RBIs dividend to Modiled government halves to Rs 30659 crore

first_img RBI stops printing Rs 2000 notes The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India June 7, 2017.Reuters fileThe Reserve Bank of India on Thursday announced that it will transfer only Rs 30,659 crore to the government for the year ended in June. That amount is less than half of Rs 65,876 crore that the central bank transferred last year.The decline will hit the government hard as it could make it very difficult for New Delhi to meet its fiscal deficit target of 3.2 percent of gross domestic product for the year ending in March.”As PSBs are unlikely to do better than last year and the RBI will be transferring a smaller amount, this will impact the fiscal deficit numbers. If other conditions remain unchanged, the fiscal deficit can increase from 3.2 per cent to 3.4 per cent this year,” said Madan Sabnavis, chief economist at Care Ratings.The big reduction, in the transfer of surplus to the government, was partly propelled by higher cost of printing the new currency notes and tackling excess liquidity generated from abolishing Rs 500 and Rs 1,000 notes, Economic Times reported.Scroll down for video A bank staff member hands Indian 500 rupee notes to a customer on November 24, 2016, in the wake of the demonetisation of old 500 and 1000 rupee notes in Mumbai.INDRANIL MUKHERJEE/AFP/Getty ImagesPrime Minister Narendra Modi had abolished high-value bank notes in a bid to fight corruption that removed 86 per cent of the currency in circulation hitting consumption and capital investments last year.”Operational expenses in cost of printing new currency and the associated logistics of collecting old notes is likely to have gone up,” said Saugata Bhattacharya, chief economist at Axis Bank.”The cost of sterilising the excess liquidity through MSS and reverse repos would also be significant,” he added.In the previous year, the RBI had paid Rs 65,896 crore to the government, which was a big help to the government in covering the deficit. The central bank, however, did not give reasons for the steep fall in the surplus income this year.The shortfall in the dividend from the RBI will likely push the government to increase revenue from other areas such as cutting spending or seeking to raise more from planned market divestments in state-run companies, Reuters reported. Closecenter_img IBTimes VideoRelated VideosMore videos Play VideoPlayMute0:00/0:00Loaded: 0%0:00Progress: 0%Stream TypeLIVE0:00?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio TrackFullscreenThis is a modal window.The media could not be loaded, either because the server or network failed or because the format is not supported.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading …last_img read more

Music that heals

first_imgAlok Kumar Verma, IPS, Director General (Tihar Jail), New Delhi has taken a new initiative for the prison inmates to augment their rehabilitation process by introducing Morning Ragas in collaboration with Legends of India. Beginning on April 27, Morning Ragas was introduced with great enthusiasm and fanfare. Internationally acclaimed flautist Pandit Ronu Majumdar performed on the inaugural occasion in the presence of almost 2000 inmates. Pt. Ronu Majumdar, Grammy nominee and a Guinness Book of World Record holder began his recital with Ahir Bhairav, followed by a Pahari dhun and two popular compositions Gadhiji’s Vaishnavi Jan.. and Tagore’s Ekla Chalo. He was accompanied by Kalpesh Sachala on the flute and Ustad Akram Khan on the table. The subtle nuances of the flute, a rhythmic jugalbandi between the flute and the tabla mesmerised the prison inmates to the extent that they not only joined the chorus but some of the inmates later expressed their desire to learn music in prison. Coaching classes in the prison will be soon introduced at the earliest. Also Read – ‘Playing Jojo was emotionally exhausting’This musical concert has added a new chapter in the history of Delhi Prison. The event will be held every month. The purpose of conducting the Morning Ragas with sessions of sublime music is to release the inmates from the tyranny of conscious thought. Music is one of the best solutions to such problems. It heals and raises you. Music directly deals with the root causes of crime, violence, and addiction and offers a practical approach to emotional growth. “Our efforts shall help inmates guide themselves bringing in positivity into their lives and to rejuvenate them” said Alok Kumar Verma. It is anticipated that this would have a hugely beneficial effect on the inmates since the spiritual and emotional effects of music in human transformation are well known.last_img read more

Only small cargo carriers would be allowed in village roads Mamata

first_imgMidnapore (WB): West Bengal Chief Minister Mamata Banerjee Tuesday said that up to four-wheeled cargo carriers would be allowed in village roads in the state to avoid damage to these streets from larger transport vehicles. Banerjee said that it has come to her notice that large trucks are using these village roads to bypass toll booths on highways to avoid payment of tax. “I want the police, panchayat and other local bodies to jointly ensure that large trucks do not enter village roads and damage these,” the chief minister said during an administrative review meeting in West Midnapore district. Also Read – Rain batters Kolkata, cripples normal life She asked the local authorities to put up barricades at entry points to village roads to stop plying of large transport vehicles. Stating that village roads are not strong enough to bear the load of large cargo vehicles, Banerjee said that these are causing damage to such streets. “The state government spends a lot to construct the roads and we cannot bear the burden of repairing these roads owing to damage caused by large transport vehicles which take village roads to avoid paying toll tax on highways,” she said. Also Read – Speeding Jaguar crashes into Mercedes car in Kolkata, 2 pedestrians killed Banerjee also asked the district and block land reforms officers and officers in-charge of police stations to take steps to stop illegal sand mining. “I want the anti-corruption unit to keep vigil and take strong action,” she told state security advisor Surajit Kar Purakayastha. She said that it has been a trend that after a directive is issued, steps are taken for a few months after which such activities start again. The chief minister said vigil must continue round the year to stop illegal sand mining from river beds, causing large-scale erosion. Taking up the issue of dearth of doctors in government hospitals in the districts and local health centres, Banerjee said that chief medical officers of districts have been permitted to appoint local doctors on part-time basis. She said that good remuneration packages for such service given by the doctors on part-time basis at state-run hospitals have been fixed.last_img read more