Finance

RBI Surplus To Centre Falls Sharply To Rs 30659 Crore

RBI Surplus To Centre Falls Sharply To Rs 30659 Crore

RBI had in 2014-15 paid Rs. 65,896 crore dividend and Rs. 52,679 crore in the year prior to that.

The government had budgeted to earn about Rs 58,000 crore as dividend from the RBI. Such has been the effect of demonetization that in July this year, RBI Governor Urjit Patel had told a Parliamentary panel that the central bank wasn't through with the counting of the old notes that were returned.

Last fiscal, the RBI had transfered Rs 65,876 crore surplus as dividend to the government.

It did not give reasons for paying less dividend.

Given RBI's figures, it has become evident that other public banks will fare worse, thus giving rise to the grim prediction that fiscal deficit might increase from 3.2 per cent to 3.4 per cent this year. The RBI's central board, which met on Thursday, approved the amount to be transferred.

Teekay Offshore Partners LP (NYSE:TOO) Institutional Investor Positioning Change
The shipping company reported $0.07 earnings per share for the quarter, topping the Zacks' consensus estimate of ($0.05) by $0.12. Teekay Corporation (Teekay), launched on February 9, 1979, is a provider of crude oil and gas marine transportation services.

According to analysts, one of the reasons for the dip in the RBI's revenue was the cost of printing new currency and also return of junked notes post demonestisation.

It might be recalled RBI is yet divulge the finer aspects of its currency demonetisation drive launched on 8 November, 2016. This will automatically impact several welfare measures because a shortfall of Rs 35,000 crore is gigantic, and is most likely to reflect in government spending.

The central bank further said the currency printing presses are equipped with state-of-the-art machinery, documented systems and technically qualified personnel through which quality control is ensured at each stage of banknote production. "If other conditions remain unchanged, the fiscal deficit can increase to 3.4 per cent from 3.2 per cent previous year", says Madan Sabnavis, Chief Economist at CARE Ratings (India).

Direct tax collection has registered a steady growth of 19.1 per cent in the first four months of the current fiscal to Rs 1.90 lakh crore.


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