Currency in circulation now stands at Rs 15.4 lakh crore, against Rs 17.7 lakh crore at the time of demonetisation in November previous year. "The panel will not be calling RBI Governor again on the issue of demonetisation", Moily told PTI. The session is scheduled to start on July 17 and is expected to conclude on August 11.
Former RBI top brass, including former deputy governor Usha Thorat, had come down heavily on the current leadership of the RBI on the lack of transparency with which the central bank has carried out the whole process.
The central bank has also ordered more machines to speed up the process.
After the meeting, a senior member said the governor did not provide any figure but gave details on remonetisation.
In Jan'17, Patel met with the Parliamentary panel for the first time to address demonetization-related queries. While some machines have been procured, tenders have been floated to procure more, Patel was quoted by sources as having told the committee.
Patel told the members of the Parliamentary Committee on Finance, chaired by Congress leader M Veerappa Moily, that the special team was workaing overtime to count the notes that were returned and were availing only their weekly offs. The RBI chief informed the members that the central bank has curtailed holidays for its employees for counting of the junked notes. RBI has a staff strength of 15,000.
'Will RBI be able to provide figures by next LS elections?'. During the deposition members of the panel from opposition parties repeatedly asked the governor to divulge the quantum that came back. Patel said the total money in circulation now is Rs. 15.4 lakh crore against Rs. 17.7 lakh crore in November a year ago when Prime Minister Narendra abruptly banned high value notes in an attempt to battle black money and corruption.
He is understood to have demanded the names of 12 industrialists whose outstanding loans amounted to 25 per cent of the Non-Performing Assets in the banking system.
Manmohan Singh did not ask any question to the governor, according to three panel members.
They also wanted to know from the governor whether the use of cryptocurrencies is legally permitted, a member said.
The agenda for the meeting on Wednesday also includes the shift towards adoption of digital economy and the challenges in driving it, news agency ANI said.