Law doesn't allow transfer of RBI reserves to govt: YH Malegam

Modi government trying to capture RBI ahead of LS poll P Chidambaram

The economic affairs secretary was confident about the government's ability to meet the fiscal deficit target for the current fiscal year and reiterated the government stand that it will adhere to fiscal prudence.

Chidambaram alleged that the government had packed the central bank's board with handpicked nominees and was making every attempt to push through its proposals at the RBI board meeting on 19 November.

He said the government's fiscal math "is completely on track" and dismissed media reports earlier this week that it was seeking Rs 3.6 lakh crore ($49.51 billion) from the Reserve Bank of India's reserves.

In a speech last month, RBI deputy governor Viral Acharya listed challenges to the independence of the RBI and said: "Having adequate reserves to bear any losses that arise from central bank operations and having appropriate rules to allocate profits (including rules that govern the accumulation of capital and reserves) is considered an important part of central bank's independence from the government". The RBI was reported to be against the proposal.

Franklin Township: Free Flu Shots for All this Saturday
Kevin Legge, a U-I pathology professor, says they're working in stages and are trying to flawless a multi-year flu shot first. Each year in the US , the flu is estimated to cause between 12,000 and 56,000 deaths and up to 710,000 hospitalizations.

Shots fired near Tekashi 6ix9ine, Kanye West video shoot
His collaboration with Nicki, "Fefe" - which Minaj later performed at 2018 VMAs without 6ix9ine - had just come out days earlier. 50 Cent shared a photo of the bullet hole on Instagram . "Kanye was like [running man emoji] #positivevibes".

Kim Kardashian forced to flee her home amid Woolsey Canyon wildfire
Kardashian also shared a video of several fire trucks driving down her street, and made sure to share her appreciation for their efforts.

Dismissing talk of fiscal deficit crisis, Garg said, "Government's FD in FY 2013-14 was 5.1%".

The matter is pending before the board of the Reserve Bank of India and is likely to be taken up again at its next meeting likely on 19 November, the official told reporters, asking not to be identified citing rules. "Finding all avenues closed, in desperation, the government has demanded Rs 1 lakh crore from the reserves of RBI", the former finance minister said at a press conference.

A senior finance ministry official confirmed that the idea originated during the UPA tenure and also the need to fix how much surplus reserve RBI should keep and how much it should transfer to the government. From 2014-15 onwards, the government brought this down substantially. "Government has actually foregone Rs 70000 crore of budgeted market borrowing this year".

These are valuation reserves for dealing with volatility in foreign exchange holdings and government securities, asset development reserves for taking care of depreciation and other asset-related costs, and a contingency reserve to take care of any unforeseen emergencies.

Related News:

  • All Blacks name side for England clash

    All Blacks name side for England clash

    So you'd have to say they have improved, but coming with that is pressure. "He's a warrior. So that's got to be good for the business".
    Trump insults reporters, claims Acosta video wasn't altered

    Trump insults reporters, claims Acosta video wasn't altered

    The video posted by Sanders only focuses on the moment when the woman tries to take the microphone from Acosta. TRUMP says of JIM ACOSTA , "I don't think he's a smart person", smears APRIL RYAN as "a loser " and "nasty".

    Giroud breaks goal duck in Chelsea win against BATE Borisov

    Everton have won four of their last five league games to sit ninth in the table ahead of the trip to Stamford Bridge. Fit-again Eden Hazard played 62 minutes in Thursday's game and could be in contention to start. "It's football .
  • Wife Of Jailed Azerbaijani Banker Detained In London

    Wife Of Jailed Azerbaijani Banker Detained In London

    Harrods department Store in Knightsbridge where Hajiyeva is said to have spent more than £16 million over a decade. Zamira Hajiyeva was revealed last month as the first target of the UK's new Unexplained Wealth Orders.
    Rick Scott files lawsuits against supervisors of elections in Broward, Palm Beach

    Rick Scott files lawsuits against supervisors of elections in Broward, Palm Beach

    Media captionThe Democratic candidate in Georgia's gubernatorial race will not concede until all the state's votes are counted. But Abrams' campaign maintains it just wants all provisional and absentee ballots to be counted before she decides to concede.
    Meghan Markle driven insane  by Prince Harry’s obsessive habit

    Meghan Markle driven insane by Prince Harry’s obsessive habit

    Recently, there were a few reports that before their wedding, Harry told the Royal staff that Meghan gets what she wants. The Queen has reportedly "had words" with Harry, telling him his wife Meghan Markle "cannot have whatever she wants".
  • Romelu Lukaku returns to Manchester United training ahead of derby

    Romelu Lukaku returns to Manchester United training ahead of derby

    Manchester United themselves enjoyed a brilliant victory as they came from behind to stun Italian champions Juventus in Italy. "It's two completely different teams but the win [at Juventus] gave us a lot of confidence which is always good".
    Michelle Obama slams Trump in new book

    Michelle Obama slams Trump in new book

    The book is said to be a biography which x-rays her feelings on the controversial USA president and the 2016 presidential election.
    Aerospace giant Bombardier to cut 5,000 jobs worldwide

    Aerospace giant Bombardier to cut 5,000 jobs worldwide

    Bombardier says that 2,500 workers will be cut in the Canadian province of Quebec and 500 workers from the province of Ontario. The strong profit came despite a five per cent drop in quarterly sales from the same period a year ago to US$3.6 billion.
  • Florida man breaks into crocodile enclosure, gets bitten

    Florida man breaks into crocodile enclosure, gets bitten

    Augustine zoo exhibit, according to a report by News 4 Jax , an independent news station in Jacksonville. Wearing little more than underwear and a pair of Crocs-style shoes, a Florida man broke into the St.
    Defiant Trump blames media, fellow Republicans for House losses

    Defiant Trump blames media, fellow Republicans for House losses

    But the GOP gained ground in the Senate by defeating several Democrats in states where Trump was elected by wide margins in 2016. It will also feature the first Native American women, the first Muslim women and the youngest woman ever elected to Congress.
    US Retailers already kicking off Black Friday with big deals

    US Retailers already kicking off Black Friday with big deals

    Target and Walmart have officially revealed their Black Friday ads - and Target unveiled a new promotion called "skip the line". If that's too long for you to wait, Walmart did introduce some early Black Friday deals that go live today.


Most liked

Brandon Marshall Fantasy: Outlook for WR if Signed by Saints
Bryant's first practice came on Thursday and he admitted that he used most of that session to knock some of the rust off. Payton said he spoke to Bryant before the draft and any interest was put on hold when the team drafted Tre'Quan Smith .

Sri Lanka's president dissolves Parliament, calls for an election
He maintained his choice for prime minister, Mahinda Rajapaksa, had a majority in Parliament. Amid the pressure, Sirisena announced the legislature would be summoned on November 14.

Victoria's Secret show returns to New York | Life , Living
Mayowa shared the stage with major names like Adrianna Lima, Candice Swanepoel , Jasmine Stookes, Gigi hadid , Bella Hadid , Kendall Jenner and more.

Britain 'will not accept Brexit deal' separating it from Northern Ireland
This would prevent new customs checks between Northern Ireland and Great Britain. However, she did not rule out the backstop being signed into the Brexit deal.

As the Florida Senate Race Narrows, Nelson and Scott File Lawsuits
The information sought includes ballots not yet reviewed by the Canvassing Board, absentee ballots and early voting ballots. If democracy dies in darkness , then it might be time to read the last rites for legitimate elections in Florida.

Did Priyanka Chopra and Nick Jonas just get their marriage licence registered?
She threw a pyjama bachelorette party which was also attended by her cousin Parineeti Chopra . Every now and then the couple can be seen in indulging in PDAs at public events or holidays.

Jo Johnson quits as minister over Brexit
A spokesman for No 10 said: "The referendum in 2016 was the biggest democratic exercise in this country's history". Boris congratulated him on his decision via Twitter.

Justice Ruth Bader Ginsburg returns home after fall, hospitalization
Upon hearing of Ginsburg's injuries, anxious liberals took to Twitter to volunteer their own ribs to help with her recovery. Ginsburg returned home Friday after falling Wednesday night in her court office and heading to the hospital Thursday.

President Trump says more White House reporters could have credentials revoked
But many on social media pointed out that Trump has a history of questioning black people's intelligence. Conway said Acosta should not have swiped at the White House aide before "grabbing the microphone back".

Wondering About Air Quality After Diwali? Here’s How You Check It
The number of calls, they said, were far more than that recorded on Diwali day during the previous years. But despite the apex court order, there were reports of its violation from many areas long after 10 pm.

NBA All-Star Game Draft Will be Televised
Added Curry: "Hopefully we're both the captains again and we can broadcast it to the world in real time ". West format, but some people, including LeBron James , were bummed out that the draft wasn't televised.

US Comes Up With Laser ‘Porch Light’ to Attract Space Aliens
The research, which the authors dub a " feasibility study ", was published in the The Astrophysical Journal on November 5. He says the lasers needed for the project have already been invented, but they still need a large enough telescope.

Michelle Obama Opens Up About Suffering a Miscarriage
Mr Trump suggested Mr Obama was not born in the USA , but overseas , and so disqualifying him from the office of president. Obama's memoir, to be released next Tuesday, is reportedly a candid account of her life in and out of the White House.

Iceland's Christmas TV ad banned for being too political
Earlier this year, Iceland revealed that they were the first major United Kingdom supermarket to remove palm oil from all its own-brand products.

Is interstellar object ‘Oumuamua an alien space probe?
Japan's IKAROS mission, which launched in 2010, has already used a light-sail to accelerate a spacecraft using sunlight. Loeb says that astronomers should be scanning the sky for other interstellar objects, including possible light-sails.