{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"220","heading":"Amendment of Preamble","text":"Amendment of Preamble 220. In the Reserve Bank of India Act,1934 (herein referred to as the principal Act), in the Preamble, for paragraphs 2 and 3, the following paragraphs shall be substituted, namely:— \"And WHEREAS it is essential to have a modern monetary policy framework to meet the challenge of an increasingly complex economy; And WHEREAS the primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth; And WHEREAS the monetary policy framework in India shall be operated by the Reserve Bank of India;\".","html":"<p><b>Amendment of Preamble </b></p><p><b>220. </b>In the Reserve Bank of India Act,1934 (herein referred to as the principal Act), in the Preamble, for paragraphs 2 and 3, the following paragraphs shall be substituted, namely:—</p><p>\"And WHEREAS it is essential to have a modern monetary policy framework to meet the challenge of an increasingly complex economy;</p><p>And WHEREAS the primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth;</p><p>And WHEREAS the monetary policy framework in India shall be operated by the Reserve Bank of India;\".</p>","words":93,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/220/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}