Wrong on RBI's part to transfer surplus funds to Centre: Owaisi

AIMIM president Asaduddin Owaisi criticised the RBI's move to transfer Rs 1.76 lakh crore to the government, saying that it would only lead to the Rupee being devalued.

Hyderabad (Telangana): Criticising the Reserve Bank of India's (RBI) move to transfer Rs 1.76 lakh crore to the government, AIMIM president Asaduddin Owaisi on Tuesday urged the Centre to generate employment in the country.

"This is a new method by the Narendra Modi government to finance the fiscal deficit. While doing so, they devalue rupee and boost the value of the dollar. The country needs jobs, especially in the unorganised sector. Thousands are losing their employment. The country needs jobs," he said.

"If you really want to do something, why don't you create a Rs 4 lakh crore infrastructure fund? There are many problems facing the unorganised sector. Around 400 million people work in this sector. They can't even afford biscuits," said Owaisi.

"Giving jobs is the responsibility of the Modi government and it is my job to question them," added the Hyderabad MP.

On Monday, a press note from the RBI announced that it has 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) adopted at the meeting of the Central Board.