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Jalan panel readies report on RBI surplus transfer to government

The transfer of the Reserve Bank of India`s (RBI) surplus to the government would be done in a phased manner as is the practice, sources said.

Jalan panel readies report on RBI surplus transfer to government

New Delhi: The Bimal Jalan committee met for the last time on Wednesday before it submits its report on the formula to be adopted for transfer of the RBI`s surplus to the government, official souces said here.

" The report is more or less finalised. There will not be another meeting. We have discussed everything and now it`s the final report. The recommendations of transferring the surplus over 3-5 years remains the same. In the next few days, the report will be submitted to the RBI Governor", an official source said after the panel meeting.

The source declined to specify on the details of the report or the quantum of reserves to be transferred to the government.

The transfer of the Reserve Bank of India`s (RBI) surplus to the government would be done in a phased manner as is the practice, he added.

The sources declined to comment on whether the final report would contain the dissent note of former Finance Secretary S.C. Garg who is no longer a committee member.