Reserve Bank of India Governor Urjit Patel will brief the Parliamentary Committee on Finance about the demonetisation of Rs 500 and Rs 1,000 notes, PTI reported on Monday. At Thursday’s meeting, Patel will also inform them about the impact of the move.
On December 13, the RBI had said banks that had collected a total of Rs 12.44 lakh crore in demonetised notes between November 8 and December 10, while Rs 4.61 lakh crore had been issued in new currency during the same period.
The Centre’s move to discontinue the high-value notes has faced sharp criticism from economists and Opposition parties. Economic productivity has also been affected by the move, and disruptions by Opposition parties in both Houses of Parliament led to a complete washout of the Winter Session.