PAC May Call PM Modi If Not Satisfied by RBI’s Reply on Note Ban

RBI Governor Urjit Patel is scheduled to attend a PAC meeting on this issue on 20 January.

The Public Accounts Committee (PAC) of the Parliament can call Prime Minister Narendra Modi on the issue of demonetisation if it is not satisfied with the answers to a questionnaire on the issue, chairman KV Thomas has said.

A detailed questionnaire has been sent to top finance ministry officials and RBI Governor Urjit Patel.

A PAC meeting on this issue has been called on 20 January. RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das will attend the meeting.

We have not yet received answers for the questions we have sent to them. They will reply few days before the 20 January meeting. Their replies will be discussed in detail.

KV Thomas, PAC Chairman and senior Congress leader

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When asked if the PAC would call the Prime Minister if replies were not satisfactory, he said:

The committee has all the right to call anybody involved in the matter. But that will depend on the outcome of the 20 January meeting. We can call PM on demonetisation issue if members decide unanimously.

In a meeting with the PM after the 8 November demonetisation announcement, Thomas had said: “I had met him and he said that the situation will be normal after 50 days by December-end. But it does not looks like”.

He said the PAC decided to call the top officials involved in the decision making process this month.

The PM is misleading the country to satisfy his ego. He is trying to justify his wrong decisions. He has done in a callous manner by introducing Rs 2,000 notes... In a country where there is a call drop problem and telecom facilities are not smooth, how can PM expect e-transactions would take place on mobiles. Do we have sufficient infrastructure?

KV Thomas, PAC Chairman

PAC Questions RBI

When asked about the questionnaire that was sent to the RBI chief and top finance ministry officials, Thomas said the PAC has raised questions on all aspects of demonetisation. Among the key questions are:

• Who were involved in the decision-making?
• How much money has come back into banks after demonetisation?
• Is there a law that can restrict people's access their money?
• How much money has been pumped back into the system?
• If black money issue has been addressed and the impact on the economy and poor?

The PAC, which scrutinises the reports of the Comptroller and Auditor General (CAG), takes suo motu note of the important matters.