Indian RBI Governor Urjit Patel’s will be appearing before the parliamentary panel to brief the panel about demonetisation effect due to delay in framing the monetary policies.
Parliamentary Standing Committee on Finance, had earlier questioned the RBI Governor on 18th of January banning of the old Rs 500 and Rs 1,000 denomination notes, but jvallowed him to appear at the later date after he issued a request expressing his inability.
This would be the second briefing by RBI Governor Urjit Patel on demonetisation with the parliamentary panel. He would be briefing th epanel about postpone of demonetisation from earlier date of May 25 to June 8. It is noted that this delay is dure to work on framing the monetary policy which is still underway at this time of report. parliamentary panel is of the openion that RBI Governor Urjit Patel should not be put to questions where he will be in a odd position
One of the member of the parliamentary, speaking to reporters mentioned that the panel was earlier supposed to meet RBI Governor on May 25 but it was delayed to June 8 due to his nonattendance on the earlier set date as the monetary policy was also scheduled for June 6-7 resulting in postponing of the panel meet.
During the meet secretaries from Finance Ministry will be attending and will update the panel on May 25. The parliamentary panel will be chaired by M Veerappa Moily who is a Congress leader.
Reports further added that earlier to change the panel members are now likely to raise questions to RBI Governor on quantity of black money that has come back into the banking system. Patel had been asked to appear on May 25 after former Prime Minister Manmohan Singh prevailed over the BJP MPs in the panel, who were opposed to summoning the RBI governor again.