Bite this bitter bullet! Cash-rush not going to end anytime soon!

Finance Minster says it will take three weeks to recalibrate 2 lakh ATMs

You may not like this news much, but it is there to be digested. The nationwide cash-rush that is hurting common people big time, as they queue up to the banks and ATMs, is not likely to end anytime soon.

Three weeks is the official period from Finance Ministry to get things completely settle down and it may just take even longer, nobody knows precisely how much. When the historic currency ban was announced by Prime Minister Narendra Modi on November 8, it was also assured to the people of nation that within two days, ATMs across India will start yielding new currency and smaller currency notes. As it comes out, it appears to be wishful thinking of the Union Government.

Addressing a press conference in New Delhi on Saturday, Finance Minister Arun Jaitley categorically said that It will take at least three weeks to recalibrate ATMs according to the new Rs 500 and Rs 2,000 currency notes. Which simply means smooth cash flow is still a distant reality for common people of India. Although Jaitly assured by saying that “the Finance Ministry is constantly monitoring the currency exchange.” Jaitley was addressing this press conference after presiding over an emergency meeting of senior government and RBI officials.

He said that : “It was expected that there will be some difficulty for the first few days as 86% currency is changed.” Not missing a chance to settle some political score by lashing out at opposition leaders, who had criticized the currency ban move and demanded a rollback, Jaitly also said that “some reactions to the black money clean-up have been very disappointing and irresponsible”.

However, the bold and much appreciated move of the government has started yielding some big issues already as it is losing its popular momentum among common people and even its ardent supporters have started questioning the move now. The poor implementation of an otherwise laudable scheme is widely cited and people are also somewhat angry at the fact that Prime Minister is not in India at this crucial time. To get some cash to fulfill daily needs is proving to be a very tough task for the common people.