# The Finance Act, 2016, Section 221: Amendment of section 2

- Act: The Finance Act, 2016
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2016/section/221/

## 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;'.

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