Reserve Bank of India Governor Urjit Patel on Wednesday reportedly told the Standing Committee on Finance panel members that around Rs 9.2 lakh crore in new currency have been introduced, as reported by PTI. Patel was briefing the standing committee on finance over the demonetisation issue and its impact on the economy, steps taken by the central bank to deal with the cash crunch post withdrawal of Rs 500 and Rs 1,000 notes. He reportedly also told the panel that the discussion about demonetisation began between the government and bank early last year.
According to the RBI statement, the government wanted it to consider demonetisation of high value currencies “to mitigate the triple problems of counterfeiting, terrorist financing and black money” on 7 November. The central board took a decision on this and the government announced the demonetisation on 8 November.
Senior bureaucrats, including Department of Economic Affairs Secretary Shaktikant Das, Banking Secretary Anjuly Chib Duggal and Revenue Secretary Hasmukh Adhia, and top bank honchos like Chanda Kochhar of ICICI Bank and Usha Ananthasubramanian of Punjab National Bank are also to appear before the committee headed by Congress leader Veerappa Moily.
The RBI Governor is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on January 20.
(With inputs from ANI)