The format is significant because it will be the template for such communication in future.
RBI Governor Shaktikanta Das will not be in direct communication with Parliament on the subject. Instead, it will be Union Finance Minister Nirmala Sitharaman who will decide whether to place the communication on the table of the House.
It means subsequent discussion, if any, in Parliament on the conduct of monetary policy under the RBI Act will be steered by the fiscal authority, the finance ministry.
"We only need to write a letter to the government, explaining the reasons for the high inflation and the other steps in accordance with the RBI Act," said a high-level source at the central bank.
This story is from the July 04, 2022 edition of Business Standard.
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This story is from the July 04, 2022 edition of Business Standard.
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