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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 ..... ll, 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. (3) The Monetary Policy Committee shall determine the Policy Rate required to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 by the Central Government. Terms and conditions of appointment of Members of Monetary Policy Committee. 45ZD. (1) The Members of the Monetary Policy Committee appointed und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch 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 clause (e) or clause (f) or clause (g) or clause (h) of sub-section (1) unless he has been given a reasonable opportunity of being heard in the matter. Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee. 45ZF. No act or pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 year. (3) The meeting schedule may be changed only-- (a) by way of a decision taken at a prior meeting of the Monetary Policy Committee; or (b) if, in the opinion of the Governor, an additional meeting is required or a meeting is required to be rescheduled due to administrative exigencies. (4) Any change in m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all 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 may be specified by the regulations made by 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 purpose of carrying out the provisions of this Chapter. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for-- (a) the procedure of functioning of the Search-cum-Selection Committee under sub-section (3) of section 45ZC; (b) the terms and conditions of appointment, (other than the remuneration and other allowances), of Members of the Monetary Policy Committee under sub-section (2) of section 45ZD; a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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