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Thursday, August 8, 2013

RBI transfers Rs 33,000 cr surplus profit to Govt

The Government has received a bounty of Rs 33,010 crore from the Reserve Bank of India.

This amount represents transfer of surplus profit by the RBI to the Government for the year ended June 30, 2013.

In the previous year ended June 30, 2012, the RBI had transferred Rs 16,010 crore.

The RBI’s central board approved the transfer of Rs 33,010 crore at its board meeting in Mumbai. The transfer of surplus profit could be reckoned as RBI Governor D. Subbarao’s parting gift to the Government.

Subbarao, who has not missed an opportunity to emphasise the importance of containing subsidies, re-prioritising expenditure towards plan and capital expenditure and fiscal consolidation, will demit office on September 4.

The RBI’s latest macroeconomic and monetary development document has cautioned that if the government’s revenues fall short of the target, as a result of slowdown in growth, a cutback in expenditure will be required to achieve the budgeted fiscal deficit.

“It is, therefore, important for the Centre to take steps to contain its non-plan revenue expenditure within the limit set in the Union Budget 2013-14 through subsidy reforms,” it said.

Source: thehindubusinessline


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