The Finance Ministry has said it will notify the Monetary Policy Committee, MPC rules within few weeks and thereafter appoint three government nominees. During an interview to PTI, Economic Affairs Secretary Shaktikanta Das said, they are already working on the rules. He was replying about the progress for setting up of thesix-member MPC, which will determine the benchmark interest rates. Presently the rates are decided by the Governor of the Reserve Bank of India.Mr Das also said that the amendments to the RBI Act have already been notified, and now once the rules are notified, then the government will take up the selection of the three names from the government side. The remaining three members would be from RBI with the Governor being the ex officio Chairperson. Deputy Governor of RBI in charge of the monetary policy will be a member, so will be an Executive Director of the Central bank. Each member will have one vote and in case of a tie, the Governor shall have a casting vote. RBI Governor at present has overriding powers to accept or reject the recommendation of its panel on monetary policy. Members of the MPC will be appointed for a period of four years and will not be eligible for reappointment.