ATM Machines Running Out of Cash All Across India
ATM Machines Running Out of Cash All Across India by Rory – The Daily Coin
I wonder why the citizens of India hoard gold and silver, trade gold and silver and use gold and silver as wealth preservation? Oh, that’s right, they are used to corrupt governments playing games with their currency and shutting the people out of the monetary system. It wasn’t that long ago that people were dying while standing in line to trade one worthless bank note for the shiny new worthless bank note. Of course the corrupt government will never take responsibility for anything and the people suffer. Remind me again why people have used gold and silver as money for the past 5,000 years.
Today we learn that due to a “glitch”, suspected “corruption” or the fact the Central Bank of India is not printing enough bank notes to satisfy demand, ATM machines are being drained of all cash and the reload is taking some time. The people of India have been run through the wringer the past year and half and the government and banks just don’t care.
Less than 18 months after a ban on most of India’s cash left millions of people scrambling for banknotes, some ATMs are once again running dry.
India’s government blamed reports of a new cash shortage in several states on an “unusual spurt in currency demand” over the last three months. Demand for cash shot up by 450 billion rupees ($6.9 billion) in the first two weeks of April alone, it said.
“The government is taking all steps to ensure that ATMs are supplied with cash and to get non-functional ATMs normalized at the earliest,” the Finance Ministry said in a statement.
Finance Minister Arun Jaitley tweeted on Tuesday that he had conducted a review of the cash situation in the country and found that there “was more than adequate currency in circulation.” He added that the shortage was “being tackled quickly.”
The finance ministry did not explain the sudden increase in demand for cash, and did not immediately respond to a request for additional comment.
The Reserve Bank of India, the country’s central bank, insisted late Tuesday that it had “sufficient cash” in its vaults but said it was increasing the printing of rupee notes at its presses around the country.
“The shortage may be felt in some pockets largely due to logistical issues of replenishing ATMs frequently and the recalibration of ATMs being still underway,” the bank said in a statement.
For me this just points to more desperation on the government and banking cabals’ part. These institutions know not how to control the situation, they created, so they continually propagandize the situation, change the rules and make life all the harder on the people to simply get through another day. Remind me again why gold and silver have been used as money and currency for the past 5,000 years. Oh yeah, because gold and silver are brought to market by free market entrepreneurs and total supply is regulated by God not banks or government.