Government constitutes Monetary Policy Committee of the Reserve Bank of India

Government constitutes Monetary Policy Committee of the Reserve Bank of India

MINISTRY OF FINANCE
(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 5th October, 2020

S.O. 3467(E).—In exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934(2 of 1934), the Central Government hereby constitutes the Monetary Policy Committee of the Reserve Bank of India, consisting of the following, namely:-

(a) Governor of the Reserve Bank of India—Chairperson, ex officio;
(b) Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy—Member, ex officio;
(c) One officer of the Reserve Bank of India to be nominated by the Central Board—Member, ex officio;
(d) Prof. Ashima Goyal, Professor, Indira Gandhi Institute of Development Research—Member;
(e) Prof. Jayanth R. Varma, Professor, Indian Institute of Management, Ahmedabad—Member; and
(f) Dr. Shashanka Bhide, Senior Advisor, National Council of Applied Economic Research, Delhi—Member.

2. The Members of the Monetary Policy Committee referred to in clause (d) to (f) of Paragraph1, shall hold office for a period of four years or until further orders, whichever is earlier.

[F. No. 12/1/2016-FSLRC]

Dr. SHASHANK SAKSENA, Adviser(FSRL)

• Distinction between religious & charitable purposes is determined by institution’s primary or dominant object
• Fit case to issue notice u/s 148 – Relevancy of material & application of mind to objections important
• AO is under an obligation to assign reasons for rejecting explanation of the assessee
• CBIC issues SoP for clearance of imported goods through Foreign Post Offices
• Sale deed executed with full knowledge of only part consideration paid, not void – SC