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18 December 2018
 |
| RBI
(The Total Investment & Insurance Solutions) |
The government has not sought funds from
surplus reserves of the Reserve Bank to meet fiscal deficit, Minister of State
for Finance Pon Radhakrishnan said Tuesday.
The minister in a written reply to the Rajya
Sabha said, "No, sir. Government has not asked funds from its surplus
reserves to meet fiscal deficit." He was replying to a query if the
government approached the RBI for extra funds from surplus reserves to meet
fiscal deficit target. The Total
Investment & Insurance Solutions
The RBI has massive Rs 9.59 lakh crore
reserves, and the finance ministry and independent director S Gurumurthy want
it to be lowered in line with global practices.
The RBI's central board on November 19
decided to constitute an expert committee to examine the Economic Capital
Framework of the RBI.
The
terms of reference and composition of the expert committee is to be jointly determined
by the government and the central banker. The Total Investment & Insurance Solutions
"Government has asked for a review of
RBI's Economic Capital Framework," the minister said in the house. The Total Investment & Insurance
Solutions
The RBI transferred Rs 50,000 crore as
surplus amount to government in 2017-18.
An amount of Rs 30,659 crore was transferred
in 2016-17 (the year of implementation of demonetisation) while Rs 65,876 crore
was transferred in 2015-16. The Total
Investment & Insurance Solutions
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