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The Act would have to be amended for the RBI to start transferring its surplus from previous years to the government, Malegam said
YH Malegam, country's finest chartered accountant and foremost financial expert, in an interview to CNBC-TV18‘s Latha Venkatesh opens up on why banks are still struggling with non-performing assets (NPA). Along the way, he offers solutions on how to stop the loans from going bad.
YH Malegam, CA, S B Billimoria & Co, disagrees with Financial Sector Legislative Reforms Commission (FSLRC) recommendation that finance ministry should get the power to impose capital control instead of the Reserve Bank of India.
YH Malegam, CA, S B Billimoria & Co, dissenting member, FSLRC & long term board member of the RBI, says that the capital control should be maaged completely either by the government or the RBI. He also stressed that capital inflows cannot be looked at isolation and divorced from monetary policy.
CNBC-TV18's Menaka Doshi caught up with YH Malegam, Chairman Emeritus, SB Billimoria & Co to get a sense of the progress that we have made on IFRS, whether we will meet the deadline or not, and what it will mean for corporate India and its financial reporting.
Speaking exclusively to CNBC-TV18, YH Malegam said though there was consultation between the AP goverment and the committee, thier concerns has been addressed.
