Amendments to RBI Act: New Definitions and Chapter IIIF Proposed for Better Monetary Policy and Price Stability.

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....Clauses 216 to 220 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to amend section 2 of the Act so as to insert therein certain definitions to the expressions “Consumer Price Index”, “inflation”, “Monetary Policy Committee”. It is further proposed to insert a new Chapter IIIF in the Act consisting of sections 45Z to 45-O relating to monetary policy to meet the challenge of an increasingly complex economy and to maintain price stability.....