Finance Ministry seeks switch of Rs 27,380 cr from RBI retained in direction of dangers, reserves – Financial Instances
The ministry has requested the RBI to supply an interim surplus for the present fiscal
Up to date: Feb 10, 2019, 05.35 PM IST
NEW DELHI: The
has sought from the Reserve Financial institution of India (
) Rs 27,380 crore that was withheld by the central financial institution in direction of dangers and
within the earlier years, stated sources.
The RBI had retained Rs 13,190 crore in direction of dangers and reserves throughout 2016-17. It elevated to Rs 14,190 crore in 2017-18. Collectively, retained quantity is Rs 27,380 crore.
The ministry has requested the RBI to supply an interim surplus for the present fiscal on the analogy of the earlier monetary yr and switch the quantity withheld from the excess of 2016-17 and 2017-18, sources stated.
Earlier this month, Financial Affairs Secretary Subhash Chandra Garg had stated the federal government expects Rs 28,000 crore from the RBI as interim dividend through the present fiscal.
The RBI, which follows July-June monetary yr, has already transferred Rs 40,000 crore within the present fiscal.
If the central board of the RBI approves switch of Rs 28,000 crore requested by the federal government as interim dividend for the present fiscal, the entire surplus switch by the central financial institution could be Rs 68,000 crore in 2018-19.
In line with sources, the federal government expects Rs 69,000 crore dividend within the subsequent monetary yr.
The federal government has projected to mobilise Rs 82,911.56 crore as dividend or surplus from the RBI, nationalised banks and monetary establishments throughout 2019-20.
After making provision for dangerous and uncertain money owed, depreciation in belongings, contribution to workers and superannuation fund and for all issues for which the availability is to be made by or below the Act or that are normally supplied by bankers, the stability of the income shall be paid to the central authorities, as per the RBI Act.
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