Chandigarh, Aug 27, 2019 (Yes Punjab News)
Amardeep Singh Cheema, General Secretary, Punjab Pradesh Congress Committee, has taken strong objection to the move of Govt of India to transfer of more than 1,76,000 Crores Rupees from the reserve funds of the Reserve Bank of India to Government of India terming this a bad Economics which will not be going to any productive use for masses except balancing the bad financial of NDA Government and this will end up just as mere filling the gap created by bad economic situation created in last 5 years.
The Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee recommendations and approved surplus transfer to the government. RBI board decided to transfer a sum of Rs 1,76,051 crore to the Government of India comprising of Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at its board meeting.
Mr. Cheema said the fears were raised almost a year back of transferring the precious reserves generated in the RBI by successive Government since its inception and these are reserves to leverage the position of Reserve Bank of India, the step mooted by Govt. of India is not in the right direction during the self created worst economic scenario in last 5 years, when the growth rate is down to 6.8% as per estimates of Economic Survey, Niti Aayog and RBI etc., which present a bleak future for the economy of the nation.
Mr. Cheema said the transfer of reserves on the recommendation of Jalan Committee set up by Govt. of India is a mechanism created to utilize the funds for hiding the flaws created in economy by Bad management, these reserves are source of economic strength for the large institution to tide over the crises of Bank of Bankers i.e Reserve Bank of India.
This is just a beginning of snatching the public wealth this will open flood gates for the usurping of the reserves of all public sector institutions created over the years this is like “selling the family silver for ill-planned and bad management”.