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Rs. 50,000 cr of Surplus Funds to be Transferred by RBI to Govt
August 12, 2018
Although the finance ministry had budgeted for a surplus of Rs. 45,000 crores this financial year, the Reserve Bank of India (RBI) is looking to transfer surplus amounting to Rs. 50,000 crores, i.e,. Rs. 5,000 crores higher than expected.
Under section 47 of the RBI Act, 1934, the central bank is required to transfer funds from surplus, i.e., the excess of income over expenditure to the central government. In the previous financial year, it transferred the funds in two tranches- one in August (Rs. 30, 659) and another in March this year (Rs. 10,000).
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