Mos Finance SP Shukla said that the Reserve Bank has formed a committee to transfer currency from one state to other. "The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", finance minister Arun Jaitley wrote on micro blogging site Twitter. There is a mismatch of demand and supply of cash, say sources. The Government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other. But the only state going for elections in the coming weeks is Karnataka. "We can not do much unless RBI starts dispatching currency to the currency chest from where we get cash". Cash crunch was seen in Jammu and Kashmir also. Below we have listed 10 developments reviewing the cash situation in India. "We hope the situation improves soon", said Jyotindra Mehta, chairman, Federation of Urban Cooperative Banks.
There is another reason for cash shortage. Due to shortage of cash in ATMs the routine works of common man hampered badly as the ATMs are not shelling currency notes. The issue was quick to take political overtones. Some of the Congress leaders in Madhya Pradesh hit out at the NDA government for cash shortage.
On Monday, Madhya Pradesh Chief Minister Shivraj Singh Chauhan claimed there was a conspiracy behind Rs 2000 notes disappearing from the market. Complaints of cash crunch have been reported from semi-urban and rural regions of the states.
The Centre on Tuesday admitted to the cash crunch and blamed it on uneven distribution of currency by the RBI across states.
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In Hyderabad people said, they have been unable to withdraw cash from ATMs.
"We held a meeting with the RBI officials, banks, and states today (Thursday). We are facing difficulty, don't know what to do". We have visited five to six ATMs since morning. "We need to pay for the admission of children and purchase groceries and vegetables", a resident of Varanasi in Uttar Pradesh was quoted by ANI as saying. "We are facing difficulty, don't know what to do", they said.
Situation is worst in Madhya Pradesh where people are complaining that ATMs are non dispensing cash from the past 15 days.
"In Bihar, people told ANI, "(We) have been taking rounds of ATMs since last three days but cash is still not available.