Business

Govt may seek up to Rs 30,000-crore interim dividend from RBI

The government may seek an interim dividend of about ₹30,000 crore from the RBI towards the end of the financial year to meet its fiscal deficit target of 3.3% of GDP for 2019-20, sources said.

Government finances have come under pressure due to moderation in revenue collection and a slew of measures taken to lift growth from a six-year low of 5% in the first quarter of the current fiscal.

“If required, the government may request the Reserve Bank of India for interim dividend of ₹25,000-30,000 crore during the current fiscal,” an official said.

During 2017-18, the government received ₹10,000 crores as an interim dividend from the central bank.

the government also withdrew the enhanced surcharge on long- and short-term capital gains; for foreign portfolio investors as well as domestic portfolio investors with revenue implication of ₹1,400 crores.

Even with regard to the Goods and Services Tax (GST), the all-powerful GST Council approved a reduction in many items with an impact on the exchequer.

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