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Aug 27, 2019

Nirmala Sitharaman dismisses concerns over RBI's autonomy following transfer of surplus dividend to Government

Finance Minister Nirmala Sitharaman has said that the transfer of surplus dividend by the RBI to the Government is in line with the recommendations of the Bimal Jalan Committee.

The committee was tasked to review the Economic Capital Framework of the RBI. Ms  Sitharaman was addressing a press conference in Pune today after a meeting with Direct and Indirect tax officials. She said the concerns raised over the RBI's autonomy after its decision to transfer the huge excess amount to the government are misplaced as Bimal Jalan committee was constituted by the Reserve Bank itself and not by the government. She said the committee gave a formula based on which the amount was arrived at.

The Finance Minister said the government has not yet decided on how the funds from the RBI would be utilised. 

Nirmala Sitharaman reiterated that tax officials should not over-reach in a bid to reach their targets, which she labelled as not impossible but achievable. She added that the country values entrepreneurs who run businesses of all sizes. The Minister added that it was important that tax administrators help facilitate their business rather than look at them with suspicion.

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