RBI Chief Urjit Patel to Brief Parliament Panel on Note Ban Impact

The briefing will start at 11 am at the Parliament annexe building on Thursday.

RBI Governor Urjit Patel (Photo: Reuters)

On 22 December, Reserve Bank Governor Urjit Patel will brief the Parliamentary Committee on Finance about the demonetisation process and its impact.

“Briefing by the Governor, RBI, on the subject ‘Demonetisation of Indian currency notes of Rs 500 and Rs 1000 and the impact thereof,’” said a post on the Parliament website.

The briefing, at the Parliament annexe building, will begin at 11 am on Thursday.

Since the banning of old Rs 500 and Rs 1,000 notes on 8 November, the government has taken a host of measures – like service tax sops and incentives for making digital payments – to ease the issues caused by the lack of adequate cash in the market.

The move led to the wiping out of almost 86 percent of the currency in the form of Rs 500/1,000 notes.

The RBI and government have been regularly assuring the public that enough cash has been pumped back into the system.

The Reserve Bank of India said last week that Rs 12.44 lakh crore in demonetised notes have been collected at banks.

Also, banks have issued Rs 4.61 lakh crore to the public since 8-9 November through ATMs and bank counters, it said.

"The RBI has issued 21.8 billion pieces of banknotes of various denominations since demonetisation," deputy governor R Gandhi said.