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Demonetisation: Parliamentary panel members seek redrafting of report

LiveMint logoLiveMint 29-08-2017 PTI

New Delhi: Several members of a parliamentary panel on Tuesday sought redrafting of its draft report on demonetisation as the Reserve Bank of India (RBI) has not provided some crucial details, including on the quantum of junked Rs500 and Rs1,000 notes, people familiar with the matter said.

The acceptance of the report was deferred as member MPs across parties in the parliamentary standing committee on finance said it needs to be “redrafted”, while some of them stated that it “lacks punch”, according to the people with knowledge of the matter.

As the term of the panel headed by Congress MP Verappa Moily ends on 31 August, the report on demonetisation may now get accepted only after the re-constitution of the committee, they added. During the panel’s meeting on Tuesday, two members, Naresh Agrawal and Naresh Gujral, were in favour of redrafting the document, while BJD MP Bartruhari Mahtab said the draft lacks punch, they said. Besides, they added, former Prime Minister Manmohan Singh (a member of the panel) was of the view that digitization should not be thrust upon following demonetisation.

BJP MP Nishikant Dubey noted that since the RBI has not provided all details and replies to the questions asked by the members of the panel, the document is not complete, the people said. RBI governor Urjit Patel had appeared before the panel twice, but the central bank is yet to share details about the number of junked notes submitted to banks during demonetisation, announced in November.

The panel had also called all top finance ministry officials while deliberating over the note ban issue. The members also objected to, and demanded redrafting of, the panel’s report on NSSO data and GDP numbers. The Prime Minister Narendra Modi-led government in November last year had demonetised Rs500 and Rs1,000 notes. The move had lead to an immediate shortage of currency in the system, leading to long queues at banks and ATMs all over the country.

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