In order to check demonetization’s impacts over economy, a key Parliamentary panel is expected to submit its report in next month after reviewing various submissions, including by RBI Governor Urjit Patel. The Public Accounts Committee (PAC), headed by senior Congress leader K V Thomas, is looking into the adverse impact on various sectors and overall GDP growth due to note ban.
Thomas said that the PAC asked central bank to come out with the exact number of old Rs 500 and Rs 1,000 notes which were demonetized and deposited with banks after government announced the move on November 8. He said that the RBI has sought some more time to arrive at the final figure. He added that the report will be presented before the end of the budget session.
Recently, the Parliamentary Committee had called top bureaucrats from the Finance Ministry, including Revenue Secretary Hasmukh Adhia and Economic Affairs Secretary Shaktikanta Das, to discuss issues relating to demonetization. Minister of State for Finance Arjun Ram Meghwal had told Parliament that currency notes worth Rs 15.44 lakh crore (17,165 million pieces of Rs 500 and 6,858 million pieces of Rs 1,000 notes) were in circulation on November 8.