ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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The Good, the Bad and the Ugly

The Indian Financial Code

The Government of India has gone against the spirit and content of the comprehensive recommendations of the 2013 report of the Financial Sector Legislative Reforms Commission. It has revised the commission's draft Indian Financial Code (which had its own pluses and minuses) with a second draft code which, among other things, will lead to a greater centralisation of powers with the government and a weakening of the independence of the Reserve Bank of India. This is best illustrated in the recommended composition and powers of the Monetary Policy Committee. The finance ministry cannot hide behind the claim that this is a draft code; the revised draft IFC has been drawn up within the ministry.

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