Cash crunch hits Sankranti shopping

Visakhapatnam: Currency crisis prevailing in the north coastal districts and the people are facing tough time as they are unable to do Sankranti shopping. ‘No cash’ boards have been placed at all the ATMs. Though, some banks are depositing money in some ATMs, they are going dry within no time.  

As there is no currency available, the poor and middle class are facing tough time to withdraw cash. Meanwhile, the traders and businessmen are collecting two per cent tax on every cashless transaction from the customers. In order to promote cashless transactions, the government announced that there will not be any tax on the purchases of below Rs 2,000.

However, the managements have been collecting two per cent extra on every cashless transaction. As there is no specific enforcement to monitor the cashless transactions, customers are arguing with traders. The businessmen and traders are suggesting to the customers to give cash, if they don’t want to pay two per cent extra on cashless transaction.

“Yes, there is a severe currency crisis. Reserve Bank of India has stopped the sending currency to the state, even after repeated requests. We are also surprised about the trend. The currency, which is going out is not coming back to the banks.

We are facing tough times to adjust cash for large withdrawals. The branches have been giving indent for currency, but we are not in a position to supply. The crisis is continuing in all denominations. According to information, the cash has been blocking and reasons are not known,” a senior Assistant General Manager of State Bank of India told The Hans India.

Another leading bank in the state Andhra Bank is also facing similar problem and not depositing cash in the ATMs. Though the government had publicised that it ensured cashless transaction at all the levels but in reality, still 50 per cent of the total transaction are being held by cash.

When asked about the currency crisis, a senior official of Andhra Bank said that during the past one month, the banks have not receiving the cash against the withdrawals. “Not only Telugu States several other states also facing similar situation. The top managements of the banks are keeping mum on the issue. According to information, there will not be any improvement in the next week also,” Andhra Bank senior official said. 

By VKL Gayatri