Not Aware Of Government Demand For Interim Dividend: RBI Governor Shaktikanta Das
Media reports had indicated that the government might seek an interim dividend of Rs 30,000 crore from Reserve Bank of India.
Reserve Bank of India Governor Shaktikanta Das on Friday said he is not aware of any demand from the government for an interim dividend.
This, after media reports had indicated that the government might seek an interim dividend of Rs 30,000 crore from RBI to make up for the revenue shortfall resulting from the corporate tax cuts. The dividend was sought to meet the fiscal deficit target of 3.3 percent for 2019-20, the reports said.
"I have also seen it in the media. That apart, I am not aware of any such demand from the government for payment of interim dividend," Das said after the announcement of fourth bi-monthly monetary policy.
In 2017-18, the government received Rs 10,000 as interim dividend from the RBI. On Aug 26, the central bank’s board approved transfer a record high surplus of a little over Rs 1.76 lakh crore to the government. The amount comprised Rs 1,23,414 crore of surplus for 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised economic capital framework of RBI.
RBI had already transferred Rs 28,000 crore to the government as interim dividend in March 2019, out of the net income of Rs 1,23,414 crore for 2018-19. The Bimal Jalan panel on RBI’s external capital framework, after the surplus transfer, said there would not be any interim dividend.