RBI governor Urjit Patel to appear before parliamentary panel for demonetisation briefing on 8 June

RBI governor Urjit Patel's appearance before a parliamentary panel for a second briefing on demonetisation has been put off from 25 May to 8 June, as work on framing the monetary policy would be underway at that time

PTI May 21, 2017 12:50:17 IST
RBI governor Urjit Patel to appear before parliamentary panel for demonetisation briefing on 8 June

New Delhi: RBI governor Urjit Patel's appearance before a parliamentary panel for a second briefing on demonetisation has been put off from 25 May to 8 June, as work on framing the monetary policy would be underway at that time.

The Standing Committee on Finance, which had questioned Patel on 18 January on the move to ban Rs 500 and Rs 1,000
denomination notes, allowed him to appear at the later date after he issued a request expressing his inability.

RBI governor Urjit Patel to appear before parliamentary panel for demonetisation briefing on 8 June

File image of Urjit Patel. Reuters

Patel had been asked to appear on 25 May, after former prime minister Manmohan Singh prevailed over the BJP MPs in the panel, who were opposed to summoning the RBI governor again.

Incidentally, it was Singh who had rescued Patel from a tough grilling during the January meeting when he intervened to say that the central bank and the governor's position as an institution should be respected.

He should not be put to odd questions, Singh, who himself was RBI governor once, is believed to have told the Committee. "Patel was supposed to come on 25 May, but it was postponed following his request expressing his unavailability on the day due to the monetary policy which is scheduled for 6-7 June," a member said.

Instead of Patel, all secretaries from Finance Ministry will be present on 25 May to update the panel, which is chaired by Congress leader M Veerappa Moily, about digital economy, he said.

BJP MP Nishikant Dubey, who is a member of the panel, has suggested to the chairman that it should now deliberate on digital economy, as "demonetisation was not an issue any more".

In January, the panel had summoned top finance ministry and RBI officials to discuss the demonetisation process and its impact.

As the members could not complete their questions, the committee had decided to call the RBI governor and ministry officials again on a later date, after the Budget Session.

Sources privy to developments said the members in the panel are now likely to question Patel on how much money has come back into the system.

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