Parliament committee likely grill RBI guv over demonetisation today

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Reserve Bank of India Governor Urjit Patel is likely to appear before the Public Accounts Committee of Parliament on Friday over the issue of demonetisation. The PAC would pose a set of questions to Patel related to the implementation of the note ban.

Urjit Patel

The RBI governor had on Wednesday appeared before Parliament's standing committee on finance over the same issue after which Trinamool Congress leader Saugata Roy lashed out at Urjit Patel for failing to disclose the amount of money that returned to the banking system post demonetisation.

"The RBI Governor was unable to tell us how much money has come back to the banks nor was he able to tell us when system will be normal. RBI officials were defensive," ANI quoted Roy on Wednesday.

Reports say that Patel told the committee that Rs 9.2 lakh crore in new currency was introduced in the system.

Patel has been on opposition's crosshair eversince demonetisation. He has been accused by some leaders of compromising the Central bank's autonomy by agreeing to government's note ban decision.

A massive cash crunch hit the nation after Prime Minister Narendra Modi, on November 8, announced that old Rs 500 and Rs 1,000 notes would cease to be legal tenders. At the time of ban, these high value denomination notes made up over 80 percent of the currency in circulation.

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