Section 45ZF of The Reserve Bank of India Act, 1934 in hindi
1[45ZF. Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee.--No act or proceeding of the Monetary Policy Committee shall be invalid merely by reason of--
- (a)any vacancy in, or any defect in the constitution of the Monetary Policy Committee; or
- (b)any defect in the appointment of a person acting as a Member of the Monetary Policy Committee; or
- (c)any irregularity in the procedure of the Monetary Policy Committee not affecting the merits of the case.]
Summary
- The work and decisions of the interest rate committee remain valid even if there is an empty seat on the committee.
- If an appointment is later found to be legally defective, the committee's past actions are still considered legal.
- Minor mistakes in committee procedures will not make their decisions invalid, as long as the core facts of the case aren't affected.
Practical examples
FAQ
1. Does a vacancy stop the Monetary Policy Committee from working under Section 45ZF of the Reserve Bank of India Act, 1934?
No, proceedings are not invalid just because there is a vacancy in the committee.
2. If a member was appointed incorrectly, are their votes cancelled under Section 45ZF of the Reserve Bank of India Act, 1934?
No, a defect in the appointment of a person acting as a member does not invalidate the committee's acts.
3. Can a procedural mistake ruin a committee decision under Section 45ZF of the Reserve Bank of India Act, 1934?
Only if it affects the merits of the case. Minor procedural irregularities do not make an act invalid.
Test yourself
Q1.Under Section 45ZF of the Reserve Bank of India Act, 1934, what happens to a committee decision if one member's appointment is later found to be defective?
Q2.According to Section 45ZF of the Reserve Bank of India Act, 1934, a proceeding is invalid due to a procedural irregularity only if:
Q3.Under Section 45ZF of the Reserve Bank of India Act, 1934, what is the effect of an "empty chair" or vacancy on the committee?
Q4.Cross-referencing Sections 45ZE and 45ZF of the Reserve Bank of India Act, 1934, if a member is removed for missing meetings, what happens to the committee's work while their seat is empty?