An member of the Financial Sector Legislative Reforms Commission (FSLRC) has said the draft bill seeking to clip RBI chief's veto in deciding interest rates does not reflect the views of the panel and it actually favoured Governor having the last word. The revised draft of the Indian Financial Code (IFC), which proposes that any decision on monetary decision should be taken by majority by a seven-member committee without any veto power to the RBI chief, has created a furore and was seen as an attempt to curtail the central bank's autonomy. This prompted the government to claim that the draft IFC was not a "report of the government or of the Finance Ministry" and it was based on the Commission's report. However, FSLRC member M Govinda Rao said there is a misconception that the revised draft of IFC is a report of the Commission, adding that it is not true. The term of the Commission ended in 2013," Rao said, adding that RBI Governor should indeed have a "veto power" in the monetary policy. Rao's comments are in sharp contract to the statements made by Finance Minister Arun Jaitley and other top officials including Chief Economic Advisor Arvind Subramanian, who have said the revised IFC draft was as per the Commission's recommendations.While the first version of IFC, as recommended by the Commission over two years ago in March 2013, had also suggested a Monetary Policy Committee (MPC) to decide on policy rates, it had recommended a veto power to the central bank chief.Seeking to clear the air over the entire episode, Rao said that Commission had not recommended dilution of the powers of the RBI Governor in deciding policy rates.