Standing Committee on Finance

The report presented by the committee "is based on a broad consensus and has persuasive value to be treated as considered advice.

It is for the minister in charge of the Bill or any member to move necessary amendments in the House in the light of the recommendations or suggestions made by the committee.

[10] It ensures that detailed scrutiny of government finances, legislation and working continues to take place even if Parliament sessions are disrupted.

The Committee considers the Demands for Grants (DFGs) of the concerned ministries or departments under its jurisdiction during the aforesaid period and presents reports on them to the House.

This is aimed at ensuring that the recommendations of the Standing Committee are taken note of at the highest level by the government for follow up action not suggest anything of the nature of cut motions.

The notice for the meeting says, “Oral Evidence of the representatives of Reserve Bank of India on (i) ‘Demonetisation of Indian currency notes of Rs 500 and Rs 1000 and ramifications thereof’ and (ii) ‘The Banning of Unregulated Deposit Schemes Bill, 2018’ and issues related thereto.

Commenting on this, Chairperson Moily said, "[w]e will discuss this issue with statistics and planning department, and also with the finance ministry.

"[13] The committee questioned the finance ministry civil servants including the Union Financial Services Secretary, Rajiv Kumar about the ₹11,400 crore (equivalent to ₹150 billion or US$1.8 billion in 2023) fraud in Punjab National Bank (PNB) and asked them to submit a report on it.

[14] The committee took up the case of debt-ridden Infrastructure Leasing & Financial Services, which defaulted on debt obligations for scrutiny a day after the government sacked the 15-member IL&FS board and nominated six new directors led by Uday Kotak, to run the affairs of the company.