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Subhash Chandra Garg News
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Subhash Chandra Garg said that large-scale reforms are called for in the central expenditure program and he hopes to bring out an analysis of which central government expenditure program should be scrapped or deeply restructured
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The rupee-dollar swap auction announced by the RBI, earlier in March, will infuse Rs 35,000 crore in domestic liquidity on Tuesday.
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As per the interim Budget 2019-20, the government has pegged fiscal deficit target of 3.4 percent for the current fiscal year ending March 31.
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In a tweet, Economic Affairs Secretary Subhash Chandra Garg said printing of notes is planned as per the projected requirement.
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This will be over and above Rs 1.35 lakh crore capital infusion announced by the government for the public sector banks (PSBs) in October last year to meet global capital risk norms called Basel III.
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The government and the RBI have been locked in a tussle over various issues, including transfer of excess reserves of the central bank.
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Chidambaram has accused the BJP govt of trying to mount pressure on the RBI.
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NBFCs along with mutual funds have been facing a liquidity crunch following a series of loan repayment default since late September by IL&FS and its group companies.
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The partially convertible rupee fell to a record low of 69.09 per dollar on Thursday.
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The Finance Ministry is confident of meeting next year's fiscal deficit target of 3.3 per cent, citing lesser uncertainties ahead.
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In Boston, Jaitley will take part in a roundtable investment meet on 'Indian Economy - The Road Ahead'. Later, he will deliver a lecture on India's tax reforms at the Harvard University.
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A high-level meeting chaired by Finance Minister got underway on Tuesday evening to review the economic situation.
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The RBI in its Annual Report for 2016-17 said that 99 per cent of the junked 500 and 1,000 rupee notes has returned to the banking system.
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Economic Affairs Secretary Subhash Chandra Garg said policy makers and market regulator Sebi will have to devise policies for non-discriminatory, fair and equitable access to all market participants.
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Senior IAS officer Subhash Chandra Garg was on Wednesday appointed as Executive Director in World Bank.
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