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Amendments to Finance Bill 2015 - Govt withdraws PDMA RBI Bill provisions from Finance Bill

Dated:- 30-4-2015 - Finance Minister Arun Jaitley, on Thursday, withdrew the clauses from the Finance Bill pertaining to setting up of the proposed Public Debt Management Agency (PDMA) and the amendments to the Reserve Bank of India Act which would have taken away Mint Road's powers to regulate government securities. The minister said however that the government, in consultation with the Reserve Bank, will prepare a roadmap to pursue a separate debt management agency later in line with the g .....

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pter on PDMA (Chapter VII) in the Finance Bill is being dropped, in addition to the changes proposed in sections 45U and 45W of the RBI Act. There will also be no changes in the RBI Act as of now. While section 45U deals with definitions of terms such as securities, money market instruments, derivatives, repo and reverse repo, section 45W deals with RBI's power to regulate such instruments and decide on repurchase rates for them. A senior government official said that RBI will keep its regul .....

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