Demonetisation process began in early 2016, Rs 9.2L cr remonetised so far: Urjit Patel

Urjit Patel addressed a parliamentary panel for demonetisation and announced over Rs 9.4 lakh crore new currency have been introduced.

While a number of members of the Congress Party staged a massive protest across the different parts of the country, Reserve Bank of India Governor, Urjit Patel addressed the parliamentary panel for demonetisation and announced that the process of demonetisation had begun in January 2016.

However, he refrained from answering as to when the banking operation would gain stability again. Meanwhile, the senior Congress leaders lashed out at Patel saying that he was unable to answer queries relating to the note ban adding that he did not make it clear as to how much money had come to the banks post demonetisation.

Patel told the panel that the over Rs 9.2 lakh crore have been put into the banks since the currency ban. He also did not respond to the question of who in reality took the decision to demonetise higher denomination currency notes.

Senior TMC member of standing committee on finance told the media that the RBI governor, “unable to tell us how much money has come back to the banks. Nor was he able to tell us when system will be normal; RBI officials were defensive.”

He was speaking to the panel to give a round up on what impact note ban had on the economy and the other steps that should be taken to bring back stability in the economy. While staging the “RBI gherao” protest pan India, the Congress party members have also claimed that the RBI has lost it autonomy after Prime Minister Narendra Modi came into power.

While speaking at rally, Congress Vice President Rahul Gandhi had recently claimed that the Congress party had strengthened RBI while the central government had weakened it.