Where is the new chief of RBI hiding. Why does not he come from Press briefings. What is happening at RBI. Why are the people put to so much of hardship for their own money. What about the poor people. Who is RBI to control our hard earned money ?
These are some of the questions being posed by the common man day in and day out since November 8th. PM Modi has asked for 50 days and today is December 22 and we have completed 44 days there is no respite for the common man. He is still running around banks.
The RBI has drawn flak for changing rules — 60 orders in 42 days since demonetisation — leading to confusion over deposit and withdrawal norms.
RBI governor Urjit Patel will not appear at the meeting of the finance related standing committee of Parliament. Other RBI officials will represent him at the meeting of the committee of which former prime minister Manmohan Singh is a member.
Members are expected to seek clarity from the RBI on quantum of money that was in circulation in Rs 500 and Rs 1000 denomination.
Several government leaders have given different figures, ranging between Rs 14 and Rs 15.44 lakh crore, creating confusion about the exact amount in high value notes that were in circulation on November 8.
The current status of how much of this has returned to the bank is not known.Earlier, RBI deputy governor R Gandhi said Rs 12.4 lakh crore of the scrapped notes have been deposited in banks till December 10.
That was far more that the government’s estimate of Rs 10 lakh crore that would accrue to banks through demonetisation, as mentioned in its submission before the Supreme Court.
The committee members will also grill the RBI about the measures it took to minimize the impact of demonetisation and hardship faced by people.
The central bank has been criticized for coming out with several orders, averaging more than one a day, that created confusion. Members are expected to pull up the bank for this.
But what about the plight of common man? Will he get some money for the new year or will he just get that 2000 rupee note for which he has to run around for change? Lets wait for the 50 days.
U.Srinivas
Editor
