Surplus money transfer from RBI to depend on income: FM

News Network
November 19, 2019

New Delhi, Nov 19: Finance Minister Nirmala Sitharaman on Monday said transfer of surplus reserves from the Reserve Bank of India (RBI) to the government in future will depend on net income and other financial parameters of the central bank besides the recommendations of the expert committee on excess capital.

The surplus distribution policy of RBI is determined in accordance with section 47 of the RBI Act, 1934, Sitharaman said in a written reply to Lok Sabha.

"The quantum of surplus transfer to the government in the coming years would depend on RBI's net income, 'required realized equity' as a per cent of RBI's balance sheet and 'available realized equity' as a per cent of RBI's balance sheet in the coming years, and shall be governed by the legal provisions of the RBI Act, 1934 read with the recommendations of the committee as accepted by RBI," Sitharaman said.

The central board of the RBI, in its meeting in November 2018, in consultation with the government had decided to constitute an expert committee under the chairmanship of former RBI governor Bimal Jalan to suggest an adequate level of risk provisioning that RBI needs to maintain.

The committee, formed on December 26, 2018, was tasked to propose a suitable surplus distribution policy taking into account all the likely situations of the RBI.

The finance minister was replying to a question asked by Gopal Chinnaya Shetty if the issue of surplus reserves of RBI was resolved as per the suggestions of the Jalan committee and whether in future the government was likely to get additional dividend from RBI as per the recommendations of the said committee.

The Bimal Jalan expert committee had submitted its report to RBI on August 14, 2019.

The central board of RBI, in its meeting on August 26, 2019, had accepted all the recommendations of the committee and finalised RBI's accounts for 2018-19 using the revised framework to determine risk provisioning and surplus transfer.

"The transfer of surplus to the government for the year 2018-19, ended June 30, 2019 was made in accordance with the recommendations of the committee and accordingly a sum of Rs 1,75,987 crore was transferred by RBI to the government," the minister said in the lower house.

The transfer of reserves comprised Rs 1,23,350 crore of surplus for 2018-19, of which Rs 28,000 crore was already paid as interim dividend on March 28, 2019, and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF), Sitharaman said.

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Agencies
January 24,2020

New Delhi, Jan 24: The Election Commission of India on Friday told the Supreme Court that its 2018 direction asking poll candidates to declare their criminal antecedents in electronic and print media has not helped curb criminalisation of politics. The poll panel suggested that instead of asking candidates to declare criminal antecedents in the media, political parties should be asked not to give tickets to candidates with criminal background.

A bench of Justices R F Nariman and S Ravindra Bhat asked the ECI to come up with a framework within one week which can help curb criminalisation of politics in nation's interest.

The top court asked the petitioner BJP leader and advocate Ashiwini Upadhyay and the poll panel to sit together and come up with suggestions which would help him in curbing criminalisation of politics.

In September 2018, a five-judge Constitution bench had unanimously held that all candidates will have to declare their criminal antecedents to the Election Commission before contesting polls and had called for a wider publicity, through print and electronic media about antecedents of candidates.

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Satya Vishwasi
 - 
Saturday, 25 Jan 2020

What about those criminals who were already in parliament and vidahan sabhas? shall the ECI cancel their positions?

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News Network
January 27,2020

Jan 27: The Andhra Pradesh Cabinet passed a resolution on Monday setting in motion the process for abolishing the state Legislative Council.

A similar resolution will now be adopted in the Legislative Assembly and sent to the Centre for necessary follow-up action.

With just nine members, the ruling YSR Congress is in minority in the 58-member Legislative Council. The opposition Telugu Desam Party (TDP) has an upper hand with 28 members and the ruling party could get a majority in the House only in 2021 when a number of opposition members will retire at the end of their six-year term.

The move by the Andhra Pradesh cabinet came after the Y S Jaganmohan Reddy government last week failed to pass in the Upper House of the state legislature two crucial Bills related to its plan of having three capitals for the state.

Andhra Pradesh Legislative Council Chairman M A Sharrif on January 22 referred to a select committee the two bills -- AP Decentralisation and Inclusive Development of All Regions Bill, 2020, and the AP Capital Region Development Authority (CRDA) Act (Repeal) Bill -- for deeper examination.

The chairman had said that he was using his discretionary powers under Rule 154 while referring the Bills to the select panel in line with the demand of the TDP.

Following this, the chief minister had told the Assembly, "We need to seriously think whether we need to have such a House which appears to be functioning with only political motives. It is not mandatory to have the Council, which is our own creation, and it is only for our convenience."

"So let us discuss the issue further on Monday and take a decision on whether or not to continue the Council," he had said.

In fact, the YSRC had on December 17 first threatened to abolish the Council when it became clear that the TDP was bent on blocking two Bills related to creation of a separate Commission for SCs and conversion of all government schools into English medium.

As the Legislature was adjourned sine dine on December 17, no further action was taken. But last week, the issue cropped up again as the TDP remained firm on its stand on opposing the three-capitals plan.

The YSRC managed to get two TDP members to its side, but the government failed to get the three capitals Bills passed in the Council.

"What will be the meaning of governance if the House of Elders does not allow good decisions to be taken in the interest of people and block enactment of laws? We need to seriously think about it… Whether we should have such a House or do away with it," the chief minister had said in the Assembly.

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News Network
March 13,2020

Raipur, Mar 13: Calling Jyotiraditya Scindia a "power-hungry" leader, Chhattisgarh Minister and Congress leader TS Singh Deo on Friday said that if someone joins another party to occupy the top position of the state that he should never become a Chief Minister.

When enquired if Deo has any plans to join the BJP in the future, he quickly said that he would never be able to relate himself with the "ideology" of the party.

"People may make claims but I will never join BJP, even if I get 100 lives I will never associate with that ideology. A person who joins BJP for not being able to become Chief Minister should never become a Chief Minister," he said while speaking to media in Raipur.

"A single person does not remain as captain forever, Kapil Dev got his chance when Gavaskar was there. Currently, Virat Kohli is the captain but in T20 there are different captains. Will Kohli join Pakistan's team if he is not made the captain? This is beyond understanding."

On Wednesday, Scindia joined BJP in New Delhi in the presence of party President JP Nadda. He had resigned from Congress a day earlier after meeting Union Home Minister Amit Shah and Prime Minister Narendra Modi.

He will file his nomination for the Rajya Sabha elections on March 13.

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Indian
 - 
Friday, 13 Mar 2020

May it be Scindia or some other, misusing power cheating with citizens mandate for their self benifit  "very soon the fare and best judgement from the creator will be their very soon.  No one is greatro than the creator.

 

 

For citizens well fare creator is opinion and protect always there. Hope MP people always with faith on creator.

 

 

Jai Hind !

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