Mumbai: Accepting the recommendation of a panel headed by its former Governor Bimal Jalan, Governor Shaktikanta Das-led Reserve Bank of India central board on Monday decided to transfer a sum of whopping Rs 1,76,051 crore to the government. “The board of central bank decided to transfer a sum of Rs 1,76,051 crore to the Government of India comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF),” the RBI said in a statement. Also Read – India gets first tranche of Swiss bank a/c detailsThe committee had recommended the bank equity to be within a band of 5.5 per cent to 6.5 per cent of the balance sheet. However, the RBI board has decided to maintain it at a lower end of 5.5 per cent band to hand over Rs 52,637 crore excess to the government. The receipts from the RBI will give a fillip to the government’s efforts to boost the economy from a five-year low. Finance Minister Nirmala Sitharaman had last week announced a slew of measures to prop up growth even as the government tried to stick to the target of keeping fiscal deficit at 3.3 per cent of the GDP. The additional cash will now give the Centre more headroom for stimulating the economy. Also Read – Tourists to be allowed in J&K from ThursdayThe Modi government and the RBI under its previous governor Urjit Patel had been at loggerheads over the optimum level of surplus capital with the central bank. As a result, the RBI in its crucial November 2018 board meeting decided to form a committee to review the Economic Capital Framework (ECF) for the Reserve Bank. However, Patel quit before the committee could be formed. Subsequently, the panel was constituted in consultation with new RBI Governor Shaktikanta Das on December 26. Since 2013-14, the RBI has been paying 99 per cent of its disposable income to the government, which is battling to rein in deficits. As far as the dividend is concerned, the statement said “as financial resilience was within the desired range, the entire net income of Rs 1,23,414 crore for the year 2018-19, of which an amount of Rs 28,000 crore has already been paid as interim dividend, will be transferred to the Government of India (in March 2019)”. The government will get a higher dividend Rs 95,414 crore during the current fiscal as against the estimate of Rs 90,000 crore. 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. In 2017-18, Rs 40,659 crore was transferred in dividend to the government.
Colin Kaepernick is speculated to have been blackballed because of his national anthem protest. (Scott Cunningham/Getty Images Sport)Free-agent quarterback Colin Kaepernick is reportedly set to work out with the Seattle Seahawks a week after Pete Carroll revealed he’s considering him for a back-up role.Kaepernick has remained unsigned since he opted out of his contract with the San Francisco 49ers in March and NFL Network reported the Seahawks will have him and other reserve quarterbacks work out Wednesday, May 24, a change of plans notwithstanding. Former Denver Broncos quarterback Austin Davis also is set to visit.Kaepernick’s rumored meeting adds fuel to speculation that he could be joining the Seahawks after Carroll was asked if the team is considering putting him and fellow free agent Robert Griffin III behind QB Russell Wilson.“We’re looking at everybody. We really are,” Carroll told “Brock and Salk.” “We’ve been tracking everything that’s going on, and we’ve got cap and roster issues and stuff like that that we’re still trying to manage properly. But, quite frankly, yes, we are looking at all those guys.”Seattle defensive end Michael Bennett believes Kaepernick, who stirred controversy after his season-long protest of the national anthem, would make a great addition.“I think a person that’s dedicating their life to creating change, why wouldn’t you want that type of leadership in your locker room?” Bennett told 710 ESPN Seattle. “Why wouldn’t you want a young person that’s dealt with people wanting to kill him because of his choices in life?“So, I don’t know why people feel like that is a problem.”
Dhaka-bound Maitree Express hits a sand-laden truck at Dakshin Khan area in Gazipur on Sunday morning. Photo: Prothom AloTwo persons were killed and two others injured after a train hit a truck at Dakshin Khan area in Gazipur on Sunday morning, reports UNB.The deceased are Soleman Hossain, a resident of Uttara, and Jakir Hossain, a resident of Netrokona.Tongi fire service station officer Atiqul Islam said Dhaka-bound Maitree Express hits the sand-laden truck around 4:45am, killing Jakir on the spot.The truck had broken down while crossing the tracks.Locals rescued injured Soleman and took him to a local hospital. He died while being shifted to the Dhaka Medical College Hospital.On information, two units of Tongi fire service rushed in and took part in the rescue operation.
MONTREAL — Transat A.T. Inc. has made its first step towards the goal of opening its own hotels with the announcement that it has purchased land in Riviera Maya, Mexico.The stretch of land, located in Puerto Morelos on Mexico’s Yucatán Peninsula, is ideally situated midway between Cancun and Playa del Carmen, some 20 kilometres from Cancun International Airport.In addition, the company has entered into a promissory agreement to purchase a second adjacent property for a total consideration of between US$54 and $57 million to build a new beachfront resort.The agreement is subject to certain usual conditions and is anticipated to close on or around Nov. 1, 2018.“We are very pleased with these transactions in a prominent Mexican tourism market,” said Transat President and Chief Executive Officer Jean-Marc Eustache. “This is just the beginning: we are continuing our exploratory work with the objective of finding attractive land or hotels that we can acquire or manage. Our company’s future growth will be built on hotel development and, obviously, the strength of our leisure travel business.”More news: Beep, beep! Transat hits the streets with Cubamania truckFirst announced in July 2017 following the sale of its minority 35% interest in Ocean Hotels, Transat’s new hotel division will include some 5,000 owned or managed hotel rooms at its main Sun destinations by 2024. Posted by Tuesday, September 25, 2018 Share << Previous PostNext Post >> Tags: Hotels & Resorts, Riviera Maya, Transat Transat buys up land in Mexico, one step closer to launching its first resort Travelweek Group