Reserve Bank Of India approved to transfer Rs 30,307 crore dividend to central government
By Lokmat English Desk | Published: May 21, 2022 02:35 PM2022-05-21T14:35:47+5:302022-05-21T14:35:47+5:30
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The corona crisis has plagued the world for more than two years now. As a result, the economies of the world's superpowers have plummeted. India is no exception.
Many areas are now recovering from the Corona crisis. However, now with the rise in fuel prices, inflation is on the rise in the country. The biggest challenge for the Modi government is now to control inflation.
The RBI has now approved the transfer of Rs 30,307 crore from the reserve to the central government. The Central Board of Directors, headed by Governor Shaktikant Das, discussed the current national and international economic situation, challenges, etc.
The Board of Directors decided to keep the contingency protection reserve fund within the limit of 5.50 percent.
The central government, however, was expected to receive a larger dividend of Rs 73,948 crore from the central bank. Earlier, in the year 2020-21, the central government had received a dividend of Rs 99,122 crore.
In the financial year 2019-20, the RBI had provided additional funds of Rs 57,128 crore to the central government. Earlier, in the year 2018-19, the central bank had given Rs 1.76 lakh crore to the Center.
Of this, Rs 1.23 lakh crore was paid as dividends and Rs 52,637 crore as additional funds. There have been frequent disputes between the central government and the RBI over the extra funds.
Although this additional fund is generally referred to as a dividend by the Reserve Bank to the Government from its reserves, it is a surplus or a surplus from the Reserve Bank due to differences in the provision of reserve funds for contingency protection.
The Reserve Bank does not have to pay any tax on its income. That is why the amount that remains after meeting your needs as well as the necessary provisions and necessary investments is called additional funds.