..............As I had suggested about 15 years ago, it is time for the Government to appoint a high-powered commission to formulate a new law to replace the existing RBI Act. It could lay down a preamble giving a clear definition of monetary stability, besides incorporating other objectives such as growth. (The US Fed has triple objectives.) The Financial Sector Legislative Reforms Commission (FSLRC) missed a chance to recommend such a legislation. Next year will see the completion of 80 years of the RBI Act, 1934. It should be the occasion to start preparations for the enactment of a new law, after the Government takes decisions on various recommendations of the FSRLC............
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