That is why the Reserve Bank has decided to impose certain rules and regulations on e-money products in terms of its function as overseer of the National Payment System. Before considering the possible monetary policy implications of e-money, I want to briefly describe the criteria that will be used in deciding on the introduction of e-money in the National Payment System. 4.
Given the declining support for further reductions in defense spending, keeping overall discretionary spending within the caps is likely to require sizable, but as yet unspecified, real declines in nondefense programs from current levels.