The transfer of Reserve Bank of India’s (RBI) surplus to the government is a routine matter, in accordance with Section 47 of the RBI Act, 1934. Every year, after the finalisation of the accounts of the RBI, the excess of its income over expenditure is transferred to the Central government. Normally, an estimate is decided informally between the RBI and the government and is mentioned in the Budget estimate. So, if the surplus fund transfer is an annual exercise, why is it that it is making the headlines this year?
The quote “Religion is never the problem; it’s the people who use it to gain power” rightly sums up the significance of crusades in our historical medieval period. It is been believed since ages that religious intolerance and wars have played an increasingly significant role in the conflicts across nations. The Middle East is one of the nations which has always been controversial