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Insertion of new Chapter III F.

Section 222 - Act - MISCELLANEOUS PART I - AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934. - Finance Act - Section 222 - 222. After Chapter III E of the principal Act, the following Chapter shall be inserted, namely:- CHAPTER III F MONETARY POLICY Provisions of this Chapter to override other provisions of Act. 45Z. The provisions of this Chapter shall have effect, notwithstanding anything inconsistent therewith contained in any other provisions of this Act. Inflation target. 45ZA. (1) The Cen .....

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l 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. (3) The Monetary Policy Committee shall determine the Policy Rate required to achieve the inflation target. (4) The decision of the Monetary Policy Committee sha .....

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completed the age of seventy years on the date of appointment as Member; (ii) is a Member of any Board or Committee of the Bank; (iii) is an employee of the Bank; (iv) is a public servant as defined under section 21 of the Indian Penal Code (45 of 1860.); (v) is a Member of Parliament or any State Legislature; (vi) has been at any time, adjudged as an insolvent; (vii) has been convicted of an offence which is punishable with an imprisonment for a term of one hundred and eighty days or more; (vii .....

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erson; (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 by the Central Government. Terms and cond .....

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as may be specified by the regulations made by the Central Board. (3) A Member may resign from the Monetary Policy Committee, at any time before the expiry of his tenure under sub-section (1), by giving to the Central Government, a written notice of not less than six weeks, and on the acceptance of the resignation by the Central Government, he shall cease to be a Member of the Monetary Policy Committee. Removal of Members of Monetary Policy Committee. 45ZE. (1) The Central Government may remove .....

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d 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 .....

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onetary Policy Committee; or (b) any defect in the appointment of a person acting as a Member of the Monetary Policy Committee; or (c) any irregularity in the procedure of the Monetary Policy Committee not affecting the merits of the case. Secretary to Monetary Policy Committee 45ZG. (1) The Bank shall appoint a Secretary to the Monetary Policy Committee to provide secretariat support to the said Committee. (2) The Secretary shall perform such functions and in such manner as may be specified by .....

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formation, as referred to in sub-section (2), to the 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 .....

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required to be rescheduled due to administrative exigencies. (4) Any change in meeting schedule shall be published by the Bank as soon as practicable. (5) The quorum for a meeting of the Monetary Policy Committee shall be four Members, at least one of whom shall be the Governor and in his absence, the Deputy Governor who is the Member of the Monetary Policy Committee. (6) The meetings of the Monetary Policy Committee shall be presided over by the Governor, and in his absence by the Deputy Govern .....

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ime to time. (10) The vote of each Member of the Monetary Policy Committee for a proposed resolution shall be recorded against such Member. (11) Each Member of the Monetary Policy Committee shall write a statement specifying the 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 .....

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the Central Board. Publication of decisions. 45ZK. The Bank shall publish, after the conclusion of every meeting of the Monetary Policy Committee, the resolution adopted by the said Committee; Publication of proceedings of meeting of Monetary Policy Committee. 45ZL. The Bank shall publish, on the fourteenth day after every meeting of the Monetary Policy Committee, the minutes of the proceedings of the meeting which shall include the following, namely:- (a) the resolution adopted at the meeting .....

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