Section 45ZL of The Reserve Bank of India Act, 1934 in hindi — Publication of proceedings of meeting of Monetary Policy Committee
Bare section text
Official Legislative Text
1[45ZL. Publication of proceedings of meeting of Monetary Policy Committee.--The Bank shall publish, on the fourteenth day after every meeting of the Monetary Policy Committee, the minutes of the proceedings of the meeting which shall include the following, namely:--
- (a)the resolution adopted at the meeting of the Monetary Policy Committee;
- (b)the vote of each member of the Monetary Policy Committee, ascribed to such member, on resolutions adopted in the said meeting; and
- (c)the statement of each member of the Monetary Policy Committee under sub-section (11) of section 45ZL on the resolutions adopted in the said meeting.]
Educational Study Layer
Summary
- The Bank must publish the minutes of each Committee meeting on the fourteenth day after it occurs.
- The published minutes must include the final resolution that was adopted at that meeting.
- The minutes must show exactly how each individual member voted on the resolutions.
- Each member's written statement explaining their vote must be included in the published minutes.
Practical examples
FAQ
1. On what day are the minutes published under Section 45ZL of the Reserve Bank of India Act, 1934?
The minutes are published on the fourteenth day after every meeting of the Monetary Policy Committee, according to Section 45ZL of the Reserve Bank of India Act, 1934.
2. Does the public get to see individual votes under Section 45ZL of the Reserve Bank of India Act, 1934?
Yes, Section 45ZL of the Reserve Bank of India Act, 1934, requires the Bank to publish the vote of each member, ascribed to them by name.
3. Are members' personal statements published under Section 45ZL of the Reserve Bank of India Act, 1934?
Yes, Section 45ZL of the Reserve Bank of India Act, 1934, mandates that each member's statement of reasons for their vote be included in the minutes.
Practice Quiz
Q1.Under Section 45ZL of the Reserve Bank of India Act, 1934, when are the minutes of a meeting published?
Q2.Which of these is NOT required to be in the minutes by Section 45ZL of the Reserve Bank of India Act, 1934?
Q3.How are votes recorded in the minutes under Section 45ZL of the Reserve Bank of India Act, 1934?
Q4.Section 45ZL of the Reserve Bank of India Act, 1934, references a statement written by members. Which other section originally requires members to write that statement?