Despite PAC's grilling, Urjit Patel stays mum over who initiated demonetization

The Public Accounts Committee of the Parliament headed by KV Thomas grilled the Governor of Reserve Bank of India on Friday. Highly placed sources confirmed to WION that when members asked Urjit Patel as to who took the decision for demonetization, Urjit Patel chose to remain silent. PAC also saw heated debate between the Opposition and ruling party members as some members said that PAC’s meeting is on the state of economy and not demonetization per say. Sources also said that there were many questions on demonetization on which Urjit Patel chose to remain silent or gave general answers.

The committee members also asked Urjit patel to look into cases of irregular deposits in the cooperative banks of which he took the note off. Some members also requested RBI that they must look into the issue of cess which is charged when a digital transaction takes place. The members were of the opinion that current reprieve should continue till things normalize in the economic system.

Sources said that Mr Patel will be called again for questioning as many questions remained answered. Both PAC and the Standing Committee of Finance are looking into the issue of demonetization.