Date: 2016-06-27Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by section N of the Reserve Bank of India Act, 1934 2 of 1934, the Central Government hereby notifies the following as factors that
This notification, S.O. 2215(E), issued by the Ministry of Finance, Department of Economic Affairs on June 27, 2016, defines the factors constituting a failure to achieve the inflation target as per Section 45ZN of the Reserve Bank of India Act, 1934. Specifically, a failure is defined as: (a) average inflation exceeding the upper tolerance level of the inflation target for any three consecutive quarters; or (b) average inflation falling below the lower tolerance level of the inflation target for any three consecutive quarters. The notification was issued under F. No. 12/12/2016-FSLRC(II) and signed by Dr. Shashank Saksena, Adviser.
Key Entities Referenced
New Delhi: Place of publication of the notification.
Reserve Bank of India Act, 1934: The Act that confers powers to the Central Government regarding inflation targets.
Central Government: The governing body that notifies factors constituting failure to achieve the inflation target.
Ministry of Finance: The ministry under which the Department of Economic Affairs operates; responsible for the notification.
Department of Economic Affairs: The department within the Ministry of Finance that issued the notification.
Dr. SHASHANK SAKSENA: Adviser at the Ministry of Finance.
Mayapuri, New Delhi: Location of the Government of India Press.
Delhi: Location of the Controller of Publications.
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3209 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 27th June, 2016
S.O. 2215(E).—In exercise of the powers conferred by section 45ZN of the Reserve Bank
of India Act, 1934 (2 of 1934), the Central Government hereby notifies the following as factors that
constitute failure to achieve the inflation target, namely:—
(a) the average inflation is more than the upper tolerance level of the inflation target notified
under section 45ZA of the said Act for any three consecutive quarters; or
(b) the average inflation is less than the lower tolerance level of the inflation target notified
under section 45ZA of the said Act for any three consecutive quarters.
[F. No.12/1/2016-FSLRC(ii)]
Dr. SHASHANK SAKSENA, Adviser
Uploaded by the Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.