Demonetisation: Manmohan Singh comes to rescue Urjit Patel

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Coming from a strong critic of demonetisation -Singh has described the measure as monumental mismanagement and organised loot -the remarks ensured a more sedate discussion than might have been the case.

Senior Congress member and panel chair Veerappa Moily urged members ahead of Patel’s appearance that the institution of RBI and the governor’s status be respected and honoured. “Questions should be put politely ,” Moily said. He said the committee had been functioning in a nonpartisan manner and he hoped this would continue. He said officials should not be pressed on points that they did not have clarity .

Sources said comments by the two senior Congress leaders defused political tension that could have been reflected in the committee’s proceedings, particularly in the midst of electioneering where demonetisation is a key issue.
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