Some questions unanswered over note ban, House panel to summon Urjit Patel again

The move followed former PM Manmohan Singh’s insistence that Urjit Patel should tell the standing committee on finance how much money had come back to banks after demonetisation of notes in November.

Written by Anand Mishra | New Delhi | Published: April 21, 2017 6:29 am
Urjit Patel, Note Ban, House panel summons Urjit Patel over Note Ban, Demonetisation and Urjit Patel, Reserve Bank of India, M Veerappa Moily, Biju Janata Dal, India news, National news RBI Governor Urjit Patel. (File Photo)

A parliamentary panel on Thursday decide to call Reserve Bank of India (RBI) Governor Urjit Patel to appear before it again on May 25. The move followed former Prime Minister Manmohan Singh’s insistence that Patel should tell the standing committee on finance how much money had come back to banks after demonetisation of Rs 500 and 1,000 notes in November. He added that they wanted to know about the RBI’s preparedness for the government’s digital money push.

The issue was discussed at the panel’s meeting that senior Congress leader M Veerappa Moily chaired to discuss corporate governance. BJP MP Nishikant Dubey questioned the rationale behind calling Patel again. But the panel members from Congress, Biju Janata Dal (BJD) and Trinamool Congress (TMC) insisted on calling the RBI governor. They argued that Patel had not answered all the panel’s questions.

Sources said that Dubey, who other members including his party colleague Shivkumar Chanabasappa Udasi supported, argued that the discussion on demonetisation had been completed. He added that calling the RBI governor again would give the impression that officers were being “unduly harassed”.

BJP members insisted that demonetisation was over, and remonetisation was a continuing process. Thus, they said, calling Patel again on demonetisation would not serve any purpose. However, Singh and other members strongly opposed this argument.

Singh, who had at an earlier meeting of the panel come to Patel’s rescue and saved him from tough grilling, said that the discussion on demonetisation was yet to be completed. He added that Patel should be called as the panel had earlier decided to call him again. Singh is learnt to have said that Patel did not tell the panel during his earlier appearance on January 18 as to how much money had come back to the banks after demonetisation.

BJD’s B Mahtab and TMC’s Saugata Roy supported Singh. Mahtab is learnt to have said that the panel needed to be told in detail about the real purpose of demonetisation, the whole process and the RBI’s role in it. He said that when Patel had appeared before the panel on January 18, most of the questions were unanswered. Mahtab recalled that Patel had said that counting of all the money deposited would take time.

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  1. S
    s s nair
    Apr 21, 2017 at 12:54 pm
    No useful purpose will be served. It will be waste of time. Certain questions have no answers.
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      s Patel
      Apr 21, 2017 at 12:50 pm
      Can Mr Singh tell how much money was looted during his tenure as PM
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      1. T
        Tushar
        Apr 21, 2017 at 9:43 am
        RBI is committed to the w citizen to disclose the amount what came back to the bank ... By refusing to disclose they are shutting the door of democracy at people's face . it's clear that amount exceeded the total circulated money and still.it's being depostd through special counters . .. Hence its clear that government has tonface many question if they reveal it (only of they dont reveal cooked up figure .). During las t questioning thee were many questions left not answered by Urjit . So. It's nonsense to oppose it by BJP member s Note shortage is still going on in Kerala. Especially during vishu festival.people.were cursing the central government for the discrimination they are showing to the state since this state is been always rejecting their party ...almost all retail business men were complaining about the turnover this time which was not even the half figure what they had achieved last year .. The political retaliating is exposed and it's done publicly
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          P.C.Kulkarni
          Apr 21, 2017 at 9:36 am
          When will RBI declare how much of banned currency deposited? Are they still countig? Limit of inefficiency or is the real reason differet?
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            S Subramaniam
            Apr 21, 2017 at 9:13 am
            Why only the invalid notes deposited in the Banks and why not the invalid notes which have not yet been deposited in the Banks?
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