Parliament approves finance bill that seeks to revamp monetary policy

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.