MANU/EAFF/0105/2016

Ministry : Ministry of Finance

Department/Board : Economic Affairs

Notification No. : GSR633(E)

Date of Notification : 27.06.2016

Date of Publication : 27.06.2016

Procedure for Selection of Members of Monetary Policy Committee and Terms and Conditions of their Appointment Rules, 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 subsection (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 subsection (2) of section 4........