RBI to transfer Rs 1.76 lakh cr

RahulGandhi tweeted PM & FM are clueless about how to solve their self created economic disaster. Stealing from RBI won’t work – it’s like stealing a Band-Aid from the dispensary & sticking it on a gunshot wound.#RBILooted Modi dead end to sprinkle cash MSME& individuals pity.

At the stock markets, the Sensex at the Bombay Stock Exchange dropped 189 points, or 0.5 per cent, to close at 37,452 today. 

The Nifty at the National Stock Exchange slipped 59 points, or 0.5 per cent, to close at the level of 11,046 points.

The Reserve Bank of India(RBI) has decided to transfer 1.76 lakh crore rupees as dividend and surplus reserve to the government. 
In a statement issued from Mumbai last evening, RBI informed that this amount includes over 1,23,000 crore rupees of surplus for the year 2018-19 and 52,637 crore rupees of excess provisions identified as per the revised Economic Capital Framework.

The statement informs that RBI’s Central Board has accepted the recommendations of a high-level panel headed by former RBI Governor Bimal Jalan on transfer of excess reserves to the government. 

It adds that the Central Board has finalized RBI’s accounts for 2018-19 using the revised framework as suggested by the Jalan committee to determine risk provisioning and surplus transfer.

Central Board of Direct Taxes (CBDT) has clarified that small start-ups with turnover upto 25 crore rupees will continue to get the promised tax holiday as specified in the section of the Income Tax Act. 

The Act provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years from the year of its incorporation. According to the Finance Ministry, the CBDT also clarified that all the start-ups recognised by Department for Promotion of Industry and Internal Trade-DPIIT which fulfilled the conditions specified in the DPIIT notification did not automatically become eligible for deduction. 

Industry body Confederation of Indian Industry (CII) has said that the multi-sectoral and multi-dimensional policy stimulus announced last week will have significant impact, imparting stability and underpinning a new growth impetus for India.

It said, the measures announced come at a time when the world economy is buffeted by global headwinds and trade slowdown. The Industry body further added it expects that the economy will climb up in the coming months.

On Friday, the government announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of start-ups from ‘angel tax’, a package to address distress in the automobile sector and upfront infusion of 70,000 crore rupees to public sector banks, in efforts to boost economic growth. 

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