Add Rs 50K crore more as note ban cost, says Chidambaram after RBI cuts dividend | india-news | Hindustan Times
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Add Rs 50K crore more as note ban cost, says Chidambaram after RBI cuts dividend

The former finance minister’s remark came after the Reserve Bank of India said it will pay Rs 30,659 crore dividend to the government for the year ended June 30, less than half of what it paid in the previous year.

india Updated: Aug 11, 2017 14:21 IST
Agencies
Congress leader P Chidambaram asked the RBI to tell people the cost of destroying old notes.
Congress leader P Chidambaram asked the RBI to tell people the cost of destroying old notes.(PTI)

Taking a potshot at the government over demonetisation, former finance minister P Chidambaram said on Friday that another Rs 50,000 crore should be added to the cost of the note ban exercise that was undertaken last year.

“Cost of demonetisation: Add another Rs 50,000 crore revealed by RBI,” the Congress leader tweeted in the wake of an RBI statement that it would pay Rs 30,659 crore as dividend to the government in 2016-17, less than half of the dividend transferred a year earlier.

An IANS report said Chidambaram also asked whether the RBI would reveal the breakdown of the Rs 50,000 crore “loss/expenditure”.

“Will RBI also tell us cost of destroying old notes and cost of printing new/replacement notes,” he asked in another tweet.

The Reserve Bank of India (RBI) said on Thursday it will pay Rs 30,659 crore dividend to the government for the year ended June 30, less than half of what it paid in the previous year.

The central bank had in the previous year paid Rs 65,876 crore dividend to the government, a PTI report said.

“The Reserve Bank’s Central Board, at its meeting held today, approved the transfer of surplus to the Government of India amounting to Rs 30,659 crore for the year ended June 30, 2017,” an RBI statement said .

It did not give reasons for paying less dividend.

The RBI had in 2014-15 paid Rs 65,896 crore dividend and Rs 52,679 crore in the year prior to that. The dividend payout was less than Rs 33,010 crore in 2012-13.