Tuesday July 16, 2019
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RBI pays government Rs 66,000 crore

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Mumbai, The Reserve Bank of India (RBI) has announced that it will transfer its surplus profit of Rs.65,896 crore to the central government.

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The central board of directors of the Reserve Bank of India, at its meeting held today (Thursday), approved the transfer of surplus amounting to Rs.658.96 billion for the year ended June 30, 2015 to the Government of India,” the RBI said in a statement, following a meeting of its central board chaired by governor Raghuram Rajan.
India’s central bank, whose accounting year goes from July to June had, last year, transferred Rs.52,679 crore of its surplus profit to the government.
Besides the government nominee directors on the central board – secretary department of financial services Hasmukh Adhia and the additional secretary in the department of economic affairs, Ajay Tyagi, the board meeting was also attended by chief economic adviser (CEA) Arvind Subramanian.
At its bi-monthly monetary policy review last week, the RBI kept its repo rate, at which it lends short-term to commercial banks, unchanged at 7.25 percent.
A day before the policy review, the government clarified it was not trying to curtail the central bank’s powers on a proposed monetary policy committee of the RBI.
“We are in discussion with RBI Governor Raghuram Rajan on the form and manner of the monetary policy committee,” Finance Secretary Rajiv Mehrishi told reporters here.
Noting out that the draft Indian Financial Code (IFC) is still under the government’s consideration, he said it was incorrect to conclude on the basis of the draft bill that the government was trying to curtail the RBI’s autonomy.
The draft IFC, circulated last month as a discussion paper, proposes to remove the RBI governor’s veto right in the monetary policy committee.
Besides taking away the RBI governor’s authority to veto interest rate decisions, the draft also proposed that the monetary policy committee would have four representatives of the government and only three from the central bank, including the RBI “chairperson”.
American research firm Moody’s Analytics, in a report last month, warned against the NDA government’s moves to tamper with the autonomy of the RBI in deciding on interest rates, as being potentially damaging for the economy.

(IANS)

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Delhi Government Gives Nod To a Project to Create Reservoirs in Yamuna Flood Plain

The Delhi Cabinet, in its meeting chaired by Chief Minister Arvind Kejriwal, on Wednesday approved the inter-departmental committee report

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The pilot for the project, which has the potential for ending Delhi's water shortage, particularly during summer months, is aimed to start in a month's time. Pixabay

To achieve self-sufficiency of water, the Delhi government on Wednesday gave its nod to a project to create reservoirs in the Yamuna flood plain by store overflowing water from the river during the monsoon season, an official statement said.

The pilot for the project, which has the potential for ending Delhi’s water shortage, particularly during summer months, is aimed to start in a month’s time, the statement said.

The Delhi Cabinet, in its meeting chaired by Chief Minister Arvind Kejriwal, on Wednesday approved the inter-departmental committee report on the project.

The report recommended that an amount of Rs 77,000 per acre should be paid to the farmers for leasing their land for the pilot project.

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To achieve self-sufficiency of water, the Delhi government on Wednesday gave its nod to a project to create reservoirs in the Yamuna flood plain by store overflowing water from the river. Pixabay

“The farmers will get the sum according to the number of acres of land they give the government on lease for the pilot project,” the government said.

The government claims that the pilot project will prove to be a game-changer not only for Delhi, but for the whole country which is facing huge water crisis in different parts.

It also said the project is first of its kind in the country.

“The important project aims at conserving water in the Yamuna floodplains and creating a mega reservoir between Palla and Wazirabad to deal with the water shortage in Delhi, particularly during summer months,” the government said.

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The project envisages creation of small ponds in the floodplains which will catch overflows from the Yamuna during the monsoon.

“Most of the approvals have been received for the pilot project, barring two from the National Green Tribunal (NGT) committees, which are expected very soon,” it said.

Kejriwal also thanked Union Jal Shakti Minister Gajendra Singh Shekhawat for the quick approvals by the Centre for the project and cooperation Delhi received from Centre for the pilot project. (IANS)