New Delhi: Two days after ET reported that the parliamentary standing committee on finance headed by M Veerappa Moily was finding it difficult to finalise and present its report on demonetisation due to internal rift, it has emerged that 12 BJP MPs handed over an eight-page ‘note of dissent’ to Moily and in the process derailed the panel’s finalisation of report on the government’s November 8, 2016, decision to withdraw `500 and `1,000 notes as legal tender.The BJP members presented the note to Moily on March 19, a day after he prepared a second draft note, said people aware of the matter. They said the note of dissent not only differed drastically with the contents of the draft report, but also painted demonetisation as a courageous move that “succeeded” in “checking” and “cleaning” up black money and hawala, terrorism and Maoist funding and activities, funding of political parties by dirty money, and sectors such as real estate, besides slashing taxes and boosting GDP.The note overlooked the draft report’s observations on shortcomings in logistical preparedness for carrying out the gigantic exercise, inconvenience caused to ordinary people due to shortage of cash, loss to GDP and employment, need for more systemic approach for completing the task of wiping out fake currency, terrorism funding, the need to assess cost and benefit, and the limits of digital transaction.Led by Nishikant Dubey , the BJP members, who form the largest block in the committee and have majority along with representatives of the NDA, made it clear that if the chairman tried to push his draft for adoption, they would “call for a vote”, said one of the persons cited earlier.A vote, the person said, had the potential to lend the note of dissent the stamp of majority backing in the committee and reduce the draft report to minority. This difficult choice limited the options of the chairman and the opposition members of the panel, leaving them with little choice but to let the exercise remain in limbo, perhaps as a prelude to letting it lapse.The people cited earlier said that when Moily made another attempt in June for the committee to resume the exercise on demonetisation, Dubey raised an objection by saying any further review could be made only after getting the latest feedback from the social sector ministries on how demonetisation fared in their sectors since its implementation.Some members said they “do not remember” Moily circulating the BJP members’ note of dissent in the panel even though he told the committee in a recent meeting that he was in possession of a note from some BJP members. Moily also indicated to members that he might not bring up his draft report and said that he would prefer to draft it “through consensus”.As the committee is due for its yearly reconstitution after August 31 — the last meeting of the current committee is scheduled to discuss the issue of non-performing assets or NPAs, and not demonetisation — there are indications that the BJP side could adopt a twin strategy that could further make the committee’s forward movement on the note-recall deliberations difficult.The BJP could shuffle its pack by bringing in some new members who, in turn, could demand more time for catching up with the committee’s deliberations so far. Else, the BJP side may simply say the “new” committee need not focus further on demonetisation and argue that note-recall has become “a non-issue”. Many members are now sceptical of the committee presenting the report even before the expiry of the current Lok Sabha .