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Section 30 of the RBI Act, 1934 gives the Central Government a drastic supervisory power over the Reserve Bank itself. After such action is taken, what does the section require by way of post-facto disclosure?
Answer & Solution
Correct answer: C.
1. Section 30 lets the CG supersede the Central Board if RBI fails to carry out its obligations.
2. Sub-section (2) requires a full report of circumstances and action taken to be laid before Parliament.
3. The report must be laid within three months from the issue of the superseding notification.
4. MPC briefings, website uploads and judicial reviews are not the Section 30 requirement.
_Source: ICSI CS Executive Paper 7 (Economic, Business and Commercial Laws) — Lesson 1: Reserve Bank of India Act, 1934, pp. 8-21._
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