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Parliamentary panel to summon RBI Governor again on April 20

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The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai July 30, 2013. REUTERS/Vivek Prakash/Files

A parliamentary panel has decided to summon Reserve Bank of India’s Governor Urijit Patel again to acquire information on amount of junk money deposited in banks post demonetisation and progress made so far on remonetisation.

Reportedly, the meeting of the Stranding Committee on Finance, headed by former cabinet minister M Veerappa Moily, has been tentatively scheduled for April 20.

Apart from the RBI Governor, Economic Affairs Secretary Shaktikanta Das and Financial Services Secretary Anjuly Chib Duggal are also asked to appear before the Committee, reported The Economic Times.

The panel, which had earlier met on January 18, to undertake discussion on the issue of “Demonetisation of Indian Currency notes of Rs 500 and Rs 1000”, is expecting the availability of the RBI and finance ministry officials on April 20.

At the last meeting on the similar lines, Patel had not disclosed the number of banned notes that had been deposited in banks and had only stated that 9.2 lakh crore of new currency notes had been introduced. A total of Rs 15.44 lakh crore, representing about 86 per cent of all currency, was declared void on November 8 last year.

RBI in an official communiqué stated that on November 7, 2016 the government “advised” it to scrap Rs 500 and Rs 1,000 notes; a day later, the RBI Board cleared the move.

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