Urjit clueless about demonetization, fails to pacify House Panel

New Delhi, Jan 18: Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday appeared before a Parliament panel to explain the concerns over demonetization and he said that Rs 9.2 lakh crore of new currency notes has been put into the system since November 8.

Patel was asked to appear before the Parliament Panel on Finance regarding questioning about demonetization and he briefed the panel about the same informing about demonetization’s effects and its impact on the economy. He also narrated the steps taken by RBI to deal with the cash crunch.

Members of the Parliamentary Standing Committee criticised Reserve Bank of India Governor Urjit Patel for his inability to answer queries related to demonetization.

According to sources, Patel quoted the figure even as Trinamool Congress MP Saugata Roy, who is a member of the standing committee on finance, rejected the claim.

“The RBI Governor was unable to tell us how much money has come back to the banks, nor was he able to tell us when the system will be normal. The RBI officials were defensive,” Roy said.

“The governor was unable to tell us that how much old currency has come into the banks,” added Saugata Roy.

The committee was headed by Congress senior leader Veerappa Moily and Former Prime Minister Manmohan Singh was also the member.

Patel is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on January 20.

Wefornews Bureau

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