We print about 500 cr of Rs 500 notes per day. We have taken steps to raise this production 5 times. In next couple of days, we'll have supply of about 2500 cr of Rs 500 notes per day. In a month, supply would be about 70000-75000 cr: SC Garg, Secy, Dept of Economic Affairs pic.twitter.com/bD84VjhKQJ— ANI (@ANI) April 17, 2018
Cash crunch LIVE: ‘note-ban’ terror again, says Rahul Gandhi
- 6.26 pm ISTCurrency withdrawal between first quarter of 2018 stood at Rs 1.4 trillion
- 5.48 pm IST‘Rs 2,000 notes amounting Rs 7 lakh crore out of supply,’ says Madhya Pradesh FM
- 5.18 pm ISTCurrency supply to improve in next two days: SC Garg
- 5.07 pm ISTCash crunch is ‘financial emergency’: TMC’s Derek O’Brien
- 4.58 pm ISTTaking all steps to ensure cash supply: Govt
- 4.46 pm ISTRahul Gandhi attacks PM Modi on currency shortage, says country in grip of ‘note-ban’ terror again
- 4.37 pm ISTRahul Gandhi ups the ante against Modi govt
- 4.35 pm ISTChhattisgarh has been affected by cash crunch: CM Raman Singh
- 4.33 pm ISTCurrency ‘imbalance’ due to crop procurement season: SBI chief Rajnish Kumar
- 4.31 pm ISTCommittee formed to address currency shortage: MoS finance Shiv Pratap Shukla
- 4.29 pm ISTMamata Banerjee sees currency shortage as a reminder of demonetisation
- 4.27 pm IST‘Unusual spurt in demand’ in last 3 months: Finance Ministry
- 4.25 pm ISTPeople complain of cash shortage in Vadodara
- Cash crunch at ATMs from Andhra Pradesh, Telangana, Madhya Pradesh, Chhattisgarh, Delhi, Gujarat and poll-bound Karnataka is being reported on Tuesday, giving the Opposition parties fresh ammunition against the Narendra Modi government. 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. The government, in turn, led by finance minister Arun Jaitley has said that there was “more than adequate” currency in circulation and the temporary shortage in certain states was being “tackled quickly”. Jaitley also said that he has reviewed the currency situation in the country and is checking with banks and the Reserve Bank of India (RBI) to ensure adequate supply of currency. Here are the latest updates and developments on cash shortage at ATMs:
- 6.26 pm IST Currency withdrawal between first quarter of 2018 stood at Rs 1.4 trillionCurrency withdrawal by individuals during January-March 2018 was at Rs 1.4 trillion, sharply higher than Rs 1.1 trillion in the same quarter of 2016, Reuters citing the Reserve Bank of India (RBI) data reports. The March 2017 quarter data is not comparable as the RBI was in the process of re-injecting currency notes after the so-called demonetisation in November 2016, it adds.
- 5.48 pm IST ‘Rs 2,000 notes amounting Rs 7 lakh crore out of supply,’ says Madhya Pradesh FMMadhya Pradesh finance minister Jayant Kumar Malaiya has said that the cash crunch affects the entire country and not just his state, ANI reports. Malaiya also said that the currency notes of Rs 2,000, which currently amounts to Rs 7 trillion, have gone out of supply, ANI adds.“This situation is not restricted to the state, it is there in the entire country. It is true that the notes of Rs 2000 which amounts to a currency of 7 lakh crore have gone out of supply leading to such a situation,” ANI quoted Jayant Kumar Malaiya, MP finance minister, as saying.
- 5.18 pm IST Currency supply to improve in next two days: SC Garg
- 5.07 pm IST Cash crunch is ‘financial emergency’: TMC’s Derek O’BrienTMC’s Derek O’Brien has called the ongoing cash-crunch at ATMs as a ‘financial emergency,’ ANI reports. “This is a financial emergency. PM Modi had said that everything will be fine in 50 days, but it has now been more than 1.5 years, and there is still a cash crunch,” ANI quoted Derek O’Brien as saying.
- 4.58 pm IST Taking all steps to ensure cash supply: Govt
Govt is taking all steps to ensure that ATMs are supplied with cash and to get non-fucntional ATMs normalised at the earliest: Department of Economic Affairs on cash crunch— ANI (@ANI) April 17, 2018
- 4.46 pm IST Rahul Gandhi attacks PM Modi on currency shortage, says country in grip of ‘note-ban’ terror againCongress president Rahul Gandhi on Tuesday said the “terror of note-ban” has again gripped the country due to reported shortage of cash in several states and accused PM Narendra Modi of destroying the country’s banking system with his demonetisation decision. The Congress chief, who is in his Parliamentary constituency Amethi, took to Twitter to attack Modi, alleging he “snatched” the Rs500 and Rs1,000 currency notes from every Indian’s pocket and “gave” it to Nirav Modi, but was neither speaking a word about it nor facing Parliament. The terror of noteban has gripped the country again as the cash in various banks has gone dry, Gandhi alleged and used the hashtag “CashCrunch” with his tweet in Hindi. (PTI)
- 4.37 pm IST Rahul Gandhi ups the ante against Modi govt
Modi Ji has destroyed the banking system. Nirav Modi fled with Rs 30,000 crore & PM didn't utter a word. We were forced to stand in queues as he snatched 500-1000 rupee notes from our pockets & put in Nirav Modi's pocket: Rahul Gandhi on Cash crunch pic.twitter.com/5vsKsBHxr0— ANI (@ANI) April 17, 2018
- 4.33 pm IST Currency ‘imbalance’ due to crop procurement season: SBI chief Rajnish KumarSBI chairman Rajnish Kumar said it would not be correct to state that there is a currency shortage in the country. There has been an “imbalance” due to the crop procurement season, when demand for currency goes up. He said Punjab, Madhya Pradesh and Uttar Pradesh are seeing heightened demand due to procurement season. (PTI)
- 4.31 pm IST Committee formed to address currency shortage: MoS finance Shiv Pratap ShuklaMinister 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. (PTI)
- 4.29 pm IST Mamata Banerjee sees currency shortage as a reminder of demonetisationKolkata: Reacting on reports of currency shortage in some states, West Bengal CM Mamata Banerjee today said the development was a reminder of demonetisation days. “Seeing reports of ATMs running out of cash in several States. Big notes missing. Reminder of #DeMonetisation days. Is there a Financial Emergency going on in the country? #CashCrunch #CashlessATMs,” she said in a tweet.
- 4.27 pm IST ‘Unusual spurt in demand’ in last 3 months: Finance MinistryA 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. (PTI)
- 4.25 pm IST People complain of cash shortage in Vadodara
Vadodara: People complain of inconvenience due to lack of currency in ATMs; say, 'most of the ATMs were out of service, could only withdraw Rs 10,000 from one working ATM that also after spending a lot of time in the queue' #Gujarat pic.twitter.com/ZkbGCc4j4f— ANI (@ANI) April 17, 2018