Home Politics Urjit Patel Summoned Over Note Ban Move

Urjit Patel Summoned Over Note Ban Move

Reserve Bank of India governor Urjit Patel has been summoned by a parliamentary panel probing the government’s decision to scrap high-value bank notes has asked him to appear before it on 20 January. Patel was asked to provide details on the value of currency that has been returned to the bank, the quantity of “black money” it has received and the amount of new currency released so far.

The Public Accounts Committee (PAC) has asked Patel to explain how the decision for demonetisation was taken, and for details on its impact on the country’s economy, PAC Chairman and senior Congress member K V Thomas told Reuters. The PAC has asked Patel to provide details on the value of currency that has been returned to the bank, the quantity of “black money” it has received and the amount of new currency released so far.

The PAC has also called other finance ministry officials, including Revenue Secretary Hasmukh Adhia and Finance Secretary Ashok Lavasa. Last month, the RBI unexpectedly kept its key policy rate unchanged at 6.25 percent, despite calls for action in the face of an intense cash shortage that threatens to slam the brakes on world’s fastest-growing large economy. The bank was widely expected to cut the rate by at least 25 bps.

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