Give answers on note ban in writing, an unhappy PAC tells RBI governor

Unsatisfied with the responses of Reserve Bank of India (RBI) Governor Urjit Patel to specific queries on demonetisation, the Public Accounts Committee (PAC) of Parliament on Friday asked him to furnish written replies to the concerns expressed by the members within two weeks and appear before the panel again.

Patel, along with Deputy Governor R Gandhi and other senior functionaries, appeared before PAC for oral evidence on “Review of Monetary Policy”. The governor did not give specific answers on who initiated the note ban, how much cash had come back into the banks and when the cash supply situation would normalise, sources said.

During the four-hour-long meeting, Opposition members asked Patel questions on the dent in the economy, job losses and the loss of over 100 lives allegedly caused by demonetisation. “He (Patel) said there may be problems but we will overcome them,” said a member on the panel.