The parliamentary panel question RBI governor on stand-off

urjit patel

RBI governor Urjit Patel is scheduled to come before a parliamentary panel on November 27 to brief it on various issues, comprising the stand-off with the government, status of the economy and demonetization, sources said.

The 31-member Parliamentary Standing Committee on Finance, which comprise former Prime Minister Manmohan Singh, is headed by senior Congress leader Veerappa Moily.

When asked, Moily confirmed that Patel will appear before it on November 27.

“The RBI governor will provide information of the panel on the status of the economy, reforms in the central bank and demonetization,” Moily told PTI.

However, sources alleged members will also raise the issue of the recent stand-off between the RBI and the government.

Tensions between the central bank and the government have escalated currently, with the finance ministry initiating discussions under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI governor. Patel was earlier scheduled to appear before the panel on November 12. Earlier, Moily had said members wanted some more details on demonetization, especially its impact.

He stated this was perhaps for the first time when an RBI governor has been called by a panel thrice on the same issue. Before this, Patel had briefed the members on demonetization in January and July last year.

 The panel could not adopt a draft report on note-ban in August 2018 as BJP MPs in the panel, headed by Nishikant Dubey, stalled the process. However, Moily has repeatedly answered no report on demonetization was drafted. So far, the panel has adopted more than 60 reports on several issues unanimously.

 The government had scrapped Rs 500 and Rs 1,000 notes on November 8, 2016.

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