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13
July 2017
 |
Urjit Patel (The Total Investment & Insurance
Solutions)
Eight months
after demonetisation, RBI Governor Urjit Patel still refused to give the amount
of junked notes deposited with banks, saying they are still being counted. The Total Investment & Insurance
Solutions
He also
parried a question on Wednesday at a meeting of the Parliamentary Standing
Committee on Finance on the names of 12 industrialists whose outstanding loans
amounted to 25 per cent of the Non-Performing Assets in the banking system. The Total Investment & Insurance
Solutions
Patel was
deposing before the committee, which is expected give a report on
demonetisation during the Monsoon Session of Parliament beginning next
week.
He was
specifically asked to give details of the value of the Rs 500 and Rs 1,000
notes which were allowed to be exchanged till December 30. The Total Investment & Insurance
Solutions
He is learnt
to have told the panel that the process of counting the junked notes was still
on and the central bank has to verify fake notes for which specialised machines
are being procured. While some machines have been procured, tenders have been
floated to procure more, Patel was quoted by sources as having told the
committee. The Total Investment
& Insurance Solutions
Another
reason given for the delay was the window given to the central bank to accept
the junked notes collected by District Central Cooperative Banks (DCCBs) as
well as pending issues with Nepal where Indian currency is used widely, sources
said.
Patel is
learnt to have told the panel that the process was being expedited with help of
machines and staff putting in extra hours. The Total Investment & Insurance Solutions
Patel said
the total money in circulation in the country now was Rs 15.4 lakh crore
against Rs 17.7 lakh crore at the time of demonetisation in November last year,
according to sources.
The
government last month allowed the District Central Cooperative Banks (DCCBs) to
deposit the demonetised notes, collected during the five-day period after
demonetisation was announced on November 8, 2016, with the Reserve Bank of
India in 30 days.
Sources said
a member told the RBI Governor that since the junked notes have so far not been
been counted, how will the central bank know how much of these were fake or
genuine.
Samajwadi
Party member Naresh Agrawal staged a brief walk out from the meeting after not
being satisfied with the response to his questions. The Total Investment & Insurance
Solutions
He is
understood to have demanded the names of 12 industrialists whose outstanding
loans amounted to 25 per cent of the Non-Performing Assets in the banking
system.
The meeting
of the panel, chaired by Congress leader M. Veerappa Moily, lasted for about
three hours. Former Prime Minister Manmohan Singh was among those
present.
Members also
asked questions about the vigil being maintained over the use of
bitcoins.
Issues
relating to GDP growth and progress towards digital economy also figured in the
meeting.
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