28000 Crore Interim Dividend To Central Government Before Elections

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The Reserve Bank of India will give an interim dividend of 28 thousand crore rupees to the government. This decision has been taken in the board meeting of the Reserve Bank. Today was the meeting of the Reserve Bank Board. This meeting was addressed by Finance Minister Arun Jaitley. This will be the second consecutive year when the Reserve Bank will transfer dividends to the government. This issue was being discussed for a long time.

The Reserve Bank of India released an official statement and published its information. It said that the Board reviewed the current economic condition of the country. Also, after the limited audit review of the RBI’s Capital Framework, the interim dividend of 28 thousand crore rupees would be transferred to the government. The meeting was chaired by the Governor of the Reserve Bank of India, Shitalanta Das.

“After reviewing the limited audit and the current economic capital draft, the board of directors has decided to give the central government 280 billion rupees as interim surplus for the half year ended December 31, 2018,” RBI said. This is the second consecutive year when the Reserve Bank is transmitting interim surplus.

With an interim dividend of 28 thousand crores, the total amount received by the Reserve Bank from the Reserve Bank for this financial year will be 68 thousand crore rupees. In August last year, the RBI had given the Center 40 thousand crore rupees. This record is a dividend. Earlier, in any financial year, the Reserve Bank did not pay much money to the government. Earlier RBI had given the highest dividend of Rs 65,896 crore to the government in FY16. In the financial year 2018, the government got Rs 40,659 crore from the RBI.

Earlier addressing the meeting of the Central Board of Directors, Finance Minister Arun Jaitley discussed various reforms and policy measures and its impacts made by the government in the last four years. At the same time, the government says that this amount will be used to run welfare schemes through the government.

In response to a question in the Rajya Sabha this month, the Finance Ministry had said, “The government has sought Interim surplus for the financial year 2018-19 from the RBI. We have also demanded the surplus retained in the financial year 2016-17 and 2017-18. Due to these disputes, Patel had resigned in December last year. Das has been replaced by former bureaucrat Shakhantant.