Lawgist45ZNFailure to maintain inflation target
1[45ZN. Failure to maintain inflation target.--Where the Bank fails to meet the inflation target, it shall set out in a report to the Central Government--
(a) the reasons for failure to achieve the inflation target;
(b) remedial actions proposed to be taken by the Bank; and
(c) an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions.
Explanation.--For the purposes of this section, the factors that constitute failure shall be such as may be notified by the Central Government in the Official Gazette, within three months from the date of the commencement of Part I of Chapter XII of the Finance Act, 2016.]
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1. Ins. by Act 28 of 2016, s. 222 (w.e.f. 27-6-2016).
- 45Z Provisions of this Chapter to override other provisions of Act
- 45ZA Inflation target
- 45ZB Constitution of Monetary Policy Committee
- 45ZC Eligibility and selection of Members appointed by Central Government
- 45ZD Terms and conditions of appointment of Members of Monetary Policy Committee
- 45ZE Removal of Members of Monetary Policy Committee
- 45ZF Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee
- 45ZG Secretary to Monetary Policy Committee
- 45ZH Information for Monetary Policy Committee Members
- 45Z-I Meetings of Monetary Policy Committee
- 45ZJ Steps to be taken to implement decision of Monetary Policy Committee
- 45ZK Publication of decisions
- 45ZL Publication of proceedings of meeting of Monetary Policy Committee
- 45ZM Monetary Policy Report
- 45ZN Failure to maintain inflation target
- 45ZO Power to make rules
