Finmin seeks `27,380 cr from RBI

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE -

tax side, “There is a growth of 15% up to De­cem­ber while you need a growth of 55% in the re­main­ing pe­riod of FY19 to achieve the tar­get. The past trend shows it grew at 15% in the re­main­ing three months of a fi­nan­cial year. So in the case of di­rect tax, very op­ti­mistic as­sump­tions have been used,” he said.

“The tax rev­enue tar­gets look stiff, although the govern­ment has ap­pro­pri­ated around Rs 38,000 crore of GST com­pen­sa­tion cess,” said Deven­dra Ku­mar Pant, chief econ­o­mist at In­dia Rat­ings & Re­search.

“Fis­cal deficit will also de­pend on how the num­ber­sre­serve Bank of In­dia’s (RBI) in­terim div­i­dend and capex fig­ures- stack at the end of the year. The ex­pec­ta­tion is that the govern­ment may also get some por­tion of RBI’S re­tained profit from the last two years, which is likely to be around Rs 25,000-30,000 crore,” he said. Turn to p2 New Delhi: The fi­nance min­istry has sought from the Re­serve Bank of In­dia (RBI) Rs 27,380 crore that was with­held by the cen­tral bank to­wards risks and re­serves in the pre­vi­ous years, said sources.

The RBI had re­tained Rs 13,190 crore to­wards risks and re­serves dur­ing 2016-17. It in­creased to Rs 14,190 crore in 2017-18. To­gether, the re­tained amount is Rs 27,380 crore.

The min­istry has re­quested the RBI to pro­vide an in­terim sur­plus for the cur­rent fis­cal on the anal­ogy of the pre­vi­ous fi­nan­cial year and trans­fer the amount with­held from the sur­plus of 201617 and 2017-18, sources said.

Ear­lier this month, eco­nomic af­fairs sec­re­tary Sub­hash Chan­dra Garg had said the govern­ment ex­pects Rs 28,000 crore from the RBI as in­terim div­i­dend dur­ing the cur­rent fis­cal. Turn to p2

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