International conspiracy to hit Indian economy: Akhilesh Yadav on cash crunch

Former Uttar Pradesh chief minister Akhilesh Yadav has alleged that there is an international conspiracy to hit Indian economy. He made the remark in the wake of cash crunch in several ATMs in different parts of the country, which has already triggered a war of words between the government and the opposition parties.

Speaking to mediapersons, Yadav asked where the cash was if not in ATMs. He further asked if the cash was being held back on the directions of the government.

Targeting Narendra Modi-led NDA government at the Centre over the issue, Yadav said, “This goernment printed maximum amount of currency, but where is cash if it’s not there in ATMs? Is it being held back on govt direction?”

He added, “There is cash crunch even when paper, ink and machines are being brought from abroad. I think there is an international conspiracy to hit the Indian economy.”

This comes a day after Congress president Rahul Gandhi also attacked the Modi government as many ATMs ran dry in different states and cities. Targeting the Prime Minister, the Congress chief said, “Modiji has destroyed the banking system”.

Citing instance of the multi-million Punjab National Bank (PNB) scam involving celebrity jeweller Nirav Modi, the Gandhi scion said that despite the Diamond merchant fleeing with Rs 30,000 crore, the Prime Minister kept calm and maintained silence.

The Congress chief further alleged that PM Modi ceased the circulation of Rs 500 and Rs 1000 notes from the Indian markets and handed them over to Nirav Modi.

"Modi Ji (Narendra Modi) has destroyed the banking system. Nirav Modi fled with Rs 30,000 crore and the Prime Minister didn't utter a word. We were forced to stand in queues as he snatched 500-1000 rupee notes from our pockets and put in Nirav Modi's pocket," said Rahul Gandhi.

Severe cash crisis has thrown life out of gear as ATMs have run dry in several states and cities including Telangana, Hyderabad, Varanasi, Vadodara, Bhopal, Patna and a few areas in Delhi.

Cash-starved customers have been queuing in large numbers outside ATMs and banks for the last few days in several cities to withdraw currency notes from vending machines, but most of them were either out of service or had a board notifying "no cash".

Many customers also went to the bank branches but several bank officials said that the banks' infrastructure has been unable to handle the huge rush resulting in long serpentine queue.