Demonetisation: Parliament frozen, two House panels to call RBI Governor, Secretaries to explain impact

The PAC chairman has asked members to give their questions to the panel’s secretariat so that these can be sent to the officers concerned for a written response.

Written by Anand Mishra | New Delhi | Updated: December 2, 2016 9:07 am
Sources said it was Shantaram Naik of Congress who first made the demand at the PAC meeting Thursday that the panel should take up the issue to understand the “impact of demonetisation”. Sources said the Finance Committee decided Wednesday to discuss the demonetisation issue and call the RBI Governor.

Two parliamentary committees, chaired by Congress members, have decided to call RBI Governor Urjit Patel to examine the “monetary policy” of the Centre and assess the “impact of demonetisation” at a time when the House is unable to function owing to a standoff between the government and the Opposition.

On Wednesday, the Standing Committee on Finance, headed by senior Congress leader M Veerappa Moily, decided to call the RBI Governor to discuss the impact of the demonetisation decision. And on Thursday, the Public Accounts Committee, headed by K V Thomas, also decided to call Patel, Department of Economic Affairs Secretary Shaktikanta Das and Financial Services Secretary Anjuly Chib Duggal in the first week of January to discuss the issue.

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Thomas told The Indian Express: “Some members approached me, saying that the issue of demonetisation should be taken up by the PAC since it is impacting a huge population. Today, when the committee met, members took an unanimous decision to discuss the issue. The PAC has decided to call the RBI Governor, DEA Secretary and Secretary, Financial Services. This is being done to assess the impact of demonetisation and the overall monetary policy.”

This is likely to generate heat since it will involve discussions. The Congress and other Opposition parties have been attacking the government for pushing demonetisation without adequate preparation. They have been citing “hardship to people” because of the “ill-conceived decision”.

Sources said it was Shantaram Naik of Congress who first made the demand at the PAC meeting Thursday that the panel should take up the issue to understand the “impact of demonetisation”.

Sources said Bhartruhari Mahtab of BJD, however, said that the panel should discuss the entire gamut of the monetary policy of the government and not limit itself to demonetisation, an idea with which BJP members agreed.

The PAC chairman has asked members to give their questions to the panel’s secretariat so that these can be sent to the officers concerned for a written response.

Sources said the Finance Committee decided Wednesday to discuss the demonetisation issue and call the RBI Governor. While Congress member Digvijaya Singh wanted the panel to take up the issue in the second week of January, several members said it could be taken up in the third week of December, sources said.

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First Published on: December 2, 2016 4:30 am
  1. M
    MyTake
    Dec 2, 2016 at 12:52 am
    Brown Sahibs and their descendants along with their g slave Sahibs appear to be very unhappy! Those who got affected most are now screaming at the highest of their voice! lt;br/gt;lt;br/gt;One can judge the affectivemeness of the step taken by the level of decibels generated by the mafia clan who were stealing public money and resources, from which they now have been shooed away! lt;br/gt;lt;br/gt;They still seem to be somehow undeterred by election results in Gujarat and Mumbai - need a bigger hammer to make them to come to senses!
    Reply
    1. A
      ashok s
      Dec 2, 2016 at 4:45 am
      If money bills is privilege of lower house , then why not appointments to higher offices be privilege of upper house
      Reply
      1. A
        ashok s
        Dec 2, 2016 at 1:40 am
        Impeachment process of RBI of governor should take place
        Reply
        1. A
          ashok s
          Dec 2, 2016 at 12:43 am
          RBI governor should response as he is responsible for ?
          Reply
          1. A
            Abhishek
            Dec 2, 2016 at 4:55 am
            True patriotism existed in 17th century to late 19th century when majority of Indians helped a business rule over our land. Indians couldn't see their exploits and were blinded by the growth and profits that were falsely promised to them. History has a tendency to repeat itself. lt;br/gt;lt;br/gt;Econimists are foretelling that demonetization will shrink our economy by 2%, meaning more people will be jobless. Yet Indians seem blinded by some mysterious golden egg laying bird that is just going to be delivered soon to every household
            Reply
            1. B
              Balaji
              Dec 2, 2016 at 3:40 am
              Opposition crossing the limit. If opposition so powerful to do all the nonsense thing then what is the role of ruling party. Whether now a days role is interchanged, means opposition will rule the country and ruling party will be the silent spectator. This opposition funda was some how suited to the era some 60/70 years back when the consution of India formed. It was keeping in mind to apply the break to Govt in case Govt is going out of control because it was not possible for general public to know what Govt is doing and what is going on inside the parliament. Role of the opposition is just to create the public awareness. But at present time with developed IT the role of opp is reduced a lot and even not required at all if all the time they will stop the parliament working smoothly. People of the country directly knowing what is wrong n what right by the virtue of information technology now-a-days. What people are knowing now-a-days about Opposition in the parliament is that they are frustrated and taken a promise not to allow the Govt to work in any manner irrespective of how good or bad the policy is. Whether we need this type of opposition where the direct public awareness is well placed. Whether this opposition is required just to stop working , just to kill the time, just to divert the aim, just to dilute everything including the national security. Whether one CM can criticise PM. Both CM and PM are the consutional position meant for the work towards their consutional responsibility, I mean to their respective area. CM are not bed as opposition party by the Consution like opposition party in the parliament. CM are vested with executive power by the consution and PM also vested executive Power by the Consution with certain area of responsibility where as opposition are not allowed the same power to run the country. It means there is a difference between CM and opposition party. Then how CM will disrespect the PM. If CM can disrespect the PM then tomorrow all the officers also start disrespecting then what will happen. Now time has come to rethink the about the issue seriously.
              Reply
              1. C
                claire smith
                Dec 2, 2016 at 3:45 am
                Opposition is letting country down; it should wake up quick and ask Gov and RBI some tough Qslt;br/gt;RBI gov's behaviour is suious as he hardly seems to b e working independently
                Reply
                1. D
                  Dr Noorul
                  Dec 2, 2016 at 1:12 am
                  Committee's demand is right.
                  Reply
                  1. T
                    T DUTTA
                    Dec 2, 2016 at 4:50 am
                    DEMONETISATION IS BECOMING LIKE A HINDI MOVIE--probably famous script writers are already writing the script and the film may come within 1 year--WHY WAIT FOR THE LAST CHAPTER?--in fact there may not be any last chapter--always TO BE CONTINUED
                    Reply
                    1. M
                      maz
                      Dec 2, 2016 at 10:22 am
                      LOL - Another clown who hates hindus but shouts "jai bheem" . LOL lt;br/gt;lt;br/gt;What UPA II tried to do was different - they tried to pull out of circulation all notes older than 2005 - this was a purely bureaucratic exercise with no benefit - it was not a sudden move like what PM Modi did and black money would not have been impacted in the slightest. That's why no currency notes were burnt, no 500 rupee notes were thrown in rivers and nobody even cared.
                      Reply
                      1. M
                        maz
                        Dec 2, 2016 at 10:30 am
                        LOL -- genius comment !! Did they teach you civics in AAP school ?
                        Reply
                        1. M
                          maz
                          Dec 2, 2016 at 10:14 am
                          People who can't spell "economists" are trying to interpret what economists are saying. This is most funny. People who haven't got a clue about what monetary policy is and what economic policy is are trying to be online experts misleading people with ignorant comments. That is sad.
                          Reply
                          1. M
                            maz
                            Dec 2, 2016 at 10:28 am
                            Yeah - only Raghuram Rowdy who gave more press conferences and interviews and got his picture in the newspaper every day was working - everybody else is just sleeping right ?? lt;br/gt;lt;br/gt;LOL - appearing in the news is not working - its called cheap PR and RBI governer is not like being a Kardashian.
                            Reply
                            1. H
                              Harpal
                              Dec 2, 2016 at 3:55 am
                              This is the limit of torture of the innocents.
                              Reply
                              1. S
                                Sumit Goyal
                                Dec 2, 2016 at 1:34 am
                                Please televise the committee's proceedings. Would love to see how Urjit patel wanted his job so badly that he couldn't stand up to a moronic PM's ideas.
                                Reply
                                1. M
                                  Mayur Panghaal
                                  Dec 2, 2016 at 3:45 am
                                  Feku has to be kicked out if india has to survive.
                                  Reply
                                  1. M
                                    Mayur Panghaal
                                    Dec 2, 2016 at 3:48 am
                                    Raghuram rajan has the last laugh.lt;br/gt;What a disgrace this feku gang is !!
                                    Reply
                                    1. M
                                      Mayur Panghaal
                                      Dec 2, 2016 at 3:47 am
                                      Time for Tahrir square moment in India.lt;br/gt;Time to hit the streets.lt;br/gt;Silence is a crime against humanity.
                                      Reply
                                      1. M
                                        mtv
                                        Dec 2, 2016 at 3:54 am
                                        If we do not need Opposition, why Ruling party also? Let it be a presidential form of Govt. A one man/woman show. Why we even need democracy? Let it be a Dictatorship. Why not adopt even a North Korean consution!!! My above comments do not mean I accept the current Opposition led by totally third rate leaders who has only their family interests. But then the ruling party is also led by an illiterate party who knows only Jingoism and led by an absolute dictator. Long term, we have a perfect recipe for disaster.
                                        Reply
                                        1. N
                                          Narendra M
                                          Dec 2, 2016 at 4:01 am
                                          First the Congress and other political parties refuse to accept that indeed there is huge problem created by black money (unaccounted wealth). Secondly, they refuse to accept that there was an urgency to deal with problem of black money. If NDA government led by PM Shri Narendra Modi has taken a decision to deal with it, right thing to do is to accept that an elected government has a right to take such action as it thinks fit. Unfortunately, however, the Congress, CPM and almost all regional parties have simply failed to accept the ground reality. These political parties are overreacting to demonetisation decision. Instead they should join the debate, coming out with an alternate plan to effectively deal with problem of black money. That would be an ideal response to NDA government and BJP.
                                          Reply
                                          1. P
                                            Pmg Pillai
                                            Dec 2, 2016 at 2:17 am
                                            It is for the electd e[resentatives who are ministers responsible for explainomg the impact and NOT the officers especially who is ons utionlly in position he leglty of this undemocractic move must be exlanied dated fidy Deceber 02md 206 Time 0745hrs ist
                                            Reply
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