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Parliament Live: Nirmala Sitharaman to reply to debate on Union Budget

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New Delhi, July 10: Union Finance Minister Nirmala Sitharaman to reply to the debate on Union Budget in the Parliament on Wednesday.Rajeev Gowda (INC), Tiruchi Siva (DMK), Ravi Prakash Verma (SP), D Raja (CPI) and TK Rangarajan (CPM) has given Notice in Rajya Sabha under rule 267 ‘for suspension of business and discuss on the issue of defections being engineered to dislodge elected Governments’

The voting on the Finance Bill is also expected to be taken up on Wednesday afternoon and the ruling BJP issued a whip to its members to be present in the House.
Congress MP Kodikunnil Suresh has given Adjournment Motion Notice in Lok Sabha over “Dalit youth killed in Gujarat by Upper caste people”

The Lok Sabha concluded the debate on the Union Budget on Tuesday. During the discussion, the Opposition criticised the Budget for its “distinctive misses” and questioned the hike in fuel prices. Congress MP Gaurav Gogoi questioned the disparity in GDP numbers and said, “It seems that the left hand does not know what the right hand is doing.”

Shiv Sena MP Sanjay Raut has given zero hour notice in Rajya sabha over delay in the production of Vande Bharat Express train

TMC MP Dr Santanu Sen has given zero hour notice in Rajya sabha over “violence against doctors in medical institutions”

Congress leader Rahul Gandhi on Tuesday joined his party members in raising slogans in Lok Sabha over the developments in Karnataka.However, he remained seated and did not go in the Well of the House with the other protesting MPs.

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FM Sitharaman may push for Rs 30K cr interim dividend from RBI to meet low revenue generation, slowdown

The government is fighting a six year low growth, subdued demand and consumption leading to projections of 5 per cent growth in current fiscal which is an 11 year drop.

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RBI governor Shaktikanta Das and FM Nirmala Sitharaman RBI governor Shaktikanta Das and FM Nirmala Sitharaman and at the post-Budget meeting (Picture Credit DNA)

The Finance Ministry is likely to push for Rs 25,000-30,000 crore interim dividend from RBI, for the third time in a row, to check slippages in the fiscal deficit of 3.3 per cent in 2019-20.

The central bank and government may touch upon the issue when Finance Minister Nirmala Sitharaman will meet RBI Governor Shaktikanta Das at post Budget Vision customary meeting.

Government has a Budget estimate of Rs 90,000 crore dividend from RBI in FY20. RBI follows a fiscal of July-June. The interim dividend of the RBI’s total dividend for 2019-20 (July-June) can help the government check 3.3 per cent fiscal deficit target slippage.

In the past RBI has paid a total Rs 38,000 crore as interim dividend (Rs 28,000 crore in FY19 and Rs 10,000 crore in FY18).

“If the RBI board recommends, then it will be the third time when interim payout will be given to the government,” said sources.

The central bank had paid Rs 28,000 crore as interim dividend from its 2018-19 fiscal accounts (July-June) in February, which helped the government contain deficit at 3.4 per cent in the last fiscal.

The Reserve Bank follows July-June financial year and usually distributes the dividend in August after annual accounts are finalised and interim dividends if any, they are given around February to the government.

Seeking interim dividends are not common. The Bimal Jalan-led committee on the RBI’s economic capital framework recommended in August that an interim dividend should be paid to the government only in “exceptional circumstances”.

The Finance Ministry’s contention is that this year has “exceptional circumstances” because of the slowdown, low revenue generation and outgo of Rs 1.45 lakh crore due to corporate tax cuts.

For 2018-19 (July-June), the RBI transferred a total of Rs 1.76 trillion to the central government, including a one-time transfer of Rs 52,637 crore which was deemed as excess reserves and comprising Rs 1,23,414 crore of surplus for the year 2018-19.

The government is fighting a six year low growth, subdued demand and consumption leading to projections of 5 per cent growth in current fiscal which is an 11 year drop.

On Monday, the International Monetary Fund (IMF) slashed India’s FY20 growth forecast to 4.8 per cent, besides trimming global outlook and said India’s slow growth is dragging down the world economy.

The Finance Ministry might seek the interim dividend from the RBI to meet some of the financial pressure due to the low revenue generation from taxes and disinvestment and slowdown, said the sources.

The RBI largely earns profits on its trading of currencies and government bonds. Part of these earnings are set aside by the RBI for its operational and contingency needs while the rest is transferred to the government in the form of dividends.

The Union Budget 2019-20 had pegged dividend or surplus of the RBI, nationalised banks and financial institutions at Rs 1.06 lakh crore up from Rs 74,140.37 crore realised in the previous fiscal.

(Anjana Das can be contacted at [email protected])

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JNUSU moves Delhi High Court against late fees

The plea was filed by JNUSU members including President Aishe Ghose, Vice President Saket Moon and others.

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JNU students protest outside campus
JNU students protest outside campus over Fees Hike

New Delhi, Jan 21 : The JNU Students’ Union has moved the Delhi High Court seeking direction of the court to restrain the Jawaharlal Nehru University administration from imposing late fees on students for registrations in winter semester 2020.

The plea was filed by JNUSU members including President Aishe Ghose, Vice President Saket Moon and others.

The plea also seeks directions to the varsity restraining it from taking any actions which would give effect to the draft hostel manual.

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Heroin worth approx Rs 100 cr seized in Kolkata

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Kolkata: In a major drug haul by Kolkata Police, heroin worth between Rs 75 crore to Rs 105 crore in the international market, was seized early on Tuesday and two persons were arrested, a senior officer said.

Acting on a tip off, the Special Task Force of the city police made the seizure from Paikpara under Tala police station between midnight and 2 a.m.

“We have seized about 25 kilogram of heroin. According to the grey market rates, the price range can be anything between Rs 75 crore to Rs 105 crore.

“We have also arrested two persons,” Deputy Commissioner, Special Task Force, Pradeep Kumar Yadav told IANS.

This is one of the biggest haul of opioid drug heroin in east and north east India in recent times.

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