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Report on demonetisation impact next month: Parliamentary panel

business Updated: Mar 07, 2017 18:18 IST

Indians deposit discontinued notes in a bank in Guwahati, India, after the government demonetised high-value currency notes in a surprise move on November 8.(AP)

A key Parliamentary panel is likely to submit its report on the impact of demonetisation next month after reviewing various submissions, including by RBI Governor Urjit Patel.

The Public Accounts Committee (PAC), headed by senior Congress leader K V Thomas, is looking into the impact of demonetisation on various sectors of the economy.

“We are regularly having meetings with stakeholders concerned. Our report will be presented before the end of the budget session,” Thomas told PTI.

The second half of the budget session of Parliament is scheduled to begin from Thursday and end on April 12.

Thomas said the PAC has asked Reserve Bank of India (RBI) to come out with the exact number of old Rs 500 and Rs 1,000 notes which were demonetised and deposited with banks after Prime Minister Narendra Modi announced the move on November 8.

“We have asked RBI to give us the number. Their top management including Governor Urjit Patel and others have given their submission to us.

“They say we are still counting. I don’t believe in this argument of counting. Everything is computerised these days. Why take such a long time in giving the final figure?” he wondered.

Thomas said that the central bank has sought some more time to arrive at the final figure. “We have given them the time and asked them to come out with the figure as early as possible,” he said.

The Parliamentary Committee had last month called top bureaucrats from the Finance Ministry, including Revenue Secretary Hasmukh Adhia and Economic Affairs Secretary Shaktikanta Das, to discuss issues relating to demonetisation.

Minister of State for Finance Arjun Ram Meghwal had on December 2 told Parliament that currency notes worth Rs 15.44 lakh crore (17,165 million pieces of Rs 500 and 6,858 million pieces of Rs 1,000 notes) were in circulation on November 8.

There have been reports of adverse impact on various sectors and overall GDP growth due to demonetisation. The government, however, has disputed the reports.

About Rs 4,807 crore of undisclosed income has been detected while Rs 112 crore worth new notes have been seized till January 5 by the Income Tax Department as part of its country-wide crackdown on black money hoarders post demonetisation.

Based on inputs, the tax department has also referred 526 cases to Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to probe other crimes like money laundering and corruption.