Union Finance Minister Nirmala Sitharaman responded to Rahul Gandhi over his 'RBI loot' remark saying those who had shouted 'chor-chor' got a fitting reply in the last election.
She said, "Whenever Rahul Gandhi raises things like 'chor,chori,' one thing comes to my mind, he tried his best 'chor, chor, chori,' but public gave him befitting reply. What's the point of using the same words again?"
Former Congress president and present Wayanad MP Rahul Gandhi slammed the Narendra Modi government for borrowing money from the RBI reserve. RBI had decided to transfer Rs 1.76 lakh crore in dividend and surplus reserve to the government.
“PM & FM are clueless about how to solve their self created economic disaster. Stealing from RBI won’t work - it’s like stealing a Band-Aid from the dispensary & sticking it on a gunshot wound,” Gandhi said on Twitter.
She defended the decision saying it was made by after a high-level panel headed by former RBI Governor Bimal Jalan recommended the transfer of excess reserves to the government.
"This committee is appointed by RBI and they gave a formula based on which the amount was arrived at. Now any suggestions about credibility of RBI, therefore, for me seems a bit outlandish," she said.
Addressing the media, Sitharaman also said that the government wants entrepreneurs to carry on business without a worry. She said, "Whatever be the size- small, medium, micro, nano or large entrepreneurs of this country, we want them to carry on with their business without a worry."
The RBI board decided to transfer a sum of Rs 1,76,051 crore to the Government of India comprising 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), the RBI said in a statement.
The committee has since submitted its report to the RBI Governor. The committee's recommendations were based on the consideration of the role of central banks' financial resilience, cross-country practices, statutory provisions and the impact of the RBI's public policy mandate and operating environment on its balance sheet and the risks involved.
The receipts from the RBI will give a fillip to the government's efforts to boost the economy from a five-year low. Finance Minister Nirmala Sitharaman had last week announced a slew of measures to prop up growth even as the government tried to stick to the target of keeping fiscal deficit at 3.3 per cent of the GDP. The additional cash will now give the Centre more headroom for stimulating the economy.