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The Fiscal Responsibility and Budget Management Act, 2003

Central

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.

Act number
39 of 2003
Ministry
Ministry of Finance
Department
Department of Economic Affairs
Enacted
26 Aug 2003

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

14 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3Fiscal policy statements to be laid before Parliament.
  4. Section 4Fiscal management principles.
  5. Section 5Borrowing from Reserve Bank.
  6. Section 6Measures for fiscal transparency.
  7. Section 7Measures to enforce compliance.
  8. Section 7ALaying of review reports.
  9. Section 8Power to make rules.
  10. Section 9Rules to be laid before each House of Parliament.
  11. Section 10Protection of action taken in good faith.
  12. Section 11Jurisdiction of civil courts barred.
  13. Section 12Application of other laws not barred.
  14. Section 13Power to remove difficulties.