No Raid on RBI Balance Sheet: Garg tweets

Tweet by Shri S C Garg, Secretary, Economic Affairs
(As received via email: Go to previous Blog Post for context)

There is no proposal from the government to ask the Reserve Bank of India to transfer its surplus reserves, said Subhash Chandra Garg, economic affairs secretary in the finance ministry, in a tweet today. Dismissing reports earlier this week that it was seeking between Rs. 1 lakh crore and Rs. 3.6 lakh crore from the central bank's reserves, he said the government's fiscal math "is completely on track".
Mr Garg added that the only proposal concerning the reserves that the government was discussing was to fix the appropriate economic capital framework of the RBI. That framework is used to decide the adequate amount of reserves the central bank should maintain.

Tweet by Shri S C Garg, Secretary, Economic Affairs

Lot of misinformed speculation is going around in media. Government’s fiscal math is completely on track. There is no proposal to ask RBI to transfer 3.6 or 1 lakh crore, as speculated.


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