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Cash crunch neither sudden nor temporary, Telugu states tell Jaitley

IANS  |  Hyderabad/Vijayawada 

Both the Telugu states on Tuesday disputed Arun Jaitley's claim that cash crunch in banks and ATMs is sudden.

said the cash shortage is neither sudden nor temporary and urged the not to brush away an issue that is eroding people's confidence in system.

The government termed Jaitely's statement as "irresponsible" and said people were facing hardships due to cash crunch.

"Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks. The temporary shortage caused by asudden and unusual increase' in some areas is being tackled quickly," tweeted Jaitley on Tuesday.

Hours later, Telangana's K.T. tweeted that the problem is neither sudden nor temporary.

"Sir, with due respect the cash shortage in Banks & ATMs is neither sudden nor temporary. I've been hearing complaints for over 3 months repeatedly in Hyderabad Pls have RBI & Fin Min team dig deeper & not brush away an issue that is eroding people's confidence in system," tweeted Rama Rao, who is son of

N. Chandrababu Naidu's son and Cabinet also reacted to Jaitley's statement.

"It's very sad that, Hon'ble Finance @arunjaitley ji is not understanding the reality, and saying every thing is good. AP is facing severe cash crunch. AP Govt is not able to even give the pensions and pay to MGNREGS workers," he tweeted.

Lokesh said Chandrababu Naidu had written several times about this issue to central government but the situation has not improved. "Atleast now, Central Govt. has to react on this, and resolve the issue at the earliest," Lokesh added.

The said that unusual spurt in demand is seen more in some parts of the country like Andhra Pradesh, Telangana, Karnataka, and

--IANS

ms/vd

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 18:46 IST
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