INSUBCONTINENT EXCLUSIVE:
payment to the government, sources said.The Jalan panel had submitted its report to the RBI Governor on Friday
The report, which recommends transfer of surplus reserves to the government in a staggered manner over three-five years based on a
predetermined formula, may be put on the Reserve Bank of India (RBI) website later for public access.The RBI follows July-June financial
year and the dividend is usually distributed in August after annual accounts are finalised
For FY20, the government has pegged a Rs 9,000 crore dividend from the RBI.The sources had earlier told IANS that the RBI may start
the government is looking at RBI dividends and surplus to step up public investment and tackle funding gaps.But any decision on capital
government has already received Rs 40,000 crore during FY19
In February this year, the RBI had announced a Rs 28,000 crore interim dividend taking the total dividend transfer to the government to Rs
The RBI central board will have to approve the Rs 28,000 crore interim dividend.So far the extent of capital reserves to be transferred to
the government based on the Jalan panel report has been a matter of speculation.According to BofA Merrill Lynch, the ECF is expected to peg
the excess capital of the RBI at Rs 1-Rs 3 lakh crore, where Rs 1 lakh crore is from contingency reserves and Rs 2 lakh crore from
revaluation reserves."The RBI Act doesn't bar the RBI from transferring excess capital if any, to the fisc beyond the RBI's annual
surplus," BofA Merrill Lynch said.As per 2017-18 annual report of the RBI, the reserves stand at Rs 9.6 lakh crore.Get Breaking news, live
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