After the formation of NDA government at the center once again, the wait for the presentation of the full budget is on. Now the government has announced the date of presenting the general budget. Let us tell you that this time the full budget will be presented on 23rd July.

Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget,…

— Kiren Rijiju (@KirenRijiju) July 6, 2024

Giving this information, Parliamentary Affairs Minister Kiren Rijiju said that on the recommendation of the Government of India, the Honorable President of India has approved the proposal to convene both the Houses of Parliament for the Budget Session, 2024 from July 22, 2024 to August 12, 2024 (subject to the exigencies of parliamentary work). At the same time, the Union Budget, 2024-25, will be presented in the Lok Sabha on July 23, 2024.

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The reason is that on Wednesday (May 22), RBI has decided to transfer an amount of Rs 2,10,874 crore outright from its additional funds to the Central Government. This decision was taken in the meeting of the Central Board of RBI under the chairmanship of Governor Dr. Shaktikanta Das, which is the largest amount given by it to the government as dividend.

There has been a lot of controversy on this issue before

The issue of giving dividend to the central government from the surplus fund of RBI was quite controversial in the past. Former RBI Governor Dr. Urjit Patel had opposed this proposal of the government, due to which he had to resign. Later, the government constituted a committee under the chairmanship of former RBI Governor Dr. Bimal Jalan, on the basis of whose recommendations the process of giving dividend was started.

Also Read: Big Update for Tenant: People living on rent will have to pay 18% GST tax, details here

This is how RBI earns huge amount of money

RBI earns huge income from the business of buying and selling government securities, interest received on lending to banks and bonds etc. RBI keeps a part of it as Contingent Risk Buffer (CRB) for emergency situations. Dr. Jalan Committee had fixed the level of 5.5 to 6.5 percent for CRB. Now RBI has told that when the condition of the economy was not good due to the Covid epidemic, CRB was kept at 5.5 percent. Now the situation is much better, so it has been decided to increase the buffer level to 6.5 percent for the year 2023-24.

Apart from this, an additional amount of Rs 2,10,874 crore has been transferred to the Central Government. In the year 2018-19, an amount of Rs 1.71 lakh crore and in the year 2019-20, an amount of Rs 57,128 crore was given to the Center under this head. It has started playing an important role in the revenue collection of the Central Government. The noteworthy fact is that in the year of general elections, RBI has given a record dividend.

Will help in reducing the loss

It was expected that the Center would get a dividend of approximately Rs 1 lakh crore from RBI, but the actual amount is double this. Even in the interim budget presented on February 01, 2024, an adjustment of Rs 1.02 lakh was made as dividend from RBI. On this basis, Finance Minister Nirmala Sitharaman has calculated to keep the fiscal deficit at 5.1 percent in the year 2024-25. But with GST collection exceeding Rs 2.10 lakh crore in April 2024 and now huge dividend from RBI, it is expected that the fiscal management which had derailed after the Covid pandemic will now appear more agile. The level of fiscal deficit as a proportion of GDP may go down to below five percent.

The new government will get relief in June

Better estimates are coming in about the country’s economic growth rate than before, due to which the tax collection aspect is also expected to be better this year. In such a situation, RBI’s dividend will give a lot of comfort to the government coming to power in June. Industrialist Anand Mahindra is also a member of the RBI’s central board. He has written on social media that, “It was great to attend the central board meeting and I am with other directors in giving a record dividend. It should be noted that this record dividend amount has been given after increasing the CRB ratio from six percent to 6.5 percent. I thank the RBI Governor and all the others in his team. ”

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During the budget speech, the Finance Minister said that now the KYC process will be simplified. It will be made fully digital by talking to the financial system. Finance Minister Sitharaman further told in his speech that PAN will be identified for all digital systems. Unified Filing Process will be setup.

One stop solution and will be done for identity and address. It will be a one stop solution through Digi Locker and Aadhaar. There will be data in one place through the common portal, different agencies will be able to use it. Due to this, there will be no need to give data repeatedly, but for this the consent of the user will be very important.

BankBazaar CEO Adil Shetty on simplification of KYC process said, “Simplification of KYC process was necessary to support Digital India. It is a very good decision. Every financial regulator will now review and update the Master KYC.” Will issue. Access to data will be easy through the National Data Governance Policy.

What did the Finance Minister say in the budget speech?

Finance Minister Sitharaman said that the Indian economy has become more formalized, witnessing significant growth in digital payments. The country offers immense attractions to domestic and foreign tourists, there is immense potential to be tapped in tourism.

The Finance Minister said that to realize the vision of Make in India and Make AI work for India, 3 Centers of Excellence for Artificial Intelligence will be set up in top educational institutions. An expert committee will be constituted to make the infrastructure classification and financing framework suitable for Amrit Kaal.

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