Jalan panel seeks to convince Subhash Garg to tone down dissent note

Garg wants the panel to recommend tapping the 'unrealised gains' in the revaluation accounts of the central bank, while Jalan is not in favour of it

Subhash Chandra Garg
This is not the first time Garg has locked horns with the RBI over the issue of the latter’s excess reserves

Some of the members of the Bimal Jalan Committee — on the central bank’s economic capital framework — are seeking to convince Finance Secretary Subhash Garg to tone down his strong dissent note. Garg did not attend the last meeting of the panel held on June 24. The next meeting of the panel will be on July 17. Expected to be the last such meeting, the panel will submit its report to the Reserve Bank of India (RBI). Garg is the finance ministry’s representative on the panel. “The finance secretary’s dissent note focuses on the issue of ...