The Reserve Bank of India has decided to give Rs 99,122 as surplus amount to the Central Government. It was allowed at a meeting of the Central Board of the Reserve Bank on Friday. This amount is for nine months from July 2020 to 31st March, 2021. The Board has decided that the emergency risk buffer in the Reserve Bank will be maintained up to 5.50%. As per the recommendation of the Jalan Committee, 5.5 to 6.5 per cent of the RESERVE Bank's booklet should be kept as emergency funds.
The decision was taken at the 589th meeting of the Board of the Reserve Bank of India on Friday, 21st May. In a statement, the Reserve Bank said, "The Reserve Bank's accounting year has been changed from April to March, earlier from July to June." The board, therefore, discussed the functioning of the Reserve Bank of India during the nine-month transition period from July to March 2021. The Board has allowed the Annual Report and Accounts of the Reserve Bank due to this transition. The Board has also allowed transfer of Rs 99,122 crore to the Central Government. '
Earlier, the Reserve Bank transferred Rs 1.76 lakh crore to the Modi government in 2019. Then, this decision of the Reserve Bank was very much criticised by the opposition. The amount was transferred as per the recommendations of bimal jalan committee. The amount left after withdrawal of the entire expenditure, etc., which the Reserve Bank earns during the year is its surplus fund. It is a kind of profit. Now, the real owner of the Reserve Bank is the Government, so as per the rule, the Reserve Bank gives a large part of this profit to the Government and retains a part under risk management.
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