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Par panel to submit demonetisation report in Monsoon Session

12 Juillet 2017

Governor of Reserve Bank of India (RBI) Urjit Patel appeared before the Parliamentary panel on Wednesday and answered queries of the panel regarding demonetisation.

The biggest question that he could answer is this: how many banned notes have been returned to the banking system.

The panel would submit its report on demonetisation during the Monsoon Session of Parliament starting on July 17, Moily said. It may be recalled that the government had banned currencies worth Rs 15.44 lakh crore, representating nearly 86 percent of the total currency in circulation (in value terms).

The deadline for depositing the banned notes with the RBI for non-resident Indians (NRIs) ended on June 30 while for resident Indians, the window closed on March 31 this year.

The Samajwadi Party's Naresh Aggarwal and Trinamool MP Saugato Roy had asked the RBI Governor how much of the banned notes have come back into the system.

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Urjit Patel had earlier met one parliamentary panel and told then jury that the central bank had warned the government about consequences of an "abrupt" demonetisation. The option to deposit the banned notes with commercial banks ended on December 30 a year ago.

Along with Patel, RBI Deputy Governor S S Mundra was also present at the meeting today.

The agenda of the meeting is -Evidence of the represntatives of the RBI on the subject demonetisation and transformation towards digital economy and banking sector in India-Challenges and the way forward. He had appeared last in January, but the MPs had more questions.

The Central government on November 8 declared all currency notes of denominations 500 and 1000 as illegal tenders reportedly in a bid to fight black money and fake currency in the economy and came up with new notes of 500 and 2000 denomination.

Par panel to submit demonetisation report in Monsoon Session