-The Times of India NEW DELHI: Tax authorities have conducted 30-35 raids in Karnataka and parts of Andhra Pradesh as part of a drive to smoke out cash hoarders, even as the government and RBI moved to pump in funds into some of the states facing a currency crunch. In Bihar, for instance, Rs 800-900 crore has been pumped in through the ATM network with initial assessments suggesting that the shortage may...
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15 theories about why India is facing a cash crunch a year and a half after demonetisation -Rohan Venkataramakrishnan & M Rajshekhar
-Scroll.in From ATM logistics to deliberate lack of supply to Nirav Modi, there are many explanations for the shortage. One of the most unusual things about the cash crunch that is affecting a number of Indian states, which the government officially acknowledged on Tuesday, is that the causes of the shortage are unclear. In various statements, government officials have pointed the blame at an “unusual spurt” in currency demand, although they...
More »cash crunch continues in many states, but banks say situation improving
-Hindustan Times Empty ATMs and complaints reported from Patna to Haridwar. ATMs in Bihar, Madhya Pradesh, Uttarakhand and Gujarat ran empty on Wednesday, but banks said cash flow had improved a day after people in many parts of India struggled to get money in their hands. Public lenders State Bank of India (SBI), Punjab National Bank, Canara Bank and privately owned Axis Bank said in separate statements that only few of their ATMs...
More »As Empty ATMs Reported, RBI Says Shortage Due To Logistical Reasons: 10 Points -Debjani Chatterjee
-NDTV (With inputs from agencies) As ATMs ran dry in several parts of the country, finance minister Arun Jaitley said the shortage is temporary and is being tackled quickly. New Delhi: In response to reports that ATMs in several states are running dry, Finance Minister Arun Jaitley today conceded a "temporary shortage in some areas" and said it was being "tackled quickly". The Reserve Bank of India said the shortage...
More »Government attempts damage control as ATMs run dry -Sandeep Phukan
-The Hindu Jaitley blames ‘spurt in demand’; Congress recalls note ban 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. But with hash tags #cashcrunch and #ATM trending on Twitter all day, Opposition leaders launched a scathing attack on the government. Minister’s assurance Responding to the currency...
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