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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News Network
July 14,2020

Brasilia, Jul 14: Brazil has reported new 20,286 coronavirus cases in last 24 hours taking the country's total to 1.8 million, Sputnik reported citing the health ministry.

The country's death toll has increased by 733 in the same period of time. The death toll from the infection has touched 72,833.

Over 1.1 million people have recovered from COVID-19 in Brazil since the start of the epidemic in the country, according to the health ministry.

Brazil has the second-highest coronavirus death toll, it is surpassed only by the United States.

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News Network
June 19,2020

Kolkata, Jun 19: The nationwide clamour for boycott of Chinese goods is getting louder amid the Ladakh face-off, with traders urging the Centre to direct e-commerce firms to restrict the sale of items from the Dragonland, which imports products worth USD 74 billion to India annually.

Of the total import from China, retail traders sell goods worth around USD 17 billion, mostly comprising toys, household items, mobiles, electric and electronic goods and cosmetics among other things, which could possibly be replaced by Indian products, a national trading body said.

"We, at 'Federation of All India Vyapar Mandal', are advising our members to clear their stocks of Chinese products and refrain from placing fresh orders. We are also requesting the government to restrict e-commerce companies from selling Chinese products," V K Bansal, the association's general secretary, told PTI.

Sushil Poddar, the president of the Confederation of West Bengal Traders Association, said its members have been told to shun trading in Chinese goods as much as possible.

Another national traders' body, The Confederation of All India Traders (CAIT), has decided to step up its movement against the boycott of Chinese goods, under its campaign 'Bhartiya Samaan-Hamara Abhimaan'.

It released a list of over 450 broad categories of commodities, comprising 3,000 Chinese products.

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Agencies
May 26,2020

New Delhi, May 26: The in-fighting among the residents of housing societies over feeding of stray dogs is nowhere near ending, with yet another attack on a pregnant Russian woman again in the national capital region this time in Noida.

The Russian woman residing in a condominium in Noida's Sector 71 was allegedly attacked by two men for feeding foundling canines inside the complex.

"We have initiated an inquiry and a case has been registered against the men for voluntarily causing hurt and criminal intimidation," Amit Kumar Singh, Station House Officer of Phase 3 police station told IANS.

The police said that the victim is married to an Indian man and they live in that society.

The issue was raked up on social media by one of the residents of the society. Her post had even solicited a response and help from the Noida Police Commissioner.

Kaveri Rana Bharadwaj wrote, "Mob led by Vikas Sharma, and Mr. Chauhan beat up a pregnant woman in Jagriti Apartment, Sector 71 Noida. Request you to immediately arrest these men and provide security to the scared woman!"

When contacted, a member of the Resident Welfare Association (RWA) of the society said that the allegations levied by her are false and that he, along with a handful of other people, had only asked her not to feed the dogs.

Vikas Sharma divulged, "The woman was called at the society gate by the members of the RWA. When she was asked not to feed the street dogs, she became aggressive, started fighting with the residents of the society and even pushed a 70-year-old woman. The complaint that she registered against us is false. We did not even touch her."

He added that there are 70-80 street dogs in the society who have lately become extremely aggressive. "The lady was asked not to feed them as people feared stepping out of their houses and getting bitten."

In another incident on Tuesday, a Greater Noida man beat up a Chinese woman for allegedly fostering a stray dog which bit his canine.

Greater Noida District Commissioner of Police Rajesh Kumar Singh told IANS that the man named Amar Pratap Singh of ATS Paradiso misbehaved with the woman after his dog was bit by another dog who she used to feed every day.

The incident happened in the wee hours of the day when the accused took his dog out for a walk. "After his dog was bitten, in a fit of rage, he misbehaved with the Chinese woman." A Non-Cognizable Report (NCR) has been registered and no arrests have been made so far, the police said.

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