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A Parliament Panel Has Asked These 10 Pertinent Questions To RBI Governor On Demonetisation

Patel was asked to appear before the panel on 28 January.

08/01/2017 9:33 AM IST | Updated 08/01/2017 10:00 AM IST
Danish Siddiqui / Reuters

Questioning his role in demonetisation, the Public Accounts Committee (PAC), headed by Congress leader KV Thomas, has asked Reserve Bank Of India governor Urjit Patel a set of 10 questions about demonetisation and has asked him to appear before it on January 28.

The Indian Express reported that Patel was asked 10 questions, in a questionnaire sent to him on December 30 where he was also asked by the committee why he should not be prosecuted for abuse of power if there were no laws that put restrictions on how much people could withdraw from their accounts.

Demonetisation was announced on November 8, 2016 and since then, the RBI has changed several rules for withdrawal, exchange and depositing of currency that has greatly inconvenienced the common people.

The Opposition had ridiculed the government in the Winter Session of Parliament because of frequent change of rules and regulations.

While first people were allowed to take out only Rs 2,000 from ATMS, it was increased to Rs 2,500 and has now been further increased to Rs 4,500.

According to The Indian Express Patel has beeb asked, "Why have there been so many flip-flops in RBI regulations over the past two months? Please give us the name of the RBI officer who came up with the idea to ink people for withdrawal? Who drafted the notification on marriage related withdrawal? If it was not the RBI that drafted these but the government, is the RBI now a department of Ministry of Finance?"

The PAC has also demanded to know the exact reason behind the decision of demonetisation of Rs 500 and Rs 1000 notes.

It has also asked if the RBI agreed to to minister Piyush Goel's statement that the decision of demonetisation of RBI's and the government merely implemented it.

"Why has the RBI refused to reveal information under the RTI, citing inane reasons such as fear of personal injury? Why is the RBI not providing information under RTI to queries that come?" Patel was asked according to The Indian Express.

It has also asked when the RBI decided it was in India's best interest to demonetise currency.

The RBI was asked if while taking the decision on demonetisation the cabinet was told that it would mean invalidating 86 percent of the country's currency and its attendant cost.

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