The RBI will provide a surplus fund of Rs 99,122 crore to the government

New Delhi, May 21, 2021, Friday

A major decision has been taken at the meeting of the Central Board of the Reserve Bank of India. Accordingly, the proposal to provide a surplus of Rs 99,122 crore from the Reserve Bank to the Central Government has been approved.

This means that the government will get Rs 99,122 crore from the bank. This amount is the surplus amount of the Reserve Bank between July 2020 and March 2021. According to experts, the bulk of the RBI's earnings come from government bonds, investments in gold and foreign exchange and bond trading in foreign markets.

The Reserve Bank had a record surplus this time. Because the Reserve Bank was active in the gold and foreign markets last year. The bank has made significant profits from dollar sales. It also traded a record number of bonds. The bank has made a significant profit out of it.

The Reserve Bank does not have to pay any income tax on its income. That is, the surplus fund that is left over from meeting one's own needs and the necessary investment as well as other financial facilities is known as a surplus fund. This amount he has to give to the government.

The bulk of RBI's expenditure last year was Rs 14,200 crore. Which he used from the contingency fund. The higher this amount, the lower the surplus fund. This time, a surplus fund of Rs 99,122 crore has been allowed to be transferred to the government.

The RBI invests in Government of India bonds and gold abroad. According to statistics, the RBI currently has 600 tonnes of gold in reserves.