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PAC may summon PM Modi if Urjit Patel fails to give satisfactory answers about demonetisation
Prime Minister Narendra could be called by the Public Accounts Committee (PAC) to explain his demonetisation decision, chief of PAC & Congress leader VK Thomas, said.

The PAC is scheduled to have a meeting with Urjit Patel, the Governor of the Reserve Bank of India (RBI), on 20th of January. Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das will also be present in the meeting.

The PAC has asked Patel to explain both how the decision to demonetize was taken as also its impact on the country's economy. In case it is not satisfied with Patel's reply, it can ask the PM to appear before it and explain the decision.

"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," said Thomas.

"The PM is misleading the country to satisfy his ego. He is trying to justify his wrong decisions. He has done in a callous manner by introducing Rs 2,000 notes," Thomas said.

The PAC has asked Patel who all were involved in the demonetisation decision-making? It has also asked the Governor that how much money has come back into banks after demonetisation and how much money has been pumped back into the system? The PAC has also sought to know if there is a law that can restrict people's access to their money?

While RBI is yet to confirm the exact amount of money that it has received from public, latest reports suggest that of the 15.44 lakh crores that were expected to be in circulation, nearly all of it has been turned into banks. At the time of announcing the decision, the government had estimated that an amount up to Rs 3 lakh crore, nearly 20 per cent of the total value of the demonetised currency, would not flow back into the banking system. This deflates the claims of Modi government that demonetization would help destroy or uncover untaxed money.

The last figures released by the RBI on December 10 said that nearly 12.44 lakh crores or 80 per cent of the outlawed notes had been deposited in banks.

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