Alignment of Financial Year of RBI with Govt.’s Fiscal Year

The Bimal Jalan Committee has recommended the alignment of the financial year of RBI (July to June) with the fiscal year of the government (April to March) from the financial year 2020-21.

Benefits according to the Committee

  • The RBI would be able to provide better estimates of the projected surplus transfers to the government for the financial year for budgeting purposes.
  • It could reduce the need for interim dividend being paid by the RBI. The payment of interim dividend may then be restricted to extraordinary circumstances.
  • Would obviate any timing considerations that may enter into the selection of open market operations (OMO)/market ....
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