Talking Point: Will call PM if RBI’s reply on cash ban not satisfactory says KV Thomas

A PAC meeting on this issue has been called on January 20th, in which the RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das will be present. “We have not yet received answers for the questions we have sent to them. They will reply few days before the January 20th meeting. Their replies will be discussed in detail,” PAC Chairman and senior Congress leader K V Thomas told PTI. Asked if the PAC would call the PM if replies were not satisfactory, he said: “The committee has all right to call anybody involved in the matter. But that will depend on the outcome of the January 20th meeting. We can call PM on demonetisation issue if members unanimously decide.” 

In a meeting with the PM after demonetisation announcement, Thomas said, “I had met him and he said that the situation will be normal after 50 days by December-end. But it does not looks like.” So, PAC decided to call the top officials involved in the decision making process this month, he said, adding that the demonetisation has impacted the country’s economy. “The PM is misleading the country… he is trying to justify his wrong decisions,” he said. 

“In a country where there is a call drop problem and telecom facilities are not smooth, how can PM expect e-transactions would take place on mobiles? Do we have sufficient infrastructure?” he questioned. Asked what kind of questionnaire been sent to the RBI chief and top finance ministry officials, Thomas said the PAC has raised questions on all aspects of demonetisation.

Who were involved in the decision-making? How much money has come back into banks after demonetisation? Is there a law that can restrict people’s access their money? 

The PAC, scrutinises the reports of the Comptroller and Auditor General, takes suo motu note of the important matters.