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House panel calls RBI Guv Urjit on January 19

RBI Governor Urjit Patel will brief a parliamentary panel on January 19 on issues concerning demonetisation and its implications on the economy, sources said.

The Standing Committee on Finance, which met on Thursday under the chairmanship of Congress leader M Veerappa Moily, was briefed about demonetisation by various experts.

Independent experts who offered their view before the panel were noted economists Rajiv Kumar and Mahesh Vyas, former chief statistician Pronab Sen and NIPFP's Kavita Rao.

The experts, according to the sources, were divided on the government's decision of cash recall.

The panel also sought to know from the experts their opinion on the existing cash to GDP and tax to GDP ratios.

The committee, the sources said, has called Patel on January 19 to brief the members about the contours of demonetisation and also the efforts being made by the central bank to ease cash crunch in the economy. The panel will also lend an ear to bankers and Indian Banks' Association.

Before taking on record the view of RBI governor, the 31-member panel will question finance ministry officials and also IT experts on demonetisation and steps taken to promote digital economy.

It was pointed out that the digital economy at present is 3 per cent and efforts are on to take it to 90 per cent.

Besides, other experts are likely to give their opinion on demonetisation, which came into effect from November 9.

Following the decision to scrap old high-value notes, people are thronging banks to deposit invalid currency and also get valid ones to meet their requirements.

RBI has set withdrawal limit of Rs 24,000 per week for individuals, but due to the shortage of currency, many bank branches are compelled to ration it further.

There has been a slew of changes in the regulations both by RBI and the government in the last six weeks, increasing hardships for both the public and bankers. RBI on Wednesday rolled back its directive restricting deposits of demonetised notes of more than Rs 5,000 in bank accounts till December 30, the latest in a series of revisions.

Snapdeal to deliver Rs 2K cash at home

E-commerce company Snapdeal on Thursday announced the launch of a 'Cash@Home' service, which allows users to order Rs 2,000 cash and get it delivered at their doorstep. "The launch of the cash on demand service is intended to further help our consumers tide over any cash crunch that they might face in addressing their daily needs," Snapdeal Co-founder Rohit Bansal said in a statement.

Snapdeal will be using the cash that it receives through Cash on Delivery (CoD) to operate this facility. Snapdeal will charge a nominal amount of Rupee 1 as convenience fee, which will need to be paid through FreeCharge or through a debit card at the time of booking the order. "At the time of cash delivery, the consumers will need to swipe their ATM card on the PoS machines, which Snapdeal's courier partners will carry for all such deliveries. Once transaction is successful, the courier person will hand over Rs 2,000 in cash," the statement said.

Under service, a user can request Rs 2,000 per booking, and any ATM card can be used to pay for the cash. The customers are not obligated to order anything else from Snapdeal to access the 'Cash@Home' facility, the statement added. 
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