Briefing the Parliament's standing committee on finance over the demonetisation issue, Reserve Bank of India’s (RBI) Governor Urjit Patel on Wednesday informed the members of the committee that Rs 9.2 lakh crore in new currency has been introduced in the economy since the note ban came into effect on 9 November 2016.
Patel also informed the the panel headed by Congress leader Veerappa Moily that the process of demonetisation started in January 2016, NDTV reported.
The Opposition has slammed the RBI chief’s move to evade questions over how much of the demonetised currency made its way back to the banking system. Opposition leaders have also demanded Patel’s resignation.
Speaking at a press conference, Congress’ Gulam Nabi Azad said:
Members of the Parliamentary Committee remained unimpressed with arguments put forth by the RBI governor to the panel over the impact of demonetisation on the economy, and the steps taken by the central bank to deal with the cash crunch after the withdrawal of Rs 500 and Rs 1,000 notes.
TMC MP and panel member Sugata Roy criticised Patel for his presentation. He told ANI:
However, according to an NDTV report, the Patel found support from unexpected quarters after former Prime Minister, and senior Congress leader, Manmohan Singh asked him to not answer questions that may cause problems.
Besides Patel, the parliamentary committee was also briefed by senior bureaucrats, including Department of Economic Affairs Secretary Shaktikant Das, Banking Secretary Anjuly Chib Duggal and Revenue Secretary Hasmukh Adhia, and top bank honchos like Chanda Kochhar of ICICI Bank and Usha Ananthasubramanian of Punjab National Bank.
(With ANI inputs)
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