20th Jan might bring the plan-scheme of Demonetisation: Urjit Patel Summoned

According to Press Trust of India, Congress leader KV Thomas said that Prime Minister Narendra Modi could be asked to give account for his demonetisation drive to a parliamentary committee.

Mr Urjit Patel, the Governor of the Reserve Bank of India has been ordered by The Public Accounts Committee to meet on 20th January to explain how the decision to demonetisation was taken and also its impact on the country's economy.

The decision of banning old 500 and 1000 -rupee notes taken on 8 November, 2016 came with several motives that were quite glittering. A detailed list of questions on the process has been sent to Mr Patel who is expected to explain if the drive has really made those glittery dreams come true.

After the outcome on 20 January, the committee might call anybody involved in the matter. Even PM can be called on Demonetisation if members decide.

Due to the shortage of replacement currency and the never ending restrictions on the cash that people can withdraw from banks, RBI Governor Patel has been faulted.

Governor Patel has been asked by The Public Accounts Committee for the details of the quantity of "black money" it has received and the amount of new currency released so far. It has been claimed that demonetisation would help destroy or uncover untaxed money.

12.44 lakh crores or 80% of the outlawed notes had been deposited in banks as reported on December 10 by RBI.

Mr Thomas questions if the country has sufficient infrastructure. How can PM expect e-transactions on phone when the country’s infrastructure is questionable?

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