{"id":36010,"date":"2018-11-01T13:06:59","date_gmt":"2018-11-01T07:36:59","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=36010"},"modified":"2018-11-01T13:06:59","modified_gmt":"2018-11-01T07:36:59","slug":"mpc-members-to-get-rs-1-5-lakh-per-meet-must-disclose-assets","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/mpc-members-to-get-rs-1-5-lakh-per-meet-must-disclose-assets\/","title":{"rendered":"MPC members to get Rs. 1.5 lakh per meet, must disclose assets:"},"content":{"rendered":"<p><span style=\"color: #000000;\"><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/mpc-members-to-get-rs-15-lakh-per-meet-must-disclose-assets\/article19338895.ece\"><span style=\"font-weight: 400;\">MPC members to get Rs. 1.5 lakh per meet, must disclose assets<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/span> <span style=\"color: #000000;\">(MPC members to get Rs 1.5 lakh per meet)<\/span><\/p>\n<p><span style=\"color: #000000;\"><b>Context:<\/b><\/span> <span style=\"font-weight: 400; color: #000000;\">RBI says that govt appointees on the Monetary Policy Committee will be paid Rs 1.5 lakh per meeting along with air travel and other reimbursements.<\/span><\/p>\n<p><span style=\"color: #000000;\"><b>Introduction:<\/b><\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400; color: #000000;\">The silent period and confidentiality requirements will also apply the three RBI members, including the Governor, on the panel that has been deciding on policy rates since October last year, the central bank has said.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">The six-member MPC, constituted in September 2016, has three persons appointed by the central government while the rest, including the governor, are from the RBI.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">Their appointment is for a period of four years or until further orders, whichever is earlier<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">The regulations do not mention whether any separate allowance would be given to the RBI members on the committee.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><b>Monetary Policy Committee (MPC):<\/b><\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400; color: #000000;\">Each member of the MPC has one vote and in case the numbers are equal, the governor has the casting vote.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">The MPC, which has the responsibility of achieving a set of inflation target, should submit a report to the government in case of failure to achieve the required target..<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">The panel is required to meet at least four times in a year and the RBI has been convening a bi-monthly meeting of this committee.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">Apart from RBI Governor Urjit Patel, Deputy Governor Viral V Acharya and Executive Director M.D. Patra are also part of the committee.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">The regulatons do not mention whether any separate allowance would be given to the RBI members on the committee.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">Each member of the MPC has one vote and in case the numbers are equal, the governor has the casting vote.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">At least 15 days of notice is required for convening a meeting ordinarily, but an emergency meeting can be called with 24 hours for each member and technology enabled arrangement need to be made for even shorter notice period meetings.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><b>Annual disclosure:<\/b><\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400; color: #000000;\">All members need to disclose their assets and liabilities and update this information once every year.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">Members cannot reveal outside the committees any confidential information.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">After conclusion of meeting, a resolution needs to be made public including on the policy repo rate and other monetary policy measures at the discretion of the chairperson.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>MPC members to get Rs. 1.5 lakh per meet, must disclose assets: (MPC members to get Rs 1.5 lakh per meet) Context: RBI says that govt appointees on the Monetary Policy Committee will be paid Rs 1.5 lakh per meeting along with air travel and other reimbursements. Introduction: The silent period and confidentiality requirements will&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/mpc-members-to-get-rs-1-5-lakh-per-meet-must-disclose-assets\/\">Continue reading <span class=\"screen-reader-text\">MPC members to get Rs. 1.5 lakh per meet, must disclose assets:<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-36010","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704509994},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/36010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=36010"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/36010\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=36010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=36010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=36010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}