BIG NEWS: Note ban was decided in early 2016, reveals RBI Governor

New Delhi: Reserve Bank of India (RBI) Governor Urjit Patel is believed to have told a parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.

Sources said the Congress members of the committee were keen on knowing the brain behind the decision to withdraw high currency notes and about the autonomy of the central bank.

However, the BJP members of the panel, which is headed by Congress leader Veerappa Moily, chose not to raise many questions during the meeting, they added.

It is also learnt that Dr. Manmohan Singh, one of the members who had described the move as monumental management failure, too raised some questions on the issue.

The Finance Ministry has sought time from the panel to provide answers to the queries raised during the meeting, the sources said, adding that the members seemed not too satisfied with the replies.

Mr. Patel did not give a definite number of old Rs. 500 and Rs. 1,000 notes returned post demonetisation as the RBI was still tabulating those.Mr. Patel is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on January 20. (PTI)