Demonetisation: Now, PAC calls RBI Guv Urjit Patel to discuss handling of Narendra Modi govt’s note ban drive

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New Delhi | Updated: January 9, 2017 1:40:13 PM

The Public Accounts Committee (PAC) has called for a meeting to discuss the effects of demonetisation on January 20.

RBI governor Urjit Patel. (PTI)RBI governor Urjit Patel. (PTI)

The 50 day deadline since demonetisation may have passed off peacefully enough for the Reserve Bank of India (RBI) and its Governor Urjit Patel and the financial system in India is slowly getting back to normal after being in an emergency mode for almost 2 months as the long queues in front of banks and ATMs have disappeared, but the central bank and its honchos cannot afford to rest easy yet.

For, now they are being asked to respond, by government watchdogs, about how they handled the note ban process since PM Narendra Modi caught India as well as the world at large by surprise when he announced it on November 8 in which he banned Rs 500 and Rs 1000 notes.

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Today, the Public Accounts Committee (PAC) has called for a meeting to discuss the effects of demonetisation on January 20. Commenting on this move, KV Thomas, PAC Chairman said, “After hearing the RBI Governor and concerned officers in the meeting, Committee will take appropriate decision.” He did not spell out exactly what he meant by saying the panel will take ‘appropriate action’. KV Thomas added, “Questionnaires submitted by the members has been sent to the RBI Guv and concerned officers like Finance Secretary, Revenue Secretary.”

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