Arun Jaitley who has taken over the Finance Ministry Office on Friday is scheduled to address the post-budget meet of the RBI's central bank on Monday. The minister will highlight the key announcements made in the Interim Budget 2019 by Piyush Goyal and also lay out the roadmap for fiscal consolidation.
Also, there will be a discussion over the interim dividend to be provided to the central government for the current financial year. Currently, basis the financial standing of the RBI, the government expects an interim dividend of Rs. 28,000 crore from the apex banker for the fiscal 2018-19. Last year, the interim dividend payment to the government stood at Rs. 10,000 crore.
The meet will be carried out against a backdrop with tax rebate for income up to Rs. 5 lakh, fiscal deficit deviation for the ongoing FY and income support scheme announced for farmers. For farms with cultivable land up to 2 hectares, the government has announced annual payout of Rs. 6000 under the scheme 'Pradhan Mantri Kisan Samman Nidhi' (PM-KISAN).
The government also decided to increase standard deduction from Rs 40,000 to Rs 50,000 and raised the TDS threshold on interest earned on bank/post office deposits from Rs 10,000 to Rs 40,000.