Demonetisation: Parliamentary panel postpones RBI governor Urjit Patel's briefing

New Delhi: 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.

 Demonetisation: Parliamentary panel postpones RBI governor Urjit Patels briefing

Urjit Patel. Reuters file image

Patel was earlier scheduled to come for the briefing on Thursday, but Finance Ministry officials will now brief the Standing Committee on Finance first, sources said. "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 9 November.

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

Updated Date: Dec 21, 2016 22:42:41 IST