ATMs were empty in November 2016. People involved in cumin trade are helpless as most of their transactions are in cash", he said. The government has formed state-wise committees and RBI also formed a committee to transfer currency from one state to another.
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Bringing back memories of post-demonetization woes, cash in ATMs across many key states have run out. "We have sought details on cash status from different banks".
But will stock market feel the pinch of this cash crunch?
"We have taken steps to increase the supply of currency in case the demand were to go up further".
According to the manager of nationalised bank in the city who wished to remain anaonymous, confirmed to CityToday that there was a cash crisis following short supply of money from the currency chests.
"Rural areas are the worst hit". The Indian economy had taken a beating due to demonetisation pulling down country's GD growth by two percentage points to 5.7% in the first quarter of 2017-Cash crunch had forced thousands of small scale manufaturing units to shut shops and fire people. "For marriage or other functions people need hard cash", Arvind Kumar Jha, a Patna-based businessman fearing a dip in sales.
The state finance minister had on Monday acknowledged that banks were facing cash crunch and he had asked the RBI to address the problem.