As the RBI Governor Urjit Patel, today, appeared before the parliamentary Standing Committee on Finance to discuss on the newly implemented demonetisation policy, Patel has stated that Rs 9.2 lakh crore in new currency notes had been introduced post note-ban.
As the Reserve Bank of India (RBI) Governor Urjit Patel, today, appeared before the parliamentary Standing Committee on Finance to discuss on the newly implemented demonetisation policy, the RBI governor has stated that Rs 9.2 lakh crore in new currency notes had been introduced post note-ban. The committee, headed by former union minister and senior Congress leader Veerappa Moily, had called Patel to brief the panel about demonetisation. The secretaries of finance ministry had also appeared and briefed about demonetisation and its impact.
Sources from the panel had stated that there was no reply by the Finance ministry officials when questions were raised on how much old demonetised notes had returned to the bank and how much amount of new notes had been printed. Sources further confirmed that the Finance ministry officials had said the Standing committee panel that the discussions on the pros and cons of demonetisation had started early 2016.
Following the meeting, Standing Committee on Finance member Saugat Roy of Trinamool Congress (TMC), stated that the the RBI Governor was unable to declare when the system will get normal. Also stating that the RBI was defensive on the matter, Saugata Roy said that the Governor was unable to tell us how much money has come back to the banks.
In strong words of criticism for the RBI Governor, senior Congress leader Ghulam nabi Azad has claimed for the rsignation of Urjit Patel, claiming that the central bank has become a rubber stamp of the governemnt and has lost its autonomy.
Patel’s summon brfore the parliamentary panel comes days after the United Forum of Reserve Bank Officers and employees rose voices alleging that the image of the reserve bank has been dented beyond repair following the implementation of the demonetisation policy by the Narendra Modi led central government.