The government, on Friday, said it had sought ₹13,000 crore more from the Reserve Bank over the ₹30,659 crore surplus fund it transferred earlier.
Economic Affairs Secretary Subhash C Garg had said on Thursday that the government was expecting “some more” dividend from the central bank this month.
In August, RBI had paid a dividend of ₹30,659 crore for the fiscal ended June 2017. It was less than half the ₹ 65,876 crore paid in 2015-16.
“The government had sought ₹13,000 crore in addition to the surplus of ₹30,659 crore transferred by RBI,” Minister of State for Finance Pon Radhakrishnan said in a written reply to the Lok Sabha.
He said that the additional fund was sought as per the Malegam Committee’s recommendations of transfer of the RBI’s entire surplus to the government.
The government is hard pressed to bridge the fiscal deficit, which is expected to widen to 3.5 per cent of the GDP in the current fiscal as against the budget estimate of 3.2 per cent.
Under the RBI Act, 1934, the central bank is required to pay the government its surplus after making provisions for bad and doubtful debts, depreciation in assets and contribution to staff and superannuation fund, among others.
