Policy Statement: Framework for Formulation of Regulations - আরবিআই - Reserve Bank of India
Policy Statement: Framework for Formulation of Regulations
1. Introduction This Framework for Formulation of Regulations (hereinafter referred to as ‘the Framework’) lays down the broad principles for formulation and amendment of Regulations by the Reserve Bank of India (hereinafter referred to as "the Bank"). The Framework seeks to standardize the process of making Regulations in a transparent and consultative manner after conducting impact analysis, as may be feasible. 2. Definition: (1) For the purpose of this Framework, “Regulations” shall include all regulations, directions, guidelines, notifications, orders, policies, specifications, and standards as issued by the Bank in exercise of the powers conferred on it by or under the provisions of the Acts and Rules, given in Annex. (2) The Bank may also follow the process laid down in the Framework for any other regulation, direction, guideline, notification, order, policy, specification, or standard made pursuant to any other legal provisions, as deemed fit. 3. Public Consultation (1) Before issuance of a Regulation, the Bank shall publish the draft of such Regulation along with a statement of particulars on the Bank’s official website (www.rbi.org.in) and seek public comments. (2) The statement of particulars shall, among others, include:
(3) The Bank shall provide at least 21 days to the stakeholders and members of public to submit their comments. (4) The Bank shall consider the public feedback and provide a general statement of its response to the comments received, along with the final Regulation, on its website. (5) If the Bank decides to issue the final Regulation in a form substantially different from the draft that was issued for public comments, it may choose to repeat the process under this Framework. (6) The final Regulation shall be published promptly post the receipt of approval from the competent authority and its date of enforcement shall be from the date specified therein. (7) The Bank may explore additional mechanism(s) for engaging with stakeholder(s), as considered appropriate. In particular, it may, where deemed necessary, issue a discussion paper eliciting response to issues and questions for consultation, before preparing and publishing the draft of the Regulation. 4. Impact Analysis of the Regulation Before finalizing the Regulation, the Bank shall conduct an impact analysis of the Regulation, to the extent feasible. 5. Amendment to the Regulation Any significant amendments to the Regulation shall be subject to the process laid down in paragraphs 3 and 4 above. 6. Review of the Regulation While the Bank shall update, amend or repeal the existing Regulations, as deemed necessary, it shall periodically undertake a review of the Regulations in force, keeping in view:
7. Non-applicability on certain matters (1) The provisions of this Framework shall not be applicable to any Regulation made or amended which pertain to:
(2) The Bank may, after recording reasons, dispense with or suitably modify any or all provisions of this Framework in matters where -
8. Savings (1) Notwithstanding anything contained in this Framework, a Regulation which is in force as on the date of issuance of this Framework shall continue remain valid, though future changes would be subject to the procedure envisaged herein. (2) No Regulation issued by the Bank, or any action taken under this Framework shall be invalid merely by reason of non-adherence to any provision specified herein.
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