887 Public Accounts Committee of Indian Parliament should publish the questions it has asked the Governor of RBI, Mr. Urjit Patel

The inquiry and questioning which Public Accounts Committee of Indian Parliament is making, should not end up as a damp squib. On 20th January 2017, the Governor of Reserve Bank of India Mr. Urjit Patel, assisted by his team of Dy. Governors, appeared before the Public Accounts Committee, and answered their questions. Every common Indian, with the exception of millionnaires and billionnaires experienced hardships in their daily life, owing to the economic surgical strike made by Government on the 1.3 billion strong Indian Nation, in the form of demonetization of 86.4% of currency in circulation.

More than 100 people lost their lives, standing in ATM and Bank queues. Patients in hospitals could not pay their bills. Mr. Sadananda Gouda, Union Minister, himself experienced this, as a hospital did not allow him to take the dead-body of his relative, by making payment in old notes, though hospitals were expected to accept them. Parents could not pay the school fees of their children. Farmers could not pay the wages of the laborers working in their fields. Laborers, fruit and vegetable vendors, food vendors on carts, barbers etc. lost their livelihood, for nearly 50 days, because people did not have cash to pay.

Several people could not perform the wedding ceremonies of their daughters and sons, because they were not allowed to withdraw their own money from their own Bank accounts. This type of arbitrary tyrannical treatment made by Reserve Bank of India on Bank customers, was never experienced in the Economic History of India. Mr. Narendra Modi, the Hon. Prime Minister of India, avoided to be present in Lok Sabha and Rajya Sabha, and shy of answering the questions which may be asked by Opposition.

Some people approached courts for redressal of public grievances. Unfortunately, courts too failed to come to their rescue, except making some observations.

Initially, according to News Reports, the Public Accounts Committee made a noise that it would call the Prime Minister to appear before it. Somehow, it did not dare to do so. Only the RBI Governor and some Ministry of Finance Officials appeared before it. The Public Accounts Committee should have released to Media, a printed list of questions they have asked the RBI Governor, and the Officials of the Ministry of Finance, so that people could have had a first hand of knowledge that there is somebody to ask the Powers-that-be, on what, why, how they have resorted to such a misadventure as the 86.4% Demonetization, without adequate prior preparations. The PAC should also publish verbatim, all the answers given by the RBI Governor. Publishing these questions and answers, would have brought transparency to the working of the PAC, Lok Sabha and Rajya Sabha.

PAC should at least publish, whether any of the following questions were asked and answers obtained from the RBI Governor, when he said that Demonetization was planned in early 2016 itself, and that regular weekly meetings were taking place with the Government.

If demonetization was really preplanned well in advance, as replied by the RBI Governor, then we must be shocked to see how shabbily it was implemented. Something which is planned well, and planned in advance, should foresee contingencies, must have a Disaster Recovery Plan, ought to pre-estimate whether it will have any adverse impact on the poorest sections.

QUESTIONS

1. Whether these meetings attended by RBI Governor, ever took notice of the aggregate stocks of Rs. 100 notes in the Currency Chests of RBI and its Agent Banks, and the Rs. 100 notes held with the public? If so, date:
2. Whether RBI Governor, or the Chair-person of SBI, has ever expressed an apprehension that there would be chaos, because Banks do not have adequate stocks of Rs. 100 notes, that ATMs are not calibrated to handle Rs. 2,000 notes, and the new Rs. 500 notes. If so date:
3. Whether the Officials of the Finance Ministry / PMO / Finance Minister have replied to the apprehensions of the RBI Governor, or the Chairperson SBI. What was the reply given from the Government side? If so date:

To continue. सशेष. ఇంకా ఉంది.