Demonetisation: TMC pulls up RBI guv for not divulging amount returned

Reserve Bank of India Governor Urjit Patel has been on opposition's crosshair ever since demonetisation.

Trinamool Congress leader Saugata Roy, who is a member of Parliament's standing committee on finance, on Wednesday lashed out at Reserve Bank of India Governor Urjit Patel for failing to the amount of money that has returned to the banking system post demonetisation.

The RBI Governor was unable to tell us how much money has come back to the banks: Saugata Roy(TMC), member of standing committee on finance pic.twitter.com/Vil5d29rOD

— ANI (@ANI_news) January 18, 2017

Nor was he able to tell us when system will be normal;RBI officials were defensive: Saugata Roy(TMC),Standing Committee on Finance member pic.twitter.com/ZDrgDoR0L2

— ANI (@ANI_news) January 18, 2017

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

The committee, had on January 8, had asked the RBI chief to respond to a set of questions on the currency ban. 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.

Patel has also been asked to appear before the Public Accounts Committee regarding the same on January 20.

A massive cash crunch hit the nation after Prime Minister Narendra Modi, on November 8, announced that old Rs 500 and Rs 1000 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.

OneIndia News