The other day in NTv there was big story on cash crunch while many other channels also reported it in different way about sufferings of the people in this city of Hyderabad for want of cash in ATMs .After Seeing all this I have a feeling that again now we are back to the days when Demonetisation of higher denomination of notes announced and implemented.As per the reports many ATMs in bothTelugu states and in Karnataka,which goes to polls soon, welcome users with “no cash “”notice.With this type of notices,displayed on the doors of many ATMs in city people are encountering scenarios like the ones they faced after Demonetisation.
Is it a happy situation that we are denied access to our own money when we require it? What we have here may not be a full blown financial emergency akin to the Demonetisation day’s, but it is certainly a crisis situation.Cashless ATMs are no great advertisement for the buoyancy of the economy.People have a feeling that the ghost of Demonetisation have come back to haunt people with cash crunch.States like TS andAP had written to Govt of India,RBI etc for making available the sufficient cash reserves but Iam sorry to say that the ATM have become “”all time mess”” .The roumers are afloat that the shortage was intentionally created as the GOI is hoarding the cash for the upcoming Karnataka Elections.
The public ,particularly in rural and non-metro areas ,is facing hardships due to cash crunch.The centre’s proposed financial resolution and deposit insurance bill,has launched a big scare among people as it purportedly allowsfailing banks to use depositors money to cut losses.Due to this ,perhaps,people are withdrawing money to invest in real estate,etc as people’s trust is eroding in public sector banks besides string of high-profilebank frauds which came to light recently.
Moreover the issuance of Rs 2000currency note in lieu of earlier Rs1000 was a move I’ll-thought of,.In what manner it re-monetises the economy faster, is a moot point.Moreover the principle that the next higher subsequent higher denomination should be Rs 2or2’5 higher is thrown away to winds .The damage that was done to the economy is irreparable as per top economists including Manmohansingh and Chidambaram,whose statements we have ignored, just for political reasons but ultimately that is the reality,which any sane man has to accept,.This situation has become a ready made heaven for hoarders but in the process you have made life of a common average consumer most miserable.
Is it a happy situation that we are denied access to our own money when we require it? What we have here may not be a full blown financial emergency akin to the Demonetisation day’s, but it is certainly a crisis situation.Cashless ATMs are no great advertisement for the buoyancy of the economy.People have a feeling that the ghost of Demonetisation have come back to haunt people with cash crunch.States like TS andAP had written to Govt of India,RBI etc for making available the sufficient cash reserves but Iam sorry to say that the ATM have become “”all time mess”” .The roumers are afloat that the shortage was intentionally created as the GOI is hoarding the cash for the upcoming Karnataka Elections.
The public ,particularly in rural and non-metro areas ,is facing hardships due to cash crunch.The centre’s proposed financial resolution and deposit insurance bill,has launched a big scare among people as it purportedly allowsfailing banks to use depositors money to cut losses.Due to this ,perhaps,people are withdrawing money to invest in real estate,etc as people’s trust is eroding in public sector banks besides string of high-profilebank frauds which came to light recently.
Moreover the issuance of Rs 2000currency note in lieu of earlier Rs1000 was a move I’ll-thought of,.In what manner it re-monetises the economy faster, is a moot point.Moreover the principle that the next higher subsequent higher denomination should be Rs 2or2’5 higher is thrown away to winds .The damage that was done to the economy is irreparable as per top economists including Manmohansingh and Chidambaram,whose statements we have ignored, just for political reasons but ultimately that is the reality,which any sane man has to accept,.This situation has become a ready made heaven for hoarders but in the process you have made life of a common average consumer most miserable.
