Act Number: 39

Act Name: The Fiscal Responsibility and Budget Management Act, 2003

Year: 2003

Enactment Date: 2003-08-26

Long Title: An Act to provide for the responsibility of the Central Government to ensure inter-generational equity in fiscal management and long-term macro-economic stability by achieving sufficient revenue surplus and removing fiscal impediments in the effective conduct of monetary policy and prudential debt management consistent with fiscal sustainability through limits on the Central Government borrowings, debt and deficits, greater transparency in fiscal operations of the Central Government and conducting fiscal policy in a medium-term framework and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Economic Affairs

Section 8: Power to make rules.
    (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act.
     (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--
         (a) the annual targets to be specified under sub-section (2) of section 4;
         (b) the fiscal indicators to be prescribed for the purpose of sub-section (2) of section 3;
         1[(ba) the expenditure indicators with specifications of underlying assumptions and risk involved under clause (a) of sub-section (6A) of section 3;]
         (c) the forms of the Medium-term Fiscal Policy Statement, 2[Fiscal Policy Strategy Statement, Medium-term Expenditure Framework Statement] and Macro-economic Frame Work Statement referred to in sub-section (7) of section 3;
         3*                             *                             *                              *                              *
         (d) the disclosures and form in which such disclosures shall be made under sub-section (2) of section 6;
         4[(da) the level of short fall in revenue or excess of expenditure under sub-section (2) of section 7;]
         (e) any other matter which is required to be, or may be, prescribed.
Notes:
1. Ins. by s. 150, ibid. (w. e. f. 28-5-2012).
2. Subs. by s. 150, ibid., for Fiscal Policy Strategy Statement (w.e.f. 28-5-2012).
3. Clause (ca) omitted by Act of 13 of 2018, s. 216 (w.e.f. 31-3-2018).
4. Ins. by s. 216, ibid. (w.e.f. 31-3-2018).
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