Sunday, 18 November, 2018

Govt not seeking Rs 3.6 lakh crore from RBI: DEA Secy

Government’s fiscal math on track, don’t need cash from RBI: Finance ministry Centre has not sought Rs 3.6 lakh crore from RBI, clarifies senior finance ministry official
Rhonda Young | 10 November, 2018, 08:32

This comes as yet another giveaway as the elementary interpretation of "appropriate economic capital framework" is fixing a suitable norm for surplus reserve. The rift has widened sharply in the past few weeks and will be taken up at the RBI's forthcoming board meeting on November 19.

Section 7 of the RBI Act gives special powers to the government to issue directions to the RBI governor on issues of public interest. The global norm sets 14% of the GDP to be kept in reserve by the central bank. The issue being discussed was for an appropriate economic capital framework.

Brexit: DUP accuses May of breaking promises on Irish border
May's letter to the DUP said that she "could not accept there being any circumstances or conditions" for the Northern Ireland-only backstop coming into effect.

There is no proposal from the government to ask Reserve Bank of India to transfer its surplus reserves, said Subhash Chandra Garg, economic affairs secretary in the finance ministry, on Friday amid Opposition charge that the Centre had demanded Rs 1 lakh crore from the bank.

RBI deputy governor Viral Acharya had said in his speech last month.

Harvick's championship berth spoiled by NASCAR inspectors
Harvick was docked 40 points for the violation, and his win at Texas no longer automatically advances him to the Round of 8. Harvick won the 2014 Cup Series championship and went to Phoenix that season in a must-win situation to race for the title.

In an attempt to clean up the banking system, which has the worst bad-loan ratio among major economies after Italy, the RBI ring-fenced weak state-run banks by curbing lending and expansion at 11 state-run lenders.

The RBI distributes a part of the profits it generates as dividends to the government while transferring the rest to its reserves. There is no proposal to ask the RBI to transfer Rs 3.6 or 1 lakh crore (trillion), as speculated. Once this is finalized, excess reserves could be transferred to the government, providing the latter with a fiscal cushion. Garg said there was "misinformed speculation" in the media, and that the government's fiscal math was "completely on track". This comprises balances in Contingency Fund, Asset Development Fund (ADF), Currency and Gold Revaluation Account (CGRA), Foreign Exchange Forward Contracts Valuation Account (FCVA) and Investment Revaluation Account Rupee Securities (IRA-RS), besides some minor accounts. He is also a former chairman of the Institute of Chartered Accountants of India.

Steve Kerr provides full update on Stephen Curry's sprained groin
But it's a strained groin is basically the injury. "The MRI looked good in terms of not being too serious", Kerr said. Kerr has had the injury several times himself, and says the biggest thing to overcome is lateral movement.

Earlier this week, the Indian Express had reported that the alleged rift between the Centre and the RBI was because of a proposal by the Finance Ministry.

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