Demonetisation process began in January 2016: RBI governor tells MPs

January 18, 2017 16:38

Reserve Bank of India Governor Urjit Patel today told a parliamentary panel that the process of demonetisation started in January last year. This was an apparent contradiction of his earlier written response to the panel that said the government "advised" the central bank to cancel high-denomination notes on November 7, a day before Prime Minister Narendra Modi announced the ban on high denomination notes of 500 and 1000.

While refusing to divulge how much of the demonetised currency had been deposited in the banks, Patel said told the Parliamentary panel that Rs. 9.2 lakh crore have been introduced in new currency so far.

Governor Patel today took questions today from parliament's Standing Committee on Finance which is led by Veerappa Moily of the Congress. On Friday, he will meet with another committee, headed by KV Thomas of the Congress, who had controversially announced that if needed, he would summon Prime Minister Narendra Modi as well to answer questions.

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