Parliamentary panel likely to finalise report on note ban on Friday

The parliamentary panel on finance is likely to finalise its report on demonetization of high value currency notes on Friday, sources said.

The Standing Committee on Finance, headed by senior Congress leader M Veerappa Moily, is planning to submit its report to Parliament during the ongoing Monsoon Session. In its final meeting on demonetization on Friday, the panel has called representatives of IT industry body Nasscom for a presentation on digital payments and government's think tank Niti Aayog on policy related issues, sources said. Earlier this month, Moily had said that the panel would submit its report on demonetization during the Monsoon Session of Parliament that started on July 17. The session is scheduled to conclude on August 11.

Sources also added that the panel has finalised its report on bad loans and challenges in the banking sector for presentation to Parliament. The Committee had already taken views of RBI Governor Urjit Patel and senior officials of the finance ministry on the government's decision to scrap old Rs 500/1000 notes from November 9 last year. The move had lead to immediate shortage of currency in the system leading to long queues at banks and ATMs all over the country. However, the situation improved after the RBI pumped in new Rs 500 and also Rs 2,000 notes into the system.