New Delhi: A Parliamentary panel has decided to summon Reserve Monetary establishment Governor Urjit Patel as soon as extra to elucidate how a variety of the junked foreign exchange has been deposited in banks put up remember ban and the progress made in remonetisation.
The meeting of the Standing Committees on Finance, headed by former cabinet minister M Veerappa Moily, has been tentatively scheduled for April 20, sources conscious concerning the occasion talked about.
Furthermore Patel, Monetary Affairs Secretary Shaktikanta Das and Financial Suppliers Secretary Anjuly Chib Duggal are moreover being requested to appear sooner than the Committee.
The panel, which had last met on the problem of "Demonetisation of Indian Currency notes of Rs 500 and Rs 1000" on January 18, is ascertaining the availability of the RBI and finance ministry officers on April 20.
This in all probability stands out as the ultimate oral proof meeting of the committee sooner than it finalises its report, sources talked about, together with that one different meeting may have to be often called if Patel does not appear on April 20.
The panel needs to know from the RBI Governor along with the finance ministry officers the number of junked foreign exchange that was deposited in monetary establishment accounts put up November eight, 2016 willpower to demonetise elevated denomination notes.
Moreover, it needs a fast on the strategy of remonetisation and by when is your total progress of fixing the junked notes, which constituted 86 per cent of all the foreign exchange in circulation, may be modified.
On the ultimate meeting, Patel had not disclosed the number of banned notes that had been deposited in banks and had solely acknowledged that 9.2 lakh crore of newest foreign exchange notes had been launched.
A whole of Rs 15.44 lakh crore, representing about 86 per cent of all foreign exchange, was declared void on November eight last yr. Sources talked about MPs may also want to question RBI and finance ministry officers on the ideas being modified nearly each day on deposit of the junked foreign exchange.
On the ultimate meeting, former Prime Minister Manmohan Singh had saved Patel from some strong questioning by his fellow event MPs. He requested the embattled RBI Governor to not reply a query by Digvijaya Singh on why banking restrictions weren’t being lifted as this may result in a run on banks.
The 31-member Standing Committee on Finance moreover consists of of Nishikant Dubey and Kirit Somaiya of BJP, Naresh Agarwal of SP, Dinesh Trivedi of TMC and Satish Chandra Misra of BSP.
RBI in a written remember to the panel had acknowledged that on November 7, 2016 the federal authorities "advised" it to scrap 500 and 1,000-rupee notes; a day later, the RBI Board cleared the switch. Hours after that, Prime Minister Narendra Modi delivered a televised take care of by which he made the shock announcement.