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RBI`s net disposable income declines by 14.39 % in FY-03
Mumbai, Aug 27: Reserve Bank of India`s net disposable income has declined by 14.39 per cent at Rs 8,838 crore for the financial year ended June 30, 2003, compared to Rs 10,324 crore recorded in previous fiscal.
Mumbai, Aug 27: Reserve Bank of India's net disposable income has declined by 14.39 per cent at Rs 8,838 crore for the financial year ended June 30, 2003, compared to Rs 10,324 crore recorded in previous fiscal.
The gross total income in the period under review also fell to Rs 23,185.64 crore as against Rs 24,690.34 crore in July-June 2002, according to RBI's annual report for FY-03 released here today.
The net total income stood at Rs 15,561.41 crore (Rs 16,866.39 crore in fy-02) while the total expenditure was higher at Rs 6,726.41 crore (rs 6,542.39 crore), it said.
The fall in income from domestic sources was due to fall in domestic assets and lower interest rates. The decline in income from foreign sources was due to reduction in international interest rates, the apex bank said.
The surplus transferable to the central government for 2002-03 amounted to Rs 8,834 crore, inclusive of Rs 1,717 crore, towards interest differential on special securities converted into marketable securities.
RBI said that the transfer on account of interest differential was intended to compensate the government for the difference in interest expenditure, which the government had to bear consequent on the conversion.
During 2002-03, the return on foreign currency assets excluding capital gains less depreciation decreased to 2.8 per cent from 4.1 per cent because of lower interest rates abroad, it added.
Bureau Report
The net total income stood at Rs 15,561.41 crore (Rs 16,866.39 crore in fy-02) while the total expenditure was higher at Rs 6,726.41 crore (rs 6,542.39 crore), it said.
The fall in income from domestic sources was due to fall in domestic assets and lower interest rates. The decline in income from foreign sources was due to reduction in international interest rates, the apex bank said.
The surplus transferable to the central government for 2002-03 amounted to Rs 8,834 crore, inclusive of Rs 1,717 crore, towards interest differential on special securities converted into marketable securities.
RBI said that the transfer on account of interest differential was intended to compensate the government for the difference in interest expenditure, which the government had to bear consequent on the conversion.
During 2002-03, the return on foreign currency assets excluding capital gains less depreciation decreased to 2.8 per cent from 4.1 per cent because of lower interest rates abroad, it added.
Bureau Report