Inflation targeting framework establishes binding Monetary Policy Committee decisions, membership rules, transparency obligations and reporting duties. A new Chapter establishes an inflation-targeting framework and a binding Monetary Policy Committee (MPC) that sets the Policy Rate to meet the Consumer Price Index inflation target. The MPC comprises Bank ex officio members including the Governor and three externally appointed members selected via a Search-cum-Selection Committee; external members serve fixed non-renewable terms, are subject to specified disqualifications and removal grounds, and receive prescribed remuneration. The Bank must provide secretariat support and relevant information, hold regular meetings with quorum and voting rules, publish decisions, minutes and semiannual Monetary Policy Reports, and report to the Central Government if the inflation target is missed.