Using its majority, the Bharatiya Janata Party members stalled the adoption of the draft report on demonetisation by Parliamentary Standing Committee on Finance, headed by former Union Minister Veerappa Moily. The committee said in its draft report that demonetisation was a decision of great ramification, which lea to at least one percentage point GDP loss and unemployment in informal sectors due to cash crunch.
Opposing the draft report, almost all the BJP members, who are in majority in the 31-member panel, supported a dissent note to Moily written by party MP Nishikant Dubey.
“Demonetisation was the mother of all reforms,” Dubey said in the note, adding that Prime Minister Narendra Modi’s initiative (demonetisation) was backed by all citizens in the national interest.
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The committee has been examining the Centre’s decision of demonetisation for almost two years and had called top officials of the Finance Ministry and the RBI governor before it for explanation.
The government has been demanded to conduct an objective study on the note-ban decision and its economic impact.