Rs 21,400 crore raised via stake sale, 60 per cent of fiscal target

“The total realisation of Rs 21,432.38 crore, by end-November 2016 through CPSEs’ disinvestment receipts, constitutes around 59.53 per cent of the budgeted target of Rs 36,000 crore (CPSEs’ disinvestment),” a Finance Ministry release here said. ”During the current financial year 2016-17, the Government has so far realized Rs 23,528.73 crore, which includes Rs 21,432.38 crore through minority stake sale in 14 CPSEs and Rs 2096.35 crore through strategic disinvestment,” which involves reducing government shareholding in the company to below 50 per cent, transferring, thereby, management control, the statement said. 

“The disinvestment target for the current financial year has been estimated at Rs 56,500 crore, comprising Rs 36,000 crore from disinvestment of CPSEs and Rs 20,500 crore from strategic disinvestment,” it added. In October last year, the union cabinet gave in-principle approval to a proposal mooted by the NITI Aayog for strategic sale in public sector undertakings, including those that are making profits. 

During 2015-16, the government could manage to meet less than half the budget estimates of divestment at Rs 25,312 crore, as against the target of Rs 69,500 crore. The  major divestments during the ongoing fiscal include the 15 per cent stake in National Buildings Construction Corp, which realised over Rs 2201 crore, the NHPC offer of sale (OFS) that yielded more than Rs 2,717 crore, NMDC buyback realising over Rs 7,519 crore and the buyback of shares by Coal India that earned the government Rs 2638.24 crore. Send 40% currency to rural areas, RBI tells banksMeanwhile, the RBI on Tuesday said the supply of currency notes in rural areas was not adequate and asked banks to send at least 40 per cent of the supply to their rural branches. 

“The bank notes, being supplied to rural areas, at present, are not commensurate with the requirements of the rural population,” the Reserve Bank of India said in a notification. With a view to ensure that at least 40 per cent bank notes were supplied to rural areas, the banks were advised to increase the issue of currency towards the main channels of distribution in these areas. 

“Banks should advise their currency chests to step up issuance of fresh notes to rural branches of Regional Rural Banks (RRBs), District Central Cooperative Banks (DCCBs) and commercial banks, white label ATMs and post offices on priority basis which are considered main rural channels of distribution,” it said.RBI asked the banks to issue notes in denominations of Rs 500 and below in rural areas with liberal issuance of existing stock of notes below Rs 100. 

It also asked the bank chests to obtain supply of coins on priority basis and if required even get it issued from the central bank.