RBI governor Urjit Patel for the third-time has been summoned before a parliamentary panel to brief it on the government’s demonetisation move. Interestingly , among the members of the panel include former prime Minister Dr Manmohan Singh.
Patel has been called on 12 November to brief the committee’s members on demonetisation of Rs 500 and Rs 1,000 notes and the “ramifications thereof”, according to the panel’s meeting notice.
The 31-member Parliamentary Standing Committee on Finance, headed by Veerappa Moily, has been deliberating on the issue for almost two years.
The government had scrapped Rs 500 and Rs 1,000 notes on 8 November, 2016 and announced the issuance of new Rs 500 and Rs 2,000 notes.
The RBI governor will also brief the committee on the banning of the Unregulated Deposit Schemes Bill and related issues.