There are only a few instances of references to autonomy of central bank in the Constitution and obviously such a reference is neither a necessary nor a sufficient condition for ensuring appropriate level of autonomy. Yet there is an influential view such as that expressed by Dr. N.L.
Mitra, formerly Director, National Institute of Law in favour of an appropriate provision in the Indian Constitution. Second, at the level of legislative framework, several suggestions have been made to ensure appropriate autonomy and many of them are under consideration. In particular, proposed Fiscal Responsibility and Budget Management Bill and other amendments to Reserve Bank of India Act would cover significant ground.