Urjit Patel briefing to parliamentary panel postponed

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RBI Governor Urjit Patel will be called later by a Parliamentary Committee for a briefing on demonetisation as the Veerappa Moily-headed panel has decided to first seek details on the issue from top Finance Ministry officials tomorrow.

Patel was earlier scheduled to come for the briefing tomorrow but now Finance Ministry officials will brief the Standing Committee on Finance first, sources said.
Urjit Patel parliamentary panel

“We thought it’s appropriate to take brief from the Finance Ministry. The RBI Governor would be called some other time,” a source said.

Finance Secretary Ashok Lavasa and other senior officials will brief the panel on ‘demonetisation of Indian currency notes of Rs 500 and Rs 1000 and the impact thereof’.

Other experts too are likely to give their opinion on demonetisation which came into effect from November 9.

Following the decision to scrap old high denomination notes, people are thronging banks to deposit invalid currency and also get valid once to meet their requirements.

RBI has put withdrawal limit of Rs 24,000 per week for individuals but due to the shortage of currency many bank branches are compelled to ration it further.

There has been slew of changes in the rules and regulation both by RBI as well as the government in the last six weeks increasing hardship for both public and bankers.

Latest in the series of changes in rules, RBI today rolled back its directive restricting deposits of demonetised notes more than Rs 5,000 in bank accounts till December 30, the last date to return such currency to banks.

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