10 Questions of PAC Make Sense and May Summon PM Modi

News World Preeti Mishra 12 January 2017

PAC Have Called For A Meeting On Coming 20th January In Which RBI Officials, Top Finance Ministry Officials Will Be Present. PM Modi May Summon If Urjit Patel

Looks like PAC (Public Accounts Committee) is trying to understand the real crux of the so called Demonetization happened in the country, recently. With the thought of getting better clarity, PAC have called for a meeting on coming 20^th January in which RBI officials and top finance ministry officials will be present. Just to give a glimpse, people like RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das will also be present.

This is to be noted that PAC may/can call Prime Minister Narendra Modi on this said issue of demonetization if they find answers given by RBI governor and top finance ministry officials are not satisfactory, to whom a detailed questionnaire have already been sent. PAC can also summon Mr. Modi in this regard, they it finds RBI Governor Urjit Patel’s reply not satisfactory.

These were 10 specific questions which were part of the questionnaire:

Piyush Goyal said in parliament that , decision of demonetization has taken by RBI and it’s board members. Government only gave approval for this. Do you agree?

When was that RBI had decided that demonetization is the beneficial thing for India?

What is the logic of RBI to make 500 and 1000’s old notes as invalid currency, within a night?

According to RBI there are 500 crs. fake currencies in India. India has only 12% cash compared to national GDP, which is 13% less than of Japan and 18% less than of Switzerland. 86% notes were in 500 and 1000 rupee’s note where 90% in China and 81% in America. Then, What was the most parent concern to take this decision promptly?

When RBI board members received notice by RBI governor for the emergency meeting held on 8th November 2016 ? Who was present in the meeting from the board members and for how long the meeting went?

Before favoring demonetization, did RBI cleared that 86% currencies will be invalid? And, how much time it will take again to make everything alright?

Under which law and power you have decided the limit of 20000 maximum cash weekly withdraw from bank and 10000 max as daily limit, whereas ATM withdrawal of daily limit was 2000 only? Under which circumstances you limited Indians to use their own money, because RBI don’t have this kind of rights and power? Should a case get filed and RBI Governor Urjit Patel should get suspended for misusing his power and for harassing common people?

During the time of demonetization, why did RBI changed their own rules daily? Please provide list of those RBI member who had suggested you to use Black Ink during cash withdrawal? Who had decided norms of withdrawing cash for purpose of wedding ceremonies? If this decision were taken by central government then is RBI a part of finance ministry of India now?