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Govt plans to amend RBI Act by Feb Mehrishi

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The government plans to change the Reserve Bank of India (RBI) Act before the end of the fiscal year so it can set up a new committee to direct the country’s monetary policy, retiring finance secretary Rajiv Mehrishi said.
The committee would comprise of appointees from the government, the Reserve Bank of India (RBI), and independent members appointed by the government, but any changes have to be approved by Parliament.
“An attempt will be made in December. If it cannot be done by December, then of course by February,” Mehrishi said in an interview, just before his last day in the job. On Monday, Prime Minister Narendra Modi appointed Mehrishi as the top official of India’s home ministry for a two-year period.
The central bank and finance ministry have been trying to resolve differences over the panel’s composition — chiefly over the balance of between government and RBI appointees.
The government last month signalled a willingness to retreat from a blueprint that would have ensured its effective control over a seven-member committee.
The Hindustan Times, New Delhi, 1st Sept.2015

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