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India’s forex reserves up $4.26 billion to $339.99 billion

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By Nwsgram Staff Writer

India’s foreign exchange reserves showed an increase of $4.26 billion to $339.99 billion for the week ended March 20, according to the Reserve Bank of India (RBI) data showed.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves grew by $4.53 billion at $314.88 billion in the week under review.

The foreign currency assets had declined by $1.97 billion at $310.34 billion in the week ended March 13. under review. However, for the week ended March 6, the foreign currency assets had risen by $122.4 million at $312.32 billion.

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India’s reserve position with the International Monetary Fund (IMF) in the week ended March 20 decreased by $295.8 million and stood at $1.28 billion.

The value of special drawing rights (SDRs) was higher by $18.2 million in the week under review at $3.97 billion.

Gold reserves were static at $19.83 billion. The gold reserves had plunged by $346.2 million in the week ended March 6.

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RBI To Transfer 50,000cr Surplus To The Central Government

The Reserve Bank's income comprises of earnings from foreign and domestic sources, with the major portion being contributed by interest receipts, complemented by relatively small amounts of income from discount, exchange, commission, etc.

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Reserve Bank of India. VOA

The Reserve Bank of India (RBI) on Wednesday said that it will transfer Rs 50,000 crore as surplus to the central government for the year ended June 30, 2018.

The Central Bank which follows the July-June year had transferred Rs 30,659 crore to the government’s coffers for the year ended June 30, 2017.

According to RBI, the decision to transfer the surplus was taken by its Central Board which met here on Wednesday.

The Central Bank which follows the July-June year had transferred Rs 30,659 crore to the government's coffers for the year ended June 30, 2017.
The Central Bank which follows the July-June year had transferred Rs 30,659 crore to the government’s coffers for the year ended June 30, 2017.

The Reserve Bank’s income comprises of earnings from foreign and domestic sources, with the major portion being contributed by interest receipts, complemented by relatively small amounts of income from discount, exchange, commission, etc.

Also Read: RBI Penalty not to have any material impact: IDBI Bank

The RBI Act stipulates that after making provisions for contingencies and corpus funds as defined therein, the balance profit of the apex bank is to be transferred to the central government. (IANS)

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