Manmohan comes to rescue of Urjit Patel as panel grills him on note ban


New Delhi, Jan 18 (PTI) : Reserve Bank of India Governor Urjit Patel today escaped possible grilling by a parliamentary committee over the demonetisation issue but for the intervention of former Prime Minister Manmohan Singh.

Patel, who along with other RBI and finance ministry officials appeared before the Parliamentary Standing Committee on Finance, was put to some tough questions by members, sources in the committee said.

He could not reply to questions like when normalcy would be back in the banking system and how much of demonetised currency was deposited during the 50-day window.

Before further grilling could start, Singh, who made a forceful speech against demonetisation in Rajya Sabha calling it a "monumental failure and organised loot", intervened to say that the central bank and the Governor's position as an institution should be respected.

He should not be put to odd questions, Singh, who himself was RBI Governor once, is believed to have told the Committee.

Singh is understood to have told Patel that he need not answer a question put by one of the members relating to non-removal of cash withdrawal restrictions.

Earlier:

Talks with govt on demonetisation began early last year: RBI governor

New Delhi, Jan 18 (PTI): Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.

Congress members of the committee asked questions like whose decision was it to withdraw high currency notes and also about autonomy of RBI, sources said.

BJP members of the panel, headed by Congress leader Veerappa Moily, however, chose not to raise much questions during the meeting, they added.

The questions put up by the panel ranged from the total amount of money that came back during the demonetisation period to the total amount of new bills of Rs 500 and Rs 2,000 that were printed and sent to the banks.

It is also learnt that Manmohan Singh, one of the members who had described demonetisation as monumental management failure, too raised questions on the issue.

Sources said Patel told the Parliament standing committee on finance over the demonetisation issue that discussions between the central bank and the government were taking place since early last year.

The Finance Ministry has sought time from the panel to provide answers to the queries raised during the meeting in which the Finance Secretary made a presentation before the committee, the sources said, adding that the members seemed not too satisfied with the replies.

The crucial meeting was held to discuss the "demonetisation of Indian currency notes of Rs 500 and Rs 1,000 and the impact thereof". Patel is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on January 20.

  

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Comment on this article

  • steven, dxb

    Thu, Jan 19 2017

    Whatever you say the old is GOLD no matter how fast bjp's motor mouth rotate still needed to rooted to the base that to the congress.

    DisAgree [1] Agree [6] Reply Report Abuse

  • N.M, Mangalore

    Thu, Jan 19 2017

    Both bjp and demonetization are a FLOP!

    we need to get rid of bjp inorder to save our country.

    DisAgree [3] Agree [13] Reply Report Abuse

  • Mahendra Shetty, Mumbai Mangalore

    Thu, Jan 19 2017

    DUE TO DEMONETISATION THE CHOR PARTY AND OTHERS LOST SO MUCH MONIES WHICH THEY COULDN'T DIGEST RIGHT NOW ALSO....

    DUE TO NOTE BAN, NAXALS ARE SURRENDERING, IN KASHMIR NO STONE PELTING, PAKISTAN HAS NO INDIAN CURRENCY TO FUND TERRORISM....THE PROPERTY BLACK MAIL IS FINISHED, NOW YOU CAN BUY A PROPERTY....

    CHOR PARTY SUPPORTERS YE KAB SAMJENGHE....

    DisAgree [10] Agree Reply Report Abuse

  • christine, Mangalore

    Thu, Jan 19 2017

    Greatness of a great man that is our Shri Man Mohan Singh!!!!
    To be honest, to protect the dignity of the Office of RBI Governor Man Mohan Singh speaks up and not so much to rescue Urjit Patel as an individual person.

    His action is not so much in the interest of the individual but in the interest of the Office of the RBI Governor. Only a person of high standards of values, class, grace and respectful behaviour can rise above personal/party interest. Salute the great Hero Man Mohan Singhji!!! You are truly great!!!!!

    DisAgree Agree [7] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Jan 19 2017

    Rajan did not agree for demonitization, hence he was asked to go ...

    DisAgree [5] Agree [25] Reply Report Abuse

  • REN, Dubai

    Thu, Jan 19 2017

    Urjit Patel is just a clown .He is being used as scapegoat for demonetization failure..if panel has guts they should ask Modi. It’s totally MASS HARASSING EXERCISE of DEMONETISATION by Modi Govt. After all, Remote control tho Modi ke pas hai!!!!!!!!!!

    DisAgree [5] Agree [24] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Jan 19 2017

    Modi should think about our 127 Crore population before doing anything acrobatic ...

    DisAgree [5] Agree [36] Reply Report Abuse

  • geoffrey, hat hill

    Thu, Jan 19 2017

    By and large Singh is always the King.

    DisAgree [1] Agree [37] Reply Report Abuse

  • Kevin, Mangalore

    Thu, Jan 19 2017

    Finally the Parliament has found the courage to take on the Gujarati mafia destroying India.

    DisAgree [3] Agree [26] Reply Report Abuse

  • saquib, byndoor/dammam

    Thu, Jan 19 2017

    poor urjit patel he is just a pawn in the hands of Modi and the questions should be answered by the PM

    DisAgree [1] Agree [20] Reply Report Abuse

  • Govinda Bol Ram, Bangaluru

    Wed, Jan 18 2017

    Ploy of Politics. A the end all political parties serve the same purpose - safe self-interest and not Nation. Nation only suffers. If not WHY...

    Why RBI governor Patel was not questioned about demonetization before the demonetization. And What is use grilling him now after the demonetization while damage is almost done completely.

    In a democratic country how a single man called PM Modi took one man action. Why then parliament was not consulted ? What is use now with all sort of dramas and Maun Singh coming to his aid ? Why people WHY,

    DisAgree [4] Agree [32] Reply Report Abuse

  • Sunil K, Mangalore

    Wed, Jan 18 2017

    The real bhakts are quiet today. No taunting of MMS ?

    DisAgree [5] Agree [50] Reply Report Abuse

  • Sunil K, Mangalore

    Wed, Jan 18 2017

    Why can't the BJP government and RBI come ahead and tell the truth ? If they were unprepared or did not analyze the consequences of the note ban, then admit it. Let the public know who forced the other - or was it really a joint operation or not.

    Honesty is important for the good health of the nation. Why is the government nervous and scared? It still has another 2 years in office.

    DisAgree [3] Agree [35] Reply Report Abuse

  • SMR, Karkala

    Wed, Jan 18 2017

    RBI Governor Raghuram Rajan demitted the office on September 4, 2016.Appointed by the Narendra Modi government, Patel succeeded as RBI governor on 4 September 2016.
    In a speech Rajan gave in 2014 regarding demonetisation, he said that although it is regarded as an attempt to eradicate black money, “clever people find ways around it.” One of the ways they do this is by dividing their hoard into smaller pieces, thus making it easier to exchange. Another is by converting it into gold, making it much harder to catch.
    First, currency notes demonetised on November 8, it was declared, shall no longer be liabilities of the Reserve Bank of India.
    Take a note at random, look closely: “I promise to pay the bearer the sum of X rupees,” the fineprint reads, signed, governor, RBI. All currency notes are promises – they are liabilities. Bring a Rs 500 note to any branch of the bank and officials must exchange it for a new one or smaller denominations, say, of five Rs 100 notes.

    The ordinance has garrotted this. Now bring a Rs 500 or Rs 1,000 note after December 31 to the RBI and it need do nothing. The promissory words, the fineprint, no longer mean what they say. They mean nothing at all. (A limited window of exception applies till March 31)

    The broken promises help beef up the bank’s books, too. Why?

    If RBI takes the lines of PMO that demonetisation well planned execution , how it failed to identify the post demonetisation affect?
    Why does it took 60 amendments in 50 days if everything is planned well?
    Why does it repeatedly rejected RTI giving silly reasons of 'injuries to life' and 'nation security'?

    Jai Hind

    DisAgree [3] Agree [37] Reply Report Abuse

  • geoffrey, hat hill

    Thu, Jan 19 2017

    Novel way of plagiarism! Start with R3’s speech, that’s OK as it’s mentioned in the comment. But what follows is verbatim copy paste of the article by Shubhankar Dam in Quatz India published on 15th Jan 2017. Of course last three sentences are writer’s own out of which 2 are grammatically incorrect. Why SMR why?

    DisAgree Agree [2] Reply Report Abuse

  • HENRY MISQUITH, Suratkal/M'lore/Bahrain

    Wed, Jan 18 2017

    This Joker Urjit Patel has damaged the very reputation of RBI.

    DisAgree [4] Agree [64] Reply Report Abuse

  • ravi, mangalore

    Wed, Jan 18 2017

    Then signature when he did, before appointment or after appointment

    DisAgree [2] Agree [47] Reply Report Abuse

  • Swamy, Mangalore

    Wed, Jan 18 2017

    Exactly at the same time world renowned one of the finest financial personality Mr Raghuram Rajan was in disagreement with this flop idea and decided to step down after his term prompted by rumour monger, motor mouth and BJP Bazigaar mouth piece Subramaniam Swamy.
    All this demonetization drama is one time show to get handle on opposition financial status while their own illgotten wealth is made legally unquestionable.

    DisAgree [3] Agree [59] Reply Report Abuse

  • Prasanna, Bajpe/Mangalore

    Wed, Jan 18 2017

    Jai Ho Modiji...

    DisAgree [87] Agree [7] Reply Report Abuse

  • jeevan, mangalore

    Wed, Jan 18 2017

    Hats off PM & RBI Governor......

    DisAgree [97] Agree [8] Reply Report Abuse

  • Prasad Salian, Udupi

    Wed, Jan 18 2017

    Really hats off Chaiwala for increasing fuel price every month, high inflation that what he said acche din

    DisAgree [5] Agree [53] Reply Report Abuse

  • Oliver, permude

    Thu, Jan 19 2017

    Guys can't understand one thing
    When it was UPA rule in centre Reliance fuel pumps were closed and it was said that they can't deliver fuel coz the public limited companies get subsidies from the Government and Reliance can't afford to supply fuel to the general public at Maket rates
    How come they can supply fuel one rupee below the market rates now
    It is sure Modi sarkar has made fuel rate higher for Reliance to participate in the local market
    Bakt jano try to understand ur masters plan, don't jus bark in public that Modi has done good to society
    MODI IS JUST TRYING TO FOOL INDIANS

    DisAgree [3] Agree [20] Reply Report Abuse


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