Government requested the Reserve Bank of India to provide an interim surplus

Government requested the Reserve Bank of India to provide an interim surplus during the ongoing financial year 2018-19 from the amount withheld in the two previous fiscals, Minister of State for Finance P Radhakrishnan said in the Rajya Sabha.

 RBI transferred Rs 13,140 crore to its contingency fund in 2016-17 and Rs 14,190 crore in 2017-18, according to its annual report.

Additional demand from the central bank for the ongoing financial year comes as the revenue from the goods and services tax, for most part of the year, has lagged the Rs 1 lakh crore monthly target. Moreover, the government’s planned stake sales in state-run firms are still short of the target even though Finance Minister Piyush Goyal remains confident of exceeding the Rs 80,000-crore estimate.

The demand comes even before a committee headed by former RBI Governor Bimal Jalan to review the rules which govern surplus transfers submits its report. The panel was formed after differences between the government and the central bank over RBI’s reserves and independence spilled out in the open.

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