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Business EconomyPosted at: Aug 3 2015 4:31PM


Bill not aimed at reducing power of RBI Guv: Mehrishi

New Delhi, Jul 3 (UNI) Allaying fears over draft Bill which proposed curtailing powers of RBI Governor in deciding the monetary policy, government today said it is taking into consideration views of public and no way it be concluded that it was aimed at reducing power of the apex bank. At a specially convened press briefing here, Finance Secretary Rajiv Mehrishi said, "People of India own this draft report", while seeking to put at rest controversy over the revised draft of the Indian Financial Code (IFC) that proposed to take away the veto power of RBI Governor in deciding the benchmark interest rate. He said that the government has not made up its mind on draft IFC and is seeking comments on it which indicates that it is still under discussion. "This is still to be considered by the government as a discussion paper. To jump to a conclusion that some curtailment of the power of the RBI has been made or the government has decided to do so would be incorrect," he added. He further said that the government's views on the IFC will be revealed when the draft bill is brought before Parliament for consideration and approval. "Government's final mind will be revealed on the draft Bill which comes out before Parliament". Chief Economic Advisor Arvind Subramanian had earlier said that the revised IFC draft was based on FSLRC report, a position which was contradicted by FSLRC member M Govinda Rao. UNI ABI SB/RSA GC1632
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