Sitharaman further clarified that the Bimal Jalan Commitee that made the recommendation for surplus fund transfer was constituted by the RBI itself and not the centre. Therefore no one should question the credibility of the central bank.
Earlier, RBI implemented the recommendations by the Bimal Jalan Commitee and approved a divident and surplus fund transfer of Rs 1.76 lakh crore to the government. The central bank said:
RBI board under leadership of Governor Shaktikanta Das approved transfer of Rs 1,76,051 crore to govt. The amount consists of Rs 1,23,414 crore as surplus or dividend for 2018-19 and another Rs 52,637 crore from its surplus reserves. The new surplus amount has been calculated on the basis of revised provisions of economic capital framework for the Reserve Bank.
Since 2013-14, the RBI has been paying 99 per cent of its disposable income to the government. The Bimal Jalan Commitee was asked to determine how much surplus should the RBI have.
Finance Secretary Rajiv Kumar represented the government in the commitee. The committe finalised its report on 14th August.
The receipts from the RBI will give a fillip to the government’s efforts to boost the economy. The additional cash will also give the Centre more headroom for stimulating the economy.