All India Bank Officers Confederation (AIBOC) has said that the present cash crunch is due to dependency on high-value currency notes of Rs 2,000 and Rs 500.
Hoarding of Rs 2,000 notes began after the Reserve Bank of India (RBI) stopped printing it and has precipitated into a cash crunch. Ravinder Gupta, the Delhi circle head of AIBOC told India Today TV that the cash crunch situation will take at least 7-10 days to normalise.
The AIBOC office bearer said that as per the data released by the RBI out of the total currency in circulation -- Rs 18.43 lakh crore -- close to 90 per cent is in Rs 2,000 and Rs 500 notes.
While smaller notes of Rs 100, Rs 50 and other denominations constitute a very small proportion yet remain in high demand by common people.
"When the RBI stopped printing Rs 2,000 notes, those hoarding money got a whiff of it and began accumulating these notes; this is the reason why Rs 2,000 notes are fast going out of circulation," Gupta said.
Experts suggest that Rs 2,000 notes are a favourite with hoarders and the government is aware of this. And that's one of the reasons why RBI has stopped printing these high-denomination notes.
Despite the cash crunch the RBI has made it clear that it will not resume printing of these notes. Instead the government has announced that Rs 500 notes worth Rs 2,500 crore will be printed per day instead of Rs 500 crore printed now.
AIBOC has blamed the RBI for the cash crunch. "The inequitable distribution of cash has lead to shortage in some states; Bihar, Gujarat are not poll bound but are facing cash crunch. This is as a result of poor management of cash," said Gupta.
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