Parliamentary panel to look into black money recovery

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A parliamentary panel headed by Murali Manohar Joshi will study the recovery of black money & performance of public sector banks. 30-member Estimates Committee has decided to study a host of subjects related to various ministries in the year 2018-19.

As per the memorandum of the committee, the panel will look into the import of uranium for nuclear plants, mining activities and environment, upgrading of India Post offices and the drought situation in the country among other matters.

The panel on estimates, which is also called the continuous economy committee, suggests changes in policy or administrative framework to bring efficiency in expenditure. It has also decided to look into the functioning of the Enforcement Directorate and the recovery of black money, performance of public sector banks, debt recovery tribunals, rural housing fund and review the imports, exports and balance of payments.

RBI, the central bank of the country, had informed the PAC that it has “no information” on how much black money has been recovered as a result of demonetisation of Rs 500 and 1,000 denomination notes, or about unaccounted cash legitimised through exchange of currency post note ban.