Finmin seeks `27,380 cr from RBI
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