By Pradeep Kumar
ITANAGAR | Apr 20 | The notification of GoI to intensify printing of currency notes in its all four presses to double printing of currency notes, mostly Rs 500 denomination, from 10 million to 20 million per day from first week of May next, justifies the common adage: Der aaye drusht aaye (Better late than never).
The currency crunch had pushed the masses to the brink of collapse of their faith in the financial system of this great nation. Such outcomes were inevitable when some so called reformers think of steps whimsically without weighing various probable consequences.
While SBI chairman Rajnish Kumar claimed that 86% of 2.2 lakh ATMs in the country made operation to dispense cash. Terming cash crunch not a uniform problem, he had expressed hope on Thursday that it will be resolved by Friday as cash is in transition to reach by Thursday evening, while talking to reporters in Delhi as reported by Times of India.
Holding accountable those who are hoarding cash, Kumar said the money should be recycled. People withdraw money from the bank which should be deposited back in the bank to complete the cycle and avoid such crisis, he added.
But the shortage has been blamed on the inadequate availability of Rs 2,000 currency notes, which GoI sources said it could be because of hoarding ahead of elections and lack of configuration of ATM cassettes had not been to dispense smaller sized Rs 200 notes. Cash being transported to deficit areas and presses working overtime to print new ones would ease the prevailing currency crisis, officials said with confidence.
Since the time ATMs ran dry, four presses of Security Printing and Minting Corporation of India Limited are operating for 24X7 against average 18-19 hours daily. Such overtime printing was last seen post-demonetisation to fast-track printing of new Rs 2,000 notes to meet the liquidity shortage in the market.
However, the RBI had on Tuesday said that printing of the notes has been ramped up though there is sufficient cash in its vaults and currency chests.
However, the SBI, being the largest bank if India, should not neglect North-East states, being the food bowl of India, the way it had neglected during six months post-demonitisation period with none of the banks in Arunachal Pradesh having small notes. Interestingly, the RBI has given a conflicting statement that it has “sufficient cash in its vaults and currency chests”. Does it mean the RBI had facilitated ongoing currency crisis?
Congress stages rally against cash crunch
ITANAGAR | Apr 20 | The workers and the frontal wings of the Arunachal Pradesh Congress Committee (APCC) on Friday staged a rally here protesting against the present cash crunch throughout the country including the state.
Addressing reporters at Rajiv Gandhi Bhawan here, APCC President Takam Sanjoy threatened that the party would resort to rigorous democratic movement in coming days if the state government failed to overcome the cash crunch in all ATMs of the state.
The party during the day also submitted a memorandum to the RBI Regional Director in Guwahati stating asking the bank to take immediate and appropriate measureswithin seven days to ease and normalize the situation by ensuring cash availability in all banks and ATMs in the state.
The APCC has proposed to gherao and stage demonstration at RBI Guwahati and civil secretariat here as next phase of its agitational programme.
“It is a kind of financial and economic emergency in the country. People are losing confidence in the banking system and the BJP government in the state. As per the statement of Union Minister, banks have sufficient currencies. If so why people are facing the crisis of money in the banks and ATMs,” Sanjoy questioned?
“We cannot tolerate the incompetent act of the bank on the present situation. Money is being deposited by people of different profession. Where does it go, I don’t think money is being sent to RBI,” Sanjoy rued.
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