TMI BlogInsertion of new Chapter III F.X X X X Extracts X X X X X X X X Extracts X X X X ..... ive years. (2) The Central Government shall, upon such determination, notify the inflation target in the Official Gazette. Constitution of Monetary Policy Committee. 45ZB . (1) The Central Government may, by notification in the Official Gazette, constitute a Committee to be called the Monetary Policy Committee of the Bank. (2) The Monetary Policy Committee shall consist of the following Members, namely:- (a) the Governor of the Bank-Chairperson, ex officio; (b) Deputy Governor of the Bank, in charge of Monetary Policy-Member, ex officio; (c) one officer of the Bank to be nominated by the Central Board-Member, ex officio; and (d) three persons to be appointed by the Central Government-Members. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy Committee referred to in clause (d) of sub-section (2) of section 45ZB shall be appointed by the Central Government on the recommendations made by Search-cum-Selection Committee consisting of the following members, namely: (a) Cabinet Secretary-Chairperson; (b) Governor of the Reserve Bank of India or his representative (not below the rank of Deputy Governor)-member; (c) Secretary, Department of Economic Affairs-member; (d) three experts in the field of economics or banking or finance or Monetary policy to be nominated by the Central Government-members. (3) While selecting the Members of the Monetary Policy Committee, the Searchcum- Selection Committee shall follow such procedure as may be prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly disclose any material conflict of interest at the time of his appointment; or (e) does not attend three consecutive meetings of the Monetary Policy Committee without obtaining prior leave; or (f) has acquired such financial or other interest as is likely to affect prejudicially his functions as a Member; or (g) has acquired any post referred to in clauses (ii), (iii), (iv) and clause (v) of the proviso to sub-section (1) of section 45ZC; or (h) has, in the opinion of the Central Government, so abused his position as to render his continuance in office detrimental to the public interest. (2) No Member appointed under clause (d) of sub-section (2) of section 45ZB shall be removed under clause (d) or claus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Member of the Monetary Policy Committee, within reasonable time, unless- (a) the information pertains to an entity or person and is not publicly available; or (b) the information allows an entity or person to be identified and the information is not publicly available. (4) Any information provided by the Bank to a Member of the Monetary Policy Committee shall be provided to all the Members of the Monetary Policy Committee. Meetings of Monetary Policy Committee. 45ZI. (1) The Bank shall organise at least four meetings of the Monetary Policy Committee in a year. (2) The meeting schedule of the Monetary Policy Committee for a year shall be published by the Bank at least one week before the first meeting in that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he reasons for voting in favour of, or against the proposed resolution. (12) The procedure, conduct, code of confidentiality and any other incidental matter for the functioning of the Monetary Policy Committee shall be such as may be specified by the regulations made by the Central Board. (13) The proceeding of the Monetary Policy Committee shall be confidential. Steps to be taken to implement decision of Monetary Policy Committee. 45ZJ . (1) The Bank shall publish a document explaining the steps to be taken by it to implement the decisions of the Monetary Policy Committee, including any changes thereto. (2) The particulars to be included in such document and the frequency of publications of such document shall be such as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in a report to the Central Government (a) the reasons for failure to achieve the inflation target; (b) remedial actions proposed to be taken by the Bank; and (c) an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions. Explanation .-For the purposes of this section, the factors that constitute failure shall be such as may be notified by the Central Government in the Official Gazette, within three months from the date of the commencement of Part I of Chapter XII of the Finance Act, 2016. Power to make rules. 45ZO . (1) The Central Government may, by notification in the Official Gazette, make rules for the purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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