RBI governor Urjit Patel to brief parliamentary panel on demonetisation on Nov 12

New Delhi, Oct 29: RBI Governor Urjit Patel will brief Parliamentary panel, of which former Prime Minister Manmohan Singh is a member, for the third time on the government's demonetisation move and its ramifications.

The 31-member Parliamentary Standing Committee on Finance has been deliberating on the issue for almost two years.

The government had scrapped Rs 500 and Rs 1,000 notes on November 8, 2016 and announced issuance of new Rs 500 and Rs 2,000 notes.

Patel has been called on November 12 to brief the committee's members on demonetisation of Rs 500 and Rs 1,000 notes and the "ramifications thereof". He will also brief the committee on the banning of the Unregulated Deposit Schemes Bill and related issues.

Patel earlier shared details related to demonetisation with the panel in January and July last year.

The panel could not adopt a draft report on the note-ban in August as BJP MPs in the panel, led by Nishikant Dubey, stalled the process. However, Moily has repeatedly said no report on demonetisation was tabled before the panel.