RBI governor Urjit Patel to brief PAC on note ban on Jan 20

PAC members would also ask the RBI chief if the govt interfered in RBI's functioning

After briefing a parliamentary finance panel on impact of note ban on Wednesday, RBI governor Urjit Patel will appear before the Public Accounts Committee on January 20 and explain demonetisation to the lawmakers.

While Congress member M Veerappa Moily heads the finance committee, party lawmaker K V Thomas is PAC chairman.

Like the parliamentary standing committee on finance, Patel is set to face a barrage of questions related to impact of note ban, announced on November 8, 2016, by PM Modi, from the Opposition members.

Patel, who did not give specific answers to the queries related to the amount of money deposited in banks after demonetisation and by when the cash supply situation would ease, is likely to face similar questions in the PAC.

Opposition members would also ask the RBI chief if the government interfered in its functioning by suggesting note ban to deal with fake currency and black money problems.

Unlike the finance committee meeting where key finance ministry officials briefed the panel on note ban, only Patel will appear before the PAC on Friday.

Also, the scope of Patel's briefing to the PAC has been expanded beyond note ban and would include "a review of the monetary policy." The RBI governor is expected to make an oral presentation before the PAC.