Section 221 - Amendment of section 2. - Finance Act, 2016

Amendment of section 2. 221 . In section 2 of the principal Act, (i) after clause (b), the following clause shall be inserted, namely: (bva) Consumer Price Index means the Consumer Price Index Combined published by the Government of India from time to time; ; (ii) after clause (c), the following clauses shall be inserted, namely: (ci) inflation means the year wise change in monthly Consumer Price Index expressed in terms of percentage; (cii) inflation target means the inflation target determined in accordance with sub-section (1) of section 45ZA; ; (iii) after clause (cc), the following clauses shall be inserted, namely: (cci) Monetary Policy Committee means the Committee constituted under sub-section (1) of section 45ZB; ; (iv) after clause (cccc), the following clause shall be inserted, namely: (cccci) Policy Rate means the rate for repo-transactions under sub-section (12AB) of section 17; .