Panel fails to adopt note ban report

New Delhi: The parliamentary standing committee on finance to whom the government earlier this year had failed to provide the data on the quantum of old currency which had returned to the exchequer after demonetisation, has failed to adopt its report on the note ban exercise even as four months have passed since the panel was reconvened. The main reason behind the delay is learnt to be sharp division among members with BJP legislators seeking a vote on its adoption. While the panel presented as many as six reports on various ministries’ demands for grant during the ongoing Winter Session of Parliament, the much awaited report on impact of demonetisation could not be adopted and there are chances that it may get indefinitely delayed.

This newspaper had exclusively reported earlier that owing to lack of data on old currency notes had led to the delay in the finalisation of the report even till August 31, 2017, which was the last day of the high profile panel’s tenure.

However, even though it has been four months since the committee was reconvened on September 1, it is yet to adopt the report on demonetisation, mainly because while BJP MPs are asking for voting on its adoption, legislators from Opposition parties are against the proposal.

With 16 members out of the total 31 member panel belonging to the BJP and its allies, there seems to be a lot of pressure on Congress MP M. Veerappa Moily, who heads the parliamentary panel, to adopt the report as soon as possible, sources pointed out.

Despite having summoned RBI governor Urjit Patel twice to appear before it, the panel could not access figures regarding the actual quantum of old currency notes which had returned to the exchequer till December 30, 2016.

While the RBI governor, as well as finance ministry officials, repeatedly informed the committee that counting of old notes was a long drawn process and therefore accessing actual figures regarding them was taking time, on the evening of August 30, 2017, just a day before the last day of the committee’s tenure, the government released the figures on old currency notes.