Demonetisation: Parliamentary panel members seek redrafting of report on note ban

RBI has not provided some crucial details is the reason for redrafting of draft report on demonetisation

PTI August 30, 2017 11:50:50 IST
Demonetisation: Parliamentary panel members seek redrafting of report on note ban

New Delhi: Several members of a parliamentary panel on Tuesday sought redrafting of its draft report on demonetisation as RBI has not provided some crucial details including on the quantum of junked Rs 500/1000 notes, sources said.

The acceptance of the report was deferred as member MPs across parties in the Parliamentary Standing Committee on
Finance said it needs to be "redrafted" while some of them stated that it "lacks punch", according to the sources.
As the term of the panel headed by Congress MP Verappa Moily ends on 31 August, the report on demonetisation may now get accepted only after the re-constitution of the committee, sources added.

Demonetisation Parliamentary panel members seek redrafting of report on note ban

Representational image. PTI

During the panel's meeting on Tuesday, two members Naresh Agrawal and Naresh Gujral were in favour of redrafting the document, while BJD MP Bartruhari Mahtab said the draft lacks punch, they said.

Besides, they added, former Prime Minister Manmohan Singh (a member of panel) was of the view that digitisation should not be thrust upon following demonetisation.

BJP MP Nishikant Dubey noted that since the Reserve Bank has not provided all details and replies to the questions asked by the members of the panel, the document is not complete, the sources said.

RBI governor Urjit Patel had appeared before the panel twice, but the central bank is yet to share details about the number junked notes submitted to banks during demonetisation, announced in November.

The panel had also called all top finance ministry officials while deliberating over the note-ban issue. The members also objected to, and demanded redrafting of, the panel's report on NSSO data and GDP numbers.

Prime Minister Narendra Modi-led government in November last year had demonetised the Rs 500 and Rs 1,000 notes. The move had lead to immediate shortage of currency in the system leading to long queues at banks and ATMs all over the country.

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