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Statutory and Institutionalised framework for Monetary Policy; Central Government in consultation with RBI announces the Inflation Target of Four Percent

News and Press Release - Dated:- 5-8-2016 - The Finance Minister had announced in his Budget Speech for 2016-17 the Government s intention to amend the Reserve Bank of India Act, 1934 (RBI Act) to provide for a statutory and institutionalised framewo .....

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and to meet the challenge of an increasingly complex economy. RBI would, accordingly, operate a Monetary Policy Framework. Thus, now there is a statutory basis for a Monetary Policy Framework and the MPC. A Committee-based approach will add lot of va .....

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r of RBI. The other three Members of MPC will be appointed by the Central Government, on the recommendations of a Search-cum-Selection Committee. These three Members of MPC will be experts in the field of economics or banking or finance or monetary p .....

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the provisions of amended RBI Act regarding constitution of MPC into force on June 27, 2016 so that statutory basis of MPC is made effective. Rules governing the procedure for Selection of Members of Monetary Policy Committee and Terms and Conditions .....

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required to contain inflation within the specified target level. Under sub-section (1) of section 45ZA of the RBI Act, the Central Government, in consultation with the RBI, determines the inflation target in terms of the Consumer Price Index (CPI), .....

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consultation with RBI, has fixed the inflation target for the period beginning from the date of publication of the Gazette Notification (August 5, 2016) and ending on the March 31, 2021, as under: Inflation Target: Four per cent. Upper tolerance lev .....

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r the course of business cycle. The rage also accommodates data limitations, projection errors, short-run supply gaps and instability in the agriculture production, an important factor for CPI inflation, as food articles have a major weight in the CP .....

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