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Business News/ Politics / Policy/  Parliament panel quizzes Urjit Patel over demonetisation
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Parliament panel quizzes Urjit Patel over demonetisation

RBI governor Urjit Patel appeared before the Parliament standing committee on finance over the demonetisation issue on Wednesday

RBI governor Urjit Patel is also scheduled to appear before the Public Accounts Committee of Parliament on the demonetisation issue on 20 January. Photo: Aniruddha Chowdhury/MintPremium
RBI governor Urjit Patel is also scheduled to appear before the Public Accounts Committee of Parliament on the demonetisation issue on 20 January. Photo: Aniruddha Chowdhury/Mint

New Delhi: Reserve Bank of India (RBI) governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year. Congress members of the committee asked questions like whose decision was it to withdraw high currency notes and also about autonomy of RBI, sources said.

Bharatiya Janata Party (BJP) members of the panel, headed by Congress leader Veerappa Moily, however, chose not to raise much questions during the meeting, they added.

The questions put up by the panel ranged from the total amount of money that came back during the demonetisation period to the total amount of new bills of Rs500 and Rs2,000 that were printed and sent to the banks.

Also read: RBI pumped in Rs9.2 trillion worth of new notes so far: report

It is also learnt that Manmohan Singh, one of the members who had described demonetisation as monumental management failure, too raised questions on the issue.

Sources said Patel told the Parliament standing committee on finance over the demonetisation issue that discussions between the central bank and the government were taking place since early last year.

Also read: Urjit Patel’s job is to protect the RBI’s reputation, not the Modi government’s

The Finance Ministry has sought time from the panel to provide answers to the queries raised during the meeting in which the finance secretary made a presentation before the committee, the sources said, adding that the members seemed not too satisfied with the replies.

The crucial meeting was held to discuss the “demonetisation of Indian currency notes of Rs500 and Rs1,000 and the impact thereof". Patel is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on 20 January.

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Published: 18 Jan 2017, 05:34 PM IST
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