Note-ban: RBI Governor to appear before Finance panel today

Our Bureau New Delhi | Updated on January 12, 2018

RBI Governor Urjit Patel   -  PTI

RBI Governor to face Finance panel today and PAC on Friday

RBI Governor Urjit Patel and Secretaries from the Finance Ministry will appear before the Finance Standing Committee and the Public Accounts Committee on the issue of demonetisation.

Patel will meet Finance Standing Committee on Wednesday and Public Accounts Committee on Friday on the monetary policy after demonetisation.

Representatives of the Finance Ministry will also brief the Finance standing committee on “Demonetisation of Indian Currency notes of ₹500 and ₹1000 and the impact thereof” on Wednesday. Secretaries of Department of Economic Affairs, Financial Services and Revenue are scheduled to appear before the Finance Standing Committee along with the RBI Governor.

Representatives of Indian Banks Association, State Bank of India, Punjab National Bank and Oriental Bank of Commerce will also appear before Standing Committee, headed by Congress leader Veerappa Moily.

The PAC, however, has decided to postpone the meeting with the Finance Ministry officials. The BJP members in the panel argued that the meeting with the officials should be postponed as “they are busy” with the Budget preparations.

“We have now decided to meet the Finance Ministry officials in February, after the first lap of the Budget session,” a member in the panel told BusinessLine.

While the RBI has reportedly told the Finance Standing Committee in a note that they were merely acting on the directions of the Centre, the Finance Ministry is learnt to have told the panel that the decision was aimed at curbing black money and fake notes.

The panel, consisting of former Prime Minister Manmohan Singh, had demanded more details from the RBI and the Centre on the matter.

Published on January 17, 2017

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