INSUBCONTINENT EXCLUSIVE:
The transfer by RBI includes a surplus of Rs
1.23 lakh crore for 2018-19.Tackling criticism of the Reserve Bank of India's decision to transfer a record Rs 1.76 lakh crore from its
surplus and reserves to the government, Finance Minister Nirmala Sitharaman today described as "outlandish" any questions raised on the
credibility of the committee that recommended it."This committee (Bimal Jalan Committee) is appointed by RBI, it had eminent experts in it,
they gave a formula based on which the amount was arrived at, now any suggestions about credibility of RBI, therefore, for me seems a bit
outlandish, considering the committee was appointed by the Reserve Bank themselves," Ms Sitharaman told reporters in Pune.She was responding
to a question on whether the RBI's international credibility rating 'AAA' could be affected as it has reduced its surplus by transferring
the amount to the government.The transfer, including a surplus of Rs
1.23 lakh crore for 2018-19, will boost the government's finances at a time it strives to tackle a nearly five-year low economic growth
with lakhs of estimated job cuts across sectors, and defend its ambitious target of containing fiscal deficit at 3.3 per cent of the GDP.The
transfer of surplus and excess dividend is in line with the recommendations of the Bimal Jalan Committee, which was tasked to review the
Economic Capital Framework of the RBI.Addressing concerns raised on the autonomy of Reserve Bank after its decision to transfer the huge
not by the government."Among those who have slammed the move is Congress leader Rahul Gandhi, who said in a tweet: "PM and FM are clueless
about how to solve their self-created economic disaster
Stealing from RBI won't work - it's like stealing a Band-Aid from the dispensary - sticking it on a gunshot wound
#RBILooted."Ms Sitharaman derided the comments
"Whenever Rahul Gandhi raises things like ''chor, chori,'' one thing comes to my mind
He tried his best ''chor, chor, chori'' but the public has given him a befitting reply
What is the point of using the same words again," she said, apparently referring to his attacks on Prime Minister Narendra Modi during the
elections in connection with the Rafale fighter jet deal.Ms Sitharaman said the government had not yet decided on how the funds would be
"How the funds will be utilised I can't say right now
The government will take a decision and we will inform thereafter," the minister told reporters.Get Breaking news, live coverage, and Latest
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