Date: 2016-06-27Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred by sub section 3 of section and sub section 2 of section 45 of the Reserve Bank of India Act 1934 2 of 1934, the Central Government hereby
Executive Summary:
This notification outlines rules for selecting members of the Monetary Policy Committee and their appointment terms, as per the Reserve Bank of India Act, 1934. It details the procedure for the Search-cum-Selection Committee and eligibility criteria for experts. The rules came into force on the date of publication in the Official Gazette, June 27, 2016.
Key Points / Main Content:
* **Short Title and Commencement:**
* These rules are called the "Procedure for Selection of Members of Monetary Policy Committee and Terms and Conditions of their Appointment Rules, 2016."
* They came into force on the date of their publication in the Official Gazette.
* **Definitions:**
* Defines key terms such as "Act," "Chairperson," "member," "Member of the Monetary Policy Committee," and "Search-cum-Selection Committee" within the context of these rules.
* Terms not defined in these rules will have the same meaning as in the Reserve Bank of India Act, 1934.
* **Procedure for Selection of Members of Monetary Policy Committee:**
* The Search-cum-Selection Committee will follow procedures determined by the Central Government.
* The selection procedure must be fair, transparent, and efficient.
* The Committee may recommend up to three persons for each vacancy.
* **Nomination of Experts for Search-cum-Selection Committee:**
* The Central Government will maintain a list of independent experts in economics, banking, finance, or Monetary Policy to serve as members.
* Members of the Search-cum-Selection Committee will be selected from this list.
* "Independent" means a person not employed by the Central Government or the Bank.
* **Terms and Conditions of Appointment of Members of Monetary Policy Committee:**
* Members of the Monetary Policy Committee must not have financial or other interests that could affect their functions.
* Members will serve on a part-time basis.
Impact Analysis:
* **Central Government:**
* Impact: Responsible for determining the procedure for the Search-cum-Selection Committee and maintaining a list of independent experts.
* Action Required: Establish and maintain the list of experts, determine the selection procedure, and ensure fairness and transparency.
* **Search-cum-Selection Committee:**
* Impact: Responsible for recommending candidates for the Monetary Policy Committee.
* Action Required: Follow the procedure determined by the Central Government to identify and recommend suitable candidates.
* **Potential Members of Monetary Policy Committee:**
* Impact: Outlines the eligibility and conditions of appointment.
* Action Required: Ensure they meet the eligibility criteria and are aware of the terms and conditions, including the requirement to be part-time and not have conflicting financial interests.
Key Entities Referenced
Reserve Bank of India Act, 1934: An act of the Indian Parliament, cited as the legal basis for the rules outlined in the notification.
Monetary Policy Committee: A committee whose members' selection process and terms and conditions of appointment are detailed in the notification.
Central Government: The governing authority responsible for determining the procedure for the Search-cum-Selection Committee and maintaining a list of independent experts.
SearchcumSelection Committee: A committee responsible for recommending candidates for membership in the Monetary Policy Committee.
Ministry of Finance: The government ministry under which the Department of Economic Affairs operates, as indicated in the notification.
Department of Economic Affairs: A department within the Ministry of Finance that issued the notification.
New Delhi: The city in India where the notification was issued.
Dr. Shashank Saksena: Adviser at Department of Economic Affairs
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PART II—Section 3—Sub-section (i)
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फा. सं. 12/1/2016-एफएसएलआरसी
[ (iii)]
डॉ. शशांक स#स ने ा सलाहकार
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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 27th June, 2016
G.S.R. 633(E).— In exercise of the powers conferred by sub-section (3) of section 45ZC and sub-section (2) of
section 45ZD of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby makes the following
rules, namely:–
1. Short title and commencement.– (1) These rules may be called the Procedure for Selection of Members of
Monetary Policy Committee and Terms and Conditions of their Appointment Rules, 2016.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. Definitions.– (1) In these rules, unless the context otherwise requires,-
(a) “Act” means the Reserve Bank of India Act, 1934 (2 of 1934);
(b) “Chairperson” means the Chairperson of the Search-cum-Selection Committee;
(c) “member” means a member of the Search-cum-Selection Committee referred to in clause (d) of sub-
section (2) of section 45ZC of the Act;
(d) “Member of the Monetary Policy Committee” means a Member of the Monetary Policy Committee
referred to in clause (d) of sub-section (2) of section 45ZB of the Act;
(e) “Search-cum-Selection Committee” means the Search-cum-Selection Committee referred to in sub-
section (2) of section 45ZC of the Act.
(2) All other words and expressions used in these rules and not defined herein shall have the same meaning
respectively assigned to them under the Act.
3. Procedure for selection of Members of Monetary Policy Committee.- (1) The Search-cum-Selection
Committee shall follow such procedure as may be determined by the Central Government from time to time.
(2) The procedure referred to in sub-rule (1) shall be fair, transparent and efficient.
(3) The Search-cum-Selection Committee may recommend up to three persons for every vacancy.
4. Nomination of experts for Search-cum-Selection Committee.- (1) The Central Government shall maintain a
list of independent experts from the field of economics or banking or finance or Monetary Policy, who are eligible to
serve as members.
(2) The Central Government shall select the members from the list maintained under sub-rule (1) for
constituting the Search-cum-Selection Committee.
Explanation.- For the purpose of sub-rule (1), the term “independent” shall mean a person who is not an employee of the
Central Government or the Bank.
5. Terms and conditions of appointment of Members of Monetary Policy Committee. – (1) No Member of the
Monetary Policy Committee appointed under clause (d) of sub-section (2) of section 45ZB shall, during the term of his
membership, have any financial or other interests as are likely to prejudicially affect his functions as such Member.
(2) A Member of the Monetary Policy Committee referred to in sub-rule (1) shall be a part-time Member.
[F. No. 12/1/2016-FSLRC(iii)]
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.