PAC on demonitisation: RBI to give satisfactory answers else Modi to be summoned

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Public accounts CRBI deputy governor Urjit Patelommittee (PAC) of Parliament is going to meet RBI Governor Urjit Patel and top finance ministry on January 20 on the issue of demonitisation.

If the committee is not satisfied with the replies of the RBI, it may also call Prime Minister Narendra Modi, according to media reports.

A detailed questionnaire has been sent to the RBI governor and he has been asked to explain how the decision of demonetization was taken at few hours’ notice on November 8 which impacted the country’s economy, said PAC Chief and senior Congress leader K V Thomas told to a news agency.

The RBI Governor has also been asked by PAC about country’s preparedness in handling cashless transactions.

“In a country where there is a call drop problem and telecom facilities are not smooth, how can PM expect e-transactions would take place on mobiles. Do we have sufficient infrastructure?” asked Thomas.

“We have not yet received answers to the questions we have sent to them. They will reply few days before the January 20th meeting. Their replies will be discussed in detail,” said Thomas.

“The committee has all right to call anybody involved in the matter. But that will depend on the outcome of the January 20th meeting. We can call PM on demonetisation issue if members unanimously decide,” he added.

While saying that demonotisation has affected the whole country, Thomas said, “The committee has all right to call anybody involved in the matter. But that will depend on the outcome of the January 20th meeting.”

 “We can call PM on demonetisation issue if members unanimously decide,” Thomas added.

Urjit Patel also needs to answer whether it is allowed to restrict people’s access to their own money, said Thomas.