Urjit Patel: RBI and govt initiated plans for demonetisation early last year

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 bill that were printed.

By: PTI | New Delhi | Updated: January 18, 2017 8:31 pm
 Urjit Patel, Reserve Bank of India, RBI governnor, NDA government and Demonetisation, Demonetisation and RBI, latest news, India news, national news RBI Governor Urjit Patel

Reserve Bank of India 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.

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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 Rs 500 and Rs 2,000 that were printed and sent to the banks.

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.

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 Rs 500 and Rs 1,000 and the impact thereof”.

Patel is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on January 20.

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  1. B
    Big b
    Jan 18, 2017 at 4:10 pm
    Ediot bhakto, still believe their PM may be right after entire fiasco. Stupid
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    1. B
      Big b
      Jan 18, 2017 at 4:05 pm
      Ediot is hiding how much money came back in bank. Like after 3 weeks they don't know. Trying to fool public. Accept demo is disaster and PM own it
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      1. B
        Big b
        Jan 18, 2017 at 4:07 pm
        Ediot. Why govt is not answering how much money came back.
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        1. B
          Big b
          Jan 18, 2017 at 4:12 pm
          Either PM or Urjit need to resign accepting the ber they made.
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          1. Kalidas
            Jan 18, 2017 at 3:58 pm
            If this were true, the former Governor Raghuraj Rajan, who left office at RBI on 4th September 2016, would have been aware of the proposed scheme of Demonetization conceived from early 2015. lt;br/gt;lt;br/gt;He was never questioned or interviewed by media, nor was called by PAC during current interrogation. Rajan never spoke about that and the fact he was pressured not to seek extension (read as "he was fired"), must have known what was going on, and opposed the scheme. He is the key witness but was never called nor was even referred to. lt;br/gt;lt;br/gt;Looks like the PAC is an eyewash. No body wants to know the truth. Even the strongest opponent, Manmohan Singh, Congress who termed the scheme as "Monumental Ber" , sprang up to the defense of Urjit Patel when his job was to grill him to extract truth. But he forgot that he was MP and behaved as if he was still an employee of RBI and it was his duty to save him as former colleague. lt;br/gt;lt;br/gt;Manmohan Singh should have kept quiet as he did during his several years of eternal silence in spite of several scandals erupting in numbers and intensity. He follows hi's Three Monkeys - do not see, do not listen and do not speak ( Truth, of course). He is a hypocrite.
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