{"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":"221","heading":"Amendment of section 2","text":"Amendment of section 2 221 . In section 2 of the principal Act,— (i) | after clause (b), the following clause shall be inserted, namely:— '(bva) \"Consumer Price Index\" means the Consumer Price Index Combined published by the Government of India from time to time;'; (ii) | after clause (c), the following clauses shall be inserted, namely:— '(ci) \"inflation\" means the year wise change in monthly Consumer Price Index expressed in terms of percentage; (cii) \"inflation target\" means the inflation target determined in accordance with sub-section (1) of section 45ZA;'; (iii) | after clause (cc), the following clauses shall be inserted, namely:— '(cci) \"Monetary Policy Committee\" means the Committee constituted under sub-section (1) of section 45ZB;'; (iv) | after clause (cccc), the following clause shall be inserted, namely:— (cccci) \"Policy Rate\" means the rate for repo-transactions under sub-section (12AB) of section 17;'.","html":"<p><b>Amendment of section 2 </b></p><p><b>221 </b>. In section 2 of the principal Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>after clause (<i>b</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>bva</i>) \"Consumer Price Index\" means the Consumer Price Index Combined published by the Government of India from time to time;';</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after clause (<i>c</i>), the following clauses shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>ci</i>) \"inflation\" means the year wise change in monthly Consumer Price Index expressed in terms of percentage;</td></tr><tr><td></td><td></td><td>(<i>cii</i>) \"inflation target\" means the inflation target determined in accordance with sub-section (1) of section 45ZA;';</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>after clause (<i>cc</i>), the following clauses shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>cci</i>) \"Monetary Policy Committee\" means the Committee constituted under sub-section (1) of section 45ZB;';</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>after clause (<i>cccc</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>(<i>cccci</i>) \"Policy Rate\" means the rate for repo-transactions under sub-section (12AB) of section 17;'.</td></tr></table></div>","words":142,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/221/","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."}