TaxTMI 
TaxTMI 
Insertion of new Chapter III F.
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.... (2) The Central Government shall, 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) thr....
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....e of discharging the duties of a Member of the Monetary Policy Committee; or (ix) has a material conflict of interest with the Bank and is unable to resolve such conflict. (2) The Members of the Monetary Policy Committee referred to in clause (d) of sub-section (2) of section 45ZB shall be appointed by the Central Government on the recommendations made by 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....
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....- (a) is, or at any time has been, adjudged as an insolvent; or (b) has become physically or mentally incapable of acting as a Member; or (c) has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude; or (d) has failed to adequately disclose any material conflict of interest at the time of his appointment; or (e) does not attend three consecutive meetings of the Monetary Policy Committee without obtaining prior leave; or (f) has acquired such financial or other interest as is likely to affect prejudicially his functions as a Me....
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....d. Information for Monetary Policy Committee Members. 45ZH. (1) The Bank shall provide all information to the Members of the Monetary Policy Committee that may be relevant to achieve the inflation target. (2) In addition to information provided by the Bank under sub-section (1), any Member of the Monetary Policy Committee may, at any time, request the Bank for additional information, including any data, models or analysis. (3) The Bank shall provide the information, as referred to in sub-section (2), to the Member of the Monetary Policy Committee, within reasonable time, unless- (a) the information pertains to an entity or person and is not publicly available; or (b) the in....
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....tions which come up before any meeting of the Monetary Policy Committee shall be decided by a majority of votes by the Members present and voting, and in the event of an equality of votes, the Governor shall have a second or casting vote. (9) The Central Government may, if it considers necessary, convey its views in writing to the Monetary Policy Committee from time to time. (10) The vote of each Member of the Monetary Policy Committee for a proposed resolution shall be recorded against such Member. (11) Each Member of the Monetary Policy Committee shall write a statement specifying the reasons for voting in favour of, or against the proposed resolution. (12) The procedure, conduct, code of confidentiality and any other incident....
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....ion 45ZL on the resolutions adopted in the said meeting. Monetary Policy Report. 45ZM. (1) The Bank shall, once in every six months, publish a document to be called the Monetary Policy Report, explaining- (a) the sources of inflation; and (b) the forecasts of inflation for the period between six to eighteen months from the date of publication of the document. (2) The form and contents of the Monetary Policy Report shall be such as may be specified by the regulations made by the Central Board. Failure to maintain inflation target. 45ZN. Where the Bank fails to meet the inflation target, it shall set out in a report to the Central Government-- (....