Rs.40,000 Crore to the Central Government !
Modi Sarkar Succeeded to getting the funds from RBI:
Central Bank of India has been awarded an interim dividend of Rs 30,000-Rs 40,000 crore (USD 4.32 billion-$ 5.8 billion),under the interim dividend of the central government.
This is a matter of concern over the past few months between the Reserve Bank of India and Central Government on surplus funds. The Center hopes to bring down the fiscal deficit with the RBI dividend funding in the wake of GST’s already falling tax collection.
The Center has been seeking a surplus of over Rs 3 lakh crore from RBI. This has led to the resignation of RBI Governor Urjit Patel. The central government’s goal of limiting fiscal deficit to 3.3 per cent of the GDP in the current financial year is worth Rs 1 lakh crore revenue short of Sarkar. Finance Minister Arun Jaitley will introduce the budget on February 1.
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