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of <h1>Finance Bill 2016: New Scheme to Settle Indirect Tax Disputes and Amendments to RBI Act Introduced</h1> Clauses 209 to 215 of the Finance Bill, 2016 introduce the Indirect Tax Dispute Resolution Scheme, 2016, allowing settlement of disputes pending before the Commissioner (Appeal) as of March 1, 2016, through payment of tax dues, interest, and 25% of the penalty. Declarations are accepted until December 31, 2016. Clauses 216 to 220 propose amendments to the Reserve Bank of India Act, 1934, adding definitions and establishing a Monetary Policy Committee to manage inflation targets and monetary policy. The amendments include provisions for determining inflation targets, committee composition, and publication of monetary policy documents.
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