The Public Accounts Committee of Parliament has sent a questionnaire to RBI Governor Urjit Patel and other top finance-related officials on demonetisation.
The committee is headed by Congress leader K.V. Thomas.
“Members had their questions on the issue. They have been compiled and sent to the RBI Governor and other top officials. They will appear before the PAC on January 20,” Mr. Thomas told The Hindu . Mr. Patel apart, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das will attend the meeting. The officials will answer not just these questions but also others related to the decision to demonetise and the economic impact.
Unanswered questions
Officials can respond to the members’ questions there or later in writing.
The PAC, which scrutinises the reports of the Comptroller and Auditor-General, takes suo motu note of important matters.
The development is crucial as questions have been raised about some aspects of demonetisation: how many people were involved in the decision-making; is there a law that can restrict people’s access to their money; how much money has come back into the banks after demonetisation and how much black money has been extinguished; what was the need to demonetise if counterfeit currency estimates did not necessitate it and if an advanced country like Japan has a higher cash-to-GDP ratio than India; and how much much money has been pumped back into the system?
Sources say the committee is expected to quiz the officials on these issues, as several details about demonetisation and new notes put into circulation have not been made public.
