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Parliament approves finance bill that seeks to revamp monetary policy

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Reuters NEW DELHI
Last Updated : May 11 2016 | 7:43 PM IST

NEW DELHI (Reuters) - The Rajya Sabha on Wednesday approved the finance bill that would enable the government to implement new tax provisions of the annual budget and set up a panel to decide interest rates and monetary policy.

While presenting his third budget in February, finance minister Arun Jaitley sought to set up a six-member monetary panel with a casting vote for the governor of the central bank.

The Finance Bill, passed by a voice vote, was approved by the Lok Sabha last week.

(Reporting by Manoj Kumar; Editing by Malini Menon)

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First Published: May 11 2016 | 7:27 PM IST

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