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Govt seeks transfer of Rs 27,380 cr from RBI retained towards risks, reserves

NEW DELHI: The finance ministry has sought from the Reserve Bank of India (RBI) Rs 27,380 crore that was once withheld through the central financial institution in opposition to risks and reserves in the previous years, mentioned assets. The RBI had retained Rs 13,190 crore in opposition to risks and reserves right through 2016-17. It higher to Rs 14,190 crore in 2017-18. Together, retained amount is Rs 27,380 crore.

The ministry has requested the RBI to supply an period in-between surplus for the current fiscal on the analogy of the previous financial yr and transfer the volume withheld from the surplus of 2016-17 and 2017-18, assets mentioned.

Earlier this month, financial affairs secretary Subhash Chandra Garg had mentioned the federal government expects Rs 28,000 crore from the RBI as period in-between dividend right through the current fiscal.

The RBI, which follows July-June financial yr, has already transferred Rs 40,000 crore in the present fiscal.

If the central board of the RBI approves transfer of Rs 28,000 crore requested through the federal government as period in-between dividend for the current fiscal, the entire surplus transfer through the central financial institution could be Rs 68,000 crore in 2018-19.

According to assets, the federal government expects Rs 69,000 crore dividend in the next financial yr.

The executive has projected to mobilise Rs 82,911.56 crore as dividend or surplus from the RBI, nationalised banks and fiscal institutions right through 2019-20.

After making provision for bad and doubtful money owed, depreciation in property, contribution to group of workers and superannuation fund and for all issues for which the provision is to be made through or under the Act or which are in most cases equipped through bankers, the balance of the income can be paid to the central executive, as in keeping with the RBI Act. DP HRS

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