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Opposition launches rearguard action against demonetization

By IndianMandarins- 09 Jan 2017
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opposition-launches-rearguard-action-against-demonetization The Public Accounts Committee (PAC) headed by senior Congress leader K V Thomas, which has asked Reserve Bank of India (RBI) Governor Urjit Patel to appear before it on January 28, is said to have asked him to reply to a host of disturbing questions on the demonetization issue - from the decision-making process to the level of RBI's involvement, impact on the economy, and "flip-flops" in RBI regulations over the last two months.  In the questionnaire sent on December 30, the parliamentary panel is said to have even asked the RBI Governor why he should not be prosecuted and removed for "abuse of power of office" if there are no laws that impose restrictions on withdrawal of cash. The PAC has also sought to know how much of the currency was demonetised, and how much has returned into the banking system. The tone and tenor of the questionnaire are seen as a rearguard action by the opposition to corner the NaMo administration. Since ruling party members are also there on the PAC, it is unlikely that the Panel may be able to censure the RBI Guv or the government.

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